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Topic starter
08/06/2012 7:44 pm
we are now 4 years into a 3 year trust deed. the only way to discharge the td papers is for us to release the equity in our house.
we have tried to remortgage but the only offer we had was not enough for the trustee. we are now going to sell the house but have now been told the trust deed company have to do this. every time we do what is asked of us it is not good enough and the rules change. all we want to do is end this. we are also concerned about how much we will have paid in the end.
we are still paying our monthly comtributions even after over 4 years.
needing help please
08/06/2012 8:38 pm
Hi Da1, I'm not a TD expert but I don't think that sounds right. I had a lot of problems with my company, as do a lot of people on the forum. The TD experts on the forum should give you good info & help, sorry to hear about your situation. You think you sign a piece of paper, pay 36 payments & your life's back on track but it's not always the case. Good luck
08/06/2012 9:50 pm
Welcome to the forum da1.
The rules are actually quite straightforward, but the explanations of them aren't always.
The three years relates to monthly contributions only, homeowners with equity also have an additional responsibility to pay over a sum equivalent to their equity. This isn't optional for a trustee, they're required to deal with assets.
The term "releasing equity" is anachronistic. It's almost always impossible now for a homeowner that's currently in a trust deed to put their hands on a sum equivalent to the equity in their home via a remortgage.
That fact doesn't release a homeowner (or the trustee) from a responsibility to deal with the equity in a home if a trust deed is set up.
How much equity is being asked for?
How much have you paid in extra contributions over the past twelve months?
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
Topic starter
11/06/2012 4:08 pm
over £5000 of extra contributions paid since end of 3 years. They are looking for £38000 to be released from the equity in the house . only mortgage I could get was for 26000 to be released but they said this wasn't enough . now we want to sell the house to finish the trust deed and have been told that they must look after the house sale. it seems that they don't want us to finish with it.
11/06/2012 11:26 pm
Hi da1.
It's normal for a trustee to want to control the sale of a property which is also an asset to be used for the benefit of creditors.
That should mark the end of the trust deed for you.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
12/06/2012 9:29 am
Hi da1
If I were you I'd advise the trustee that you are marketing the property as this is the only way to resolve the equity position. Kelp him fully informed and get any offers sent to him. Advise him that your intention is to deal with things in a logical way to provide the best return for creditors. If that is not acceptable you will move out immediately and hand him the keys.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
12/06/2012 9:32 am
Is there a schedule of Inhabition on your house , in the Trustee's name ?. Looking at what you have posted , you have paid £5000 more already, you possibly could raise another £26k , leaving you £7k to pay , why not try to get the re mortgage and ask your trustee to extend the deed for a year or so to pay off the balance , might be a better option than selling your home . Or speak to your trustee and try and seek a comprimise amount based on what you could afford to pay , how long was the offer of a re mortgage for ? you done very well in the present climate to even get a offer . I am no expert so please get the best expert advice you can before doing anything , just thought it might be a option open to you . Best of luck .[:)]
