Hi pinkpig.

Do you think that it's realistic that your property has increased in value 25% since 2009?

That seems highly unusual given the state of the property market in recent years.

Do you think the valuation is realistic? If not, I think the first step is to challenge it.

Hi there

I think that it is very unlikely that the property would have increased in value by this much in 2 years. I agree that I should challenge it but how should I go about that? Am I entitled to see the full valutaion carried out by TD company? Can I get my own one done and what should I ask for to check its in line with the one the TD company did? Can I be discharged from my TD and apply for sequestration myself? If so how can I do this? Sorry lots of questions.

Hi pinkpig.

You might want to start with getting a couple of local estate agents to value your property. Make sure they do this on the basis that you would need to sell the property quickly.

If these valuations fall well short of that provided by the trust deed company you might want to consider instructing a more formal valuation. This will cost you some money but will give you a much more powerful argument, assuming you get the result you expect, that the valuation being used by the trust deed firm is inaccurate and inflated.

Sequestration only becomes possible if you are discharged from your trust deed, so one way or another you are dependent on your Trustee in this respect. If there is equity in your home sequestration may well result in the loss of your home.

Was the recent valuation based on an actual visit to the property? I think you would definitely be wise to instruct a surveyor yourself too - it may cost you £150- £200 unfortunately but if you are going to challenge the valuation they have then it is really necessary. Just ask for a realistic market valuation.

Assuming the valuation comes back nearer what you had thought then write to your trustee with a copy and make an offer re the equity based on the lower valuation.

Hopefully that might be enough, but if not then don't give up - I would be very surprised if your trustee would be likely to try and force a sale of your property given the costs involved, on the back of a challengeable valuation and given the fact there are children involved. Whilst I'm not a solicitor, I'd have thought you would have a strong argument in court if it ever came to that. The point is though, it is very unlikely to come to that - I am sure you will find that the trustee will be willing to compromise given the circumstances.

I'd forget about sequestration for now. You cannot apply anyway if you are in a protected trust deed, and it might not leave you any better off anyway.

Hi

Thank you both very much for taking the time to reply. I have something to work on now instead of just panicking about it. Many thanks.