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Roverrunner76
Regular Contributor

16 Posts

Posted - 12 June 2018 :  15:00:40  Show Profile  Reply with Quote
Hi. I work as a teacher and there is a chance of a promoted post. The problem is, the school is 120 miles away so re-location would be a problem. My current property has an inhibition order on it so selling is not an option. Obviously, selling and getting a new mortgage would also be impossible given my current credit status. I did fill in an application and explained to the school (without mentioning trust deed) that I was interested in the post but it would largly depend on whether they could help with accommodation (boarding school or school house for a few years). They replied and said they are very much interested in what I have to offer and have said that there will be interviews this coming Monday. I have to confirm if I wish to attend an interview and speak more about the post and what they can offer and I just feel so confused. I have a 5 year old daughter who is just about to start school and her needs have to be taken into account. My wife also works locally.
I'm not sure if I should just decline on the basis that its all the wrong time, or If I should at least submit myself for interview on Monday. My biggest fear is that I do get offered the post but then find that it's impossible to accept it because of my finances. The only way I can see it working is renting out my current property an moving into rented accommodation nearer the school but it feels like too many things are in the way. It is a Promoted post and the other danger is that I stay in my current post forever. Please help

Thanks

Swandog
Advanced Contributor

70 Posts

Posted - 13 June 2018 :  15:06:22  Show Profile  Reply with Quote
Hi Roverrunner76,

Itís a bit of a tricky one for you trying to decide what you should do and Iím sure there has been some sleepless nights this week thinking about it.

If you werenít in a Trust Deed and lived in rented accommodation would you take up the position if you were successful in the application? Is the only thing holding you back your Trust Deed?

As you have suggested you could rent out your current property with the agreement of your Trustee and relocate to rent somewhere. If you did everything right it may not cost you anything extra per month in terms of expenditure. One thing to be mindful of is any change in your financial circumstances could result in a change to your contribution i.e. more money per month could mean an increase.

If you didnít take up the opportunity would you look back with regrets? There is no harm is going through the interview process and if successful you then have a decision to make. If you didnít apply you would never know. What if the school said they would help with relocation costs etc.?

Relocating is always a big decision but your daughter is young enough that she would probably be fine and make friends quickly at her new school and your wife may be able to secure new employment in the new area.

It could be a good idea to sit down with your wife and write out all the pros and cons of a relocation.

Try to focus on the positive opportunities and donít let the Trust Deed hold you back from progressing your career if thatís what you would like to do.

Hope this helps in some way.
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Kevin Mapstone
Trust Deed Expert



3597 Posts

Posted - 13 June 2018 :  15:25:36  Show Profile  Reply with Quote
I think swandog is right - the Trust Deed is a bit of a red herring here really, you just need to decide what your preferred outcome is and then see how you can best get there.

What would you do if you weren't in a Trust Deed? I guess you would go to the interview, see if you get offered the job and then see if it makes practical/economic sense to take it.

It isn't impossible to sell up and relocate if that is what you want to do. Is the equity in your home fairly low? If so then you might feel it is worth giving up your share of any proceeds in order to pursue your career further. I guess you would have to rent for a while instead, but once clear of your Trust Deed and earning a higher wage you might be able to save for a deposit on a new place fairly quickly.

It may even be that your trustee would allow you to retain some of the proceeds of selling your home to cover relocation costs - if it means that you will be able to contribute more once on a higher wage then I don't see why not.

Recommended Partner & Trust Deed Expert - Ask me for help setting up a Scottish Trust Deed    
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