Welcome to the forum jimmybee.

You can certainly obtain your own valuation and try to negotiate upon it if it supports your case.

In terms of an offer that falls short of the sum being requested, you can only really put it to your trustee to see what they say.

Hi Jimmybe

I can't see this being a problem. Sometimes it's best to speak with the trustee, agree a surveyor and agree that their figure is accepted by both sides.

Mark

Yes you can request another valuation, but as Mark said, makers it is a surveyor they will accept. If the value has gone down, you are in a better bargaining position. The trustee is working for the creditors, but they have to look at the value if the property was actually sold, less costs, so they may negotiate a slightly lower figure with you.

i thought the equity had to be paid before trust deed was finished which confuses me(not hard)as how can you get a mortgage company to lend the money,even after you will not get credit as someone on here said for 6 years??

Hi maverick267.

Before the credit crunch most people could remortgage the equity (or the vast majority of it) from their homes. This is what most people think of in terms of "releasing equity".

"Releasing equity" isn't a very good description any more because this type of mortgage lending pretty much does not exist.

"Finding the money" might be a better way of explaining it. To raise the money most people will need to:

1 - Find a third party to pay it over.

2 - Carry on the trust deed with extra contributions to pay it over.

3 - Sell the property.

Thanks for the responses much appreciated, to Maverick dont know much myself but i was able to set up a monthly payment scheme think it is still within the trust deed arrangements? to pay back the outstanding equity on a monthly basis.

thats what i always thought i,d have to sell the house

Not necessarily maverick267.

It all depends on the circumstances and that would generally be a last resort.

I dont want it to be a bidding war, and i dont want it to be deregotory to the creditors either, what happens if the offer i make is not accepted can you up it, or is the first offer the only one i can make.
I am certain the equity is not there any more or at least far less than first established.
Thanks

There is nothing to stop you making another offer if your first isn't acceptable to them.

Thanks again, made the offer so fingers and toes crossed it will be accepted,

good luck Jimmybee

Thanks Jinty

The trustees have accepted my offer, and now i have to wait on the creditors accepting or decling this, anyone know how long this can take.
Thanks