Restrictions/ trusts

Losinghope

have an RX1 restrcition on my mortgage due to my ex partner taking out an IVA, we were joint owners originally, but this made us tennants in common. Sadly he has passed, the IVA I believe is completed, due to a letter I have found but I cannot find a certificate of completion.
Can I apply to get the restrcition removed and if so will we then become joint tenants again? Or will it have to be applied for which I'm assuming I cannot do now he is not here. 
 
He has left everything to our minor children in trust till they are 25 and I am the executor of his will.
If anyone can give any insight I would be so grateful! 

Keep_pedalling

I will leave the issue of the restriction to your original thread. The important question for this board is the trust and for that we need a lot more detail. 

The normal way of handling a trust in these situations would be to create s life interest for a surviving spouse, but I have never come across one of those with an age restriction for for the eventual beneficiaries, so can you give us the exact wording (exclude any personal details) of the clause in his will that creates this trust.

Losinghope

The will states, 
My trustees shall hold the net proceeds of sale and conversion and my ready money upon the following trust:-
Upon trust to pay thereout all my just debts, funeral and testamentary expenses 
My trustee shall hold the residue of my estate  in trust for my son's in equal shares absolutely provided they attain the age of 25 years 
Any monies required Investment hereunder may be laid out in or upon the acquisition of security of any property of whatsoever nature and wheresoever situate to the intent that my trustees shall have the same full and unrestricted powers of investing in all respects as if they were absolutely entitled thereto beneficially and subject to no restrcition with regard to advice or otherwise in relation to investment .

Thanks for replying, hopefully this makes more sense

Keep_pedalling

It appears he has left you nothing other than a major headache in managing a trust, and it doesn’t help that the property is mortgaged. Was it drawn up before the restriction was placed on the house? If it was it may just have been intended to apply to his sole assets rather than the house it the severing of the tenancy has created this problem. 

Are your children adults?

Losinghope

It was not drawn up before the restriction was placed, the rx1 restriction was placed due to him going into an iva, i believe he was unaware the restriction was still on the morgage. My children are 15 and 16, and you're right this is a major headache. Thanks  

Keep_pedalling

Losinghope said:

It was not drawn up before the restriction was placed, the rx1 restriction was placed due to him going into an iva, i believe he was unaware the restriction was still on the morgage. My children are 15 and 16, and you're right this is a major headache. Thanks  

If your children were adults this could have been sorted through a deed of variation but that is not possible as they are both minors. I think you are now going to have to take professional advice from a STEP solicitor. 

Was this will drawn up by a solicitor? If it was he either received terrible advice or ignored any advice given. 

Losinghope

Thank you for taking the time to advise, it was drawn up by a solicitor, he was terminally ill and the lack of advice and care that was given was appalling, it was not even correct when he sign it,  they told him he could make amendments. I am putting in a complaint