They want some 3rd party which is another trust but UK based to purchase the property outright so there is no mortgage against the property. They have accepted they have no authority to order the trustee's of this trust to do this but have requested. The trustee's are not going to do this as they don't feel it's in the trusts interest. So I'm thinking they will force me to hold onto the mortgage or sign a deed of trust or just hand over the property to my ex if they can which is what I'm really asking. I would prefer to hand back the property to the bank rather than sign a deed of trust under the terms they are stating and I've told them as much.
To be clear then, they cannot just "transfer" over the property to her without the lender who holds the charge's permission ?
They can force me to continue paying the mortgage, although this is at the lenders discretion as the lender may not believe that I can service the mortgage if it is in negative equity.
The property could be held in trust so as when it is sold or the loan called in any equity in the property would be given to my ex ?
The mortgage is differed interest so I don't month to month pay the mortgage it is added up compound over many years at HMRC's benefit in kind rate. The house value is currently about 5% greater than the loan value. There is a clause in the agreement that states they can call in the loan if they are concerned they will not get the money returned. So if the loan was greater than the value I'm thinking they would be required by the terms of the loan agreement to call in the loan and force a sale of the property. Does that sound reasonable.
lol I think they are already annoyed so it makes no difference to be honest but I don't believe a bank can be forced to continue to lend me money if I've broken one of the loans clauses. I will check with the lender, thanks.
Essentially they are taking everything from me personally and have assigned me all costs with the expectation that the trust will step in to help me out which it never has in the past but I get their logic. The consequence for them of there not being anything in this situation for me personally is that I don't care what the court say's or does and I am just looking for ways to frustrate their process without being found in contempt.