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Topic starter
24/08/2015 11:03 am
I started my td in 2009.paid all payments and a lot of ppi paid into it as well. They were after 50% of the equity in the house when it was valued 2 years ago. But we could not secure a lender. I have re-sent outstanding balances from building society and another secured lender. it really is starting to worry me why we haven't been released from it yet. also do the trustees hold the deeds to our house or are they still with the build society. Yours
24/08/2015 11:46 am
Hi bob1701
No, the trustee does not hold the deeds. They will send a notice of inhibition which stops you selling or remortgaging without the trustee's consent. This expires after 5 years and needs to have been renewed.
Have you continued to make payments towards the equity after the contributions ceased?
You will need to speak directly with the trustee to see if the inhibition has been renewed and to clarify the current position with the equity.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
24/08/2015 1:08 pm
yes I have kept all my mortgage payments up to date. I have never missed one or been late with one and have no arrears.
also I have not seen any notice of inhibition to my knowledge.
bob1701
24/08/2015 1:14 pm
Hi bob1701
Sorry, I meant if the Trustee had asked you to continue to make ongoing payments when the contributions had stopped, with these payments being used to reduce the equity figure to be paid.
The inhibition is something only the Trustee will know, but always worth asking.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
Topic starter
24/08/2015 1:30 pm
hi mark.
no we talked about re-mortgage but at the time we couldn't find a lender. we did briefly talk about a payment plan but never came to fruition also they suggested that we try to borrow off a family member.
bob1701
24/08/2015 2:48 pm
Have you spoken to your Trustee recently then bob1701? I don't think this issue is going to go away, so probably best to find out how they see it and maybe there will be some arrangement can be reached if necessary.
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24/08/2015 3:46 pm
Hi bob1701
I think this is something only your trustee will be able to dael with.
I would have thought that they would be working with you to see how matters have progressed and to see what options there are. As Kevin says, it may be an idea to contact your trustee and get things moving otherwise it will drag on with no resolution.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
