Notifications
Clear all
Scottish Trust Deed Forum
3
Posts
3
Users
0
Reactions
1,188
Views
Topic starter
15/09/2009 10:34 am
hi again,
I just need some more clarification on the equity in your property question. With the property slump decreasing the valuation on my flat and given that i also have a secured loan against the property, it appears that there is currently no equity at all in my flat. What happens in this situation if i sign up for a trust deed? will i be expected to find the difference after 36 months if the property market takes off again? This would only throw me straight back to where i was before i signed a trust deed.
Flower
15/09/2009 1:38 pm
Hi Flower
I always say that the position with equity should be clarified in writing before signing anything. In cases I and a few others deal with where there is no equity, that is the end of it with no further valuations etc, but I'm aware of some firms who will revalue at the end. So belts and braces approach with this.
Get it in writing.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
16/09/2009 9:38 am
Hi Flower,
As I understand it both Kevin's and Mark's firms will confirm the equity position to you at the start of a Trust Deed in writing. We at Trust-Deed.co.uk feel this is extremely important.
Sadly this seems not to be the case with other firms (witness some of the other posts on this forum).
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds 
