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Chillypink
Frequent Contributor

49 Posts

Posted - 04 June 2018 :  15:50:50  Show Profile  Reply with Quote
Hi my property is sold and my solicitor asked if we have had a TD I advised yes and that we both have our form 5 through and also we paid the 500 each property abandonment fee. My husband has his form 6 but mines is delayed at present but should be with me in the next month or so. I assume that I can sell my property since I'm discharged and paid the fee. I just don't want to get all the way to the end of this and there is an issue.

TDA (Debt Adviser)
Trust Deed Expert



12573 Posts

Posted - 04 June 2018 :  16:34:32  Show Profile  Reply with Quote
Hi Chillypink.

So we think most firms would take no issue with this after you have been discharged (but before the trustee is discharged).

We have, I'm afraid, heard about one or two firms that take a stance that they retain an interest in a sale until they are also discharged.

I think you should contact your former trustee to see what they say.

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Chillypink
Frequent Contributor

49 Posts

Posted - 04 June 2018 :  19:09:43  Show Profile  Reply with Quote
Thanks TDA, I read the AIB stance and it seems they say they can't after you are discharged and have your form 5 and pay the fee. I've contacted them just to check.
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weemeee
Frequent Contributor

27 Posts

Posted - 04 June 2018 :  20:59:51  Show Profile  Reply with Quote
Hi Chillypink, where did you read the AIB stance regarding only needing a form 5 discharge providing the abandonment fee has been paid ?
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TDA (Debt Adviser)
Trust Deed Expert



12573 Posts

Posted - 05 June 2018 :  09:02:32  Show Profile  Reply with Quote
Hi Chillypink.

I'm not sure whether you're referring to speaking with the AIB or with your trustee.

We'd strongly suggest speaking with your trustee. We know that one or two firms are taking the position that they can take the equity (or block a sale) if they remain in office.

In each case we've seen here this has been sorted out OK in the end, but only after a lot of hassle and worry first. Whatever the AIB says, it may not stop this trouble when the trust deed is picked up by the solicitors just before the point of legal transfer.

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Chillypink
Frequent Contributor

49 Posts

Posted - 05 June 2018 :  11:25:17  Show Profile  Reply with Quote
Hi I've spoken to my trustee and they have issued a letter confirming they have no hold over my property.
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TDA (Debt Adviser)
Trust Deed Expert



12573 Posts

Posted - 05 June 2018 :  11:49:27  Show Profile  Reply with Quote
Really glad to hear that Chillypink.

I think most firms would do exactly the same, we've just heard about a couple doing otherwise.

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Sharon Toal
Trust Deed Expert



290 Posts

Posted - 11 June 2018 :  09:26:23  Show Profile  Reply with Quote
That's great news.

Glad it all worked out!

Yes TDA - I have heard this before as well. Arguably if the trustee has accepted the 500 then they have relinquished their interest in the property. We have sought legal advice on this before and they are in agreement.

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