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Legal, pensions and money

Have you bought a house which the owner currently has in Trust?

(30 Posts)
Skydancer Sun 30-Jan-22 15:29:39

We have had an offer accepted on a house. At the eleventh hour the estate agent has just mentioned it is In Trust and there is to be a meeting "soon". I've researched online and can't really understand what's going on. The estate agent is quite glib and evasive. All we really need to know is how long might all this take? I'd never heard of it before. Has anyone any experience? My DH is thinking of pulling out of the transaction.

Callistemon21 Sun 30-Jan-22 21:48:07

Aveline

We'd all like to avoid care costs but then who would actually pay them? By evading these you're making others pay. Take some responsibility. angry

I agree.

No-one wants to have to pay them and I do think that some owners or the private equity firms which own them should be subject to more scrutiny. They're not going to be in the business for love or charity but in contrast the staff are not well-paid.

Callistemon21 Sun 30-Jan-22 21:56:19

Posted before I finished.

No-one wants to pay care home fees but some of us will have to. We cannot expect others to fund us if we have savings or property - but the cost per week is very high in some cases. Is it out of proportion to the care offered?

Skydancer Tue 01-Feb-22 10:06:47

My question wasn't really about avoiding care home fees or what a Trust actually is for. I just wanted to know how long a Trust might take to sort out when a house is being sold. I think the estate agent and possibly the vendor's solicitor might be prevaricating to stall the sale. But we need to know. Of course our solicitor needs to get to the bottom of it. Is it me.... or are even professional people a bit slow off the mark these days? They always seem to be "working from home" or some other excuse.

Germanshepherdsmum Tue 01-Feb-22 11:04:20

Well a lot of them are working from home. My son is a partner in a big City law firm and he goes in two days a week now but it doesn’t mean that anything is slowed up, everyone has phones and computers and cutting out the commute means more hours when people are accessible and (certainly in my son’s case) working.

As to whether all professionals are slow - well, as ever, you have to pick someone who’s quick and proactive. I hope you chose a solicitor through a trusted recommendation and didn’t go for the cheapest quote, or someone recommended by the estate agent, as that really is asking for trouble. You get what you pay for and solicitors who get work in by giving low quotes rely on getting large quantities of instructions and using unqualified people to do a lot of the work.

You can find out more about the ownership of the property for yourself by doing a Land Registry search. Make sure you use the .gov website not one which charges you a lot more for the same results. You can download a copy of the ‘title register’ for £3 and that will show the ownership. A further £3 gets you a plan confirming the extent of the property, though it’s possible that the property you’re buying is part of a larger title, for instance a farm. It could be owned by anything from a small family trust to a corporate set-up. This will give you a bit of a handle on things but it won’t reveal the actual terms of the trust or the identity of everyone who needs to be consulted. Hopefully, as the property is on the market, they have all agreed to sell. If I can help to explain anything on your LR search results do feel free to pm me. But make sure you’ve got a good solicitor on the job especially if, as I understand, you need to get things done quickly.