Trust Deed Forum - What does form 5 mean?
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 What does form 5 mean?
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iainvr4
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10 Posts

Posted - 07 November 2017 :  22:56:24  Show Profile  Reply with Quote
I completed my trust deed in January and received my form 5 a few months after but my trustee hasnít been discharged what does this mean I am thinking of selling my house and down sizing so there would be equity would this still be required to go to my trust deed and also what would happen if I came into some inheritance money? I does say on the form that I donít need to make any further contributions but Iím a bit confused?

Voice of Reason
Advanced Contributor

94 Posts

Posted - 08 November 2017 :  09:05:53  Show Profile  Reply with Quote
Form 5 is your individual discharge from the Trust Deed so it is then that it was completed. Any inheritance acquired by you now would not be required to be remitted to the Trustee.

Likewise, for a Form 5 to be issued the Trustee has to remove any inhibition in place and as such there should be no issue in you downsizing.

Check with the trustee his/her estimated timescale for his discharge (Form 6) though. Assuming PPI investigations were completed it may be that this will be due imminently.
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