Can Your Home Be Legally Taken Away Through A Trust Deed?

Although Trust Deeds can be a lifeline if you are in financial trouble, some of the rules of having one can be pretty tough to take. Until recently, one of the most restrictive rules was that if you wanted to obtain Protected status on your Trust Deed and prevent your creditors from sequestering you, ALL of your assets had to be given to your chosen insolvency practitioner (also known as a Trustee) for valuation and sale.

Those assets required included your home, although there were various ways the equity within it could be released. You could either remortgage or sell the property. Alternatively you could stay in your home if the Trustee was willing to consider other arrangements, such as a family member or third party paying a lump sum equivalent to your equity. Under those conditions, the Trustee would usually be prepared to forgo their interest in the property. The Mortgage to Rent scheme was also an interesting alternative and allow you to remain in your home.

But problems arose with those homes that had very little equity and were sold. Once all the sales costs were taken into account, the actual amount available to creditors was very little, but because of the rules a Trustee would have still have to sell it. Many people found themselves in this position, and some people refused to leave their homes under such circumstances. And then there were those who had bought their homes with former partners and friends. For obvious reasons, they were annoyed at the possibility of losing their asset for so little value to the creditors. For some, they point blank refused to allow the sale or re-mortgage and the Trustee reached deadlock.

There are few options open to a Trustee when this happens. Take court action to force the sale was and still is one of the most popular, but before they did so they had to obtain either permission of the area’s Sheriff if the consent of the owners was not given.

It is rare for a trustee to ask a Sheriff to step in like this and grant them permission to sell the debtor’s home. Most of the time a compromise can be found long before this. However when it does happen the Sheriff has to spend some time considering the circumstances surrounding the case, so it is by no means a done deal that you will lose your home. The Sheriff takes into consideration the needs and financial resources of everyone involved, except the debtor.

The Sheriff may decide against it if it would cause considerable hardship to the spouse, civil partner, former spouse or former civil partner. In addition, the length of time the occupants have been living in the house and the interests of the creditors are also considered carefully.

But at the end of the day, the Sheriff can do only one of three things. They can a) grant the application so the sale goes ahead, although they can stipulate certain conditions must be met b) grant the application but postpone action for up to 12 months or c) refuse the application.

With the recession and the credit crunch, more and more the decision of the Sheriff tended towards letting the occupants remain with certain stipulations in place. Despite the clear need to debtors to repay what they owe, it was clear too many homes were being forced to sale and its occupants made homeless for what amounted to little for creditors. Worse the local councils would pay to house those occupants while the knock on effects, both physical and mental, to the adults and children concerned began to involve many more organizations who had to step in to help.

In November 2010, the Scottish Government had no choice but to tackle this problem head on. It introduced almost 50 amendments to existing legislation, which included:

* A debtor’s home to be excluded from a Protected Trust Deed where it is of little value to creditors as long providing it has a mortgage or secured loan against it and the secured creditor agrees in advance not to claim under the Protected Trust Deed.

* A change in definition of property that can be excluded. Formerly this was “family home”; this has changed to “debtor’s dwellinghouse”, which means that single people can now benefit from the changes while simultaneously excluding those people who live in a property that is owned but not occupied by the debtor.

* The Sheriff could postpone action to sell a home for up to three years to allow, for example, a child to complete schooling. This is three times longer than before.

Without even considering the other 47 amendments, these three alone are making the biggest difference to the lives of thousands more people with a Protected Trust Deed. They no longer fear their home being taken and having to go into council emergency housing or rented accommodation over a tiny amount of equity in their property. Finally, they can look forward to a debt-free future, safe and secure in their own home.

Top 5 Home Improvement Projects

If you’re like most of us you love to watch those home improvement shows on TV, they make it look so easy to change the appearance of your home by doing some simple home improvements. And if you’re like most of us and have to work Monday thru Friday any home improvement projects have to be done on the weekend. So for all you weekend warriors here are my top 5 weekend projects:

Bathroom or Kitchen facelift- I’m not talking about a major remodel here just a simple facelift can totally change the look of a kitchen or bathroom. Refinishing the kitchen cabinets, new paint and wallpaper, replacing a toilet, or maybe even replacing that old bathroom or kitchen facet can greatly improve and update the look of any home.

Install new lighting- Installing new lighting can not only brighten your home but give a room a totally different look. Whether installing a light kit on a ceiling fan or replacing that old outdated fluorescent light in the kitchen with some of the new kitchen lighting on the market, installing new lighting is a weekend project that’s relatively easy and comes with a big return.

Install tile- whether a kitchen floor or backsplash or new tile in the bathroom, installing ceramic tile is easier than you think and is a great weekend project for weekend warriors. Most home improvement stores have everything you need for professional looking results, one tip: Be sure to rent a tile saw, it will save you a lot of time and is well worth the cost.

Changing the color of a room- Color is in! You will be surprised how a splash of color can totally change the look of any room. Many homes have either white or off-white walls but many homeowners have found adding color to a room can brighten and warm up a room and is a great weekend home improvement project for anyone. As with any painting project the time you spend in preparing before actually painting will speak volumes as to the results.

Staining Garage Floor or Patio- This is a great project for weekend warriors. Perhaps you have a garage with oil spots, old paint, and other unidentifiable stains on the floor. Staining your garage floor can bring new life to any garage and look great! Some of the new epoxy products on the market offer numerous color choices and colored flakes that you won’t find in most home improvement superstores and will give your garage a unique and customized look.

Being a weekend warrior when it comes to home improvement projects can be fun and rewarding. Be sure to do your research about the best products and techniques before starting any home improvement project, but don’t be scared to try something you have never done before. There is an abundance of information and how-to books on just about any project you decide to tackle, so go ahead and conquer that weekend project.

Fine Homebuilding Magazine Is It Worth Subscribing For A Full Year?

Fine Homebuilding Magazine is one of the most creative and helpful magazines to deal with the construction and/or re-decoration involved in fixing up a new and/ or old house. If you are considering any type of home improvement or you love tinkering with your house, it’s a great idea to subscribe to this breath of fresh air type of magazine.
If you use an online service or even if you pull out one of the cards that ordinarily flies out when you turn a page, it pretty much guarantees that you will never miss another issue . Oh, it helps also to subscribe to avoid paying those nasty retail newsstand prices. You can subscribe at a discount to Fine Homebuilding for just .95 for 8 issues (that is a whole year ).
In our office, I was reviewing some of the issues that we had collected and was relatively surprised with how this magazine clearly wants the customer or home owner to come out on top regarding home improvements. A wife of one of our employees is the type of person that likes to keep things up to date and in clear working order in her home. While reviewing some past articles in Fine Homebuilding , she realized that there were still things that could be vastly improved to make her domicile look as beautiful and wonderfully constructed as it was when it was first built.
She has kept us up to date with the ideas that she has culled from recent and back issues. For example, she suggested that we use some more vinyl sliding since some of the original sliding had badly aged. The copy of the magazine showed us the fastest method of improving this part of the house and also showed us detailed instructions as to how to perform the task as accurately and professionally as possible.
I’m not going to pretend to say that taking care of a home is a piece of cake. Nor will i ever forget the amount of wasted time that I had spent tinkering on things around the house without using Fine Homebuilding Magazine as my helper in improving the conditions in my present home. That mistake will never happen again because now I’ve got professional advice on my doorstep eight times a year!
I’ve written this article because I just want people out there in the world to know that this publication has immensely helped me out like no other guide ever has in improving the look and feel of my own home. Now my wife has even stopped nagging me about the smallest things since I finally took her advice to use this popular and incredible publication as an educational tool from this moment forward!
You can find Fine Homebuilding magazine and other home relatedmagazines like Architectural Record in your local public library. You can even find this in a waiting room of a home improvement or real estate agent type of office. If you are interested in getting a discount or a coupon to subscribe at a reduced rate, consider using a consumer business or library subscription service like They’ve got hundreds of popular magazines at lower discount subscription prices. And if you buy a gift subcsription you can write your own message which they will send out for free with a gift card .

The Versatility Of Nautical Light Fixtures

If you have a coastal decor in your home nautical light fixtures can be the perfect way to complete this look or to enhance it. Whether you have a prominent nautical theme or just a hint of a beach feel these fixtures can add nicely to the look of your nautical or coastal interior design.

Variety Is The Spice Of Life

Of course nautical light fixtures have a specific look or style, however the different options have slightly different finishes or other nuances that provide a little distinction from each other. Contemporary versions have a clean, new look using materials like brushed nickel or stainless steel and sometimes frosted glass. Traditional or more rustic versions have darker finishes and designs that give them an older look making them look more authentic.

The versatility of these fixtures is easily noticeable in the variety of shapes, sizes, styles and colors available. From a lantern style light to a bulkhead replica to a nautical chandelier there are fixtures to fit every room and every variation of coastal or nautical decor.

Because it was a common style in authentic ship lights many nautical fixtures have a glass case protected by a metal cage around the glass. With authentic ship lights this was a functional protective feature, but when it comes to replica home lighting this is primarily just for looks.

Types Of Nautical Light Fixtures

The variety doesn’t end in the style of lights available; there are also a number of ways they can be mounted to fit different needs and different looks for specific rooms. There are a number of basic ceiling and wall mount nautical lights available, but you can also find lights to better fit specific areas. Nautical vanity lights offering three lights to a fixture are perfect for a bathroom; pendant lights or a chandelier that hang from a metal rod or chain are perfect for kitchens and dinning rooms and a nautical fixture with a fan is great for an outdoor room or bedroom.

Where To Find Them

If you prefer to see the lights in person before making a commitment try shopping at local lighting stores and home improvement stores. If you don’t have a very good selection in your area make a day of it and go to a larger nearby city.

If you like shopping from home and want the largest selection possible shop online. Many popular retailers sell these types of lights. You can also find a number of specialty stores that focus either on lighting or on coastal decor. There are also a couple of companies that specialize in refurbished, salvaged ship lights.

Nautical light fixtures can provide that finishing touch to complete the coastal look in your home.