If there was a valuation and reception showing zero equity, then this should stand. I know some forms carry out valuations at the end of the trust deed though.

Before we sign a trust deed, we obtain a valuation and redemption statement where possible to assess equity and agree that this will be the final figure. It make things clearer from the start and that way there are no surprises.

Mark

Hi Nuttabean.

It depends on what was agreed at the start.

Was the equity assessed as nil and the property left out of your trust deed effectively?

Or is there scope for a later valuation?

You may need to check with your trustee.

Hi TDA

Beat you by 16 seconds!

Mark

Grrrrrr!

Hi there

Thanks for the respone (both very fast!)

I've checked the original docs from RSM tenon and in the estimated statement of assets and liabilities states the value at £53k, equity nil and estimated value to estate nil.

There is a note regarding this which states 'the trustees interest in the property has been estimated at nil but will be confirmed the redemption figure has been obtained. It is anticipated that there will be minimal or negative equity and as a result the trustee will have no interest in the property and it is of no value to the insolvent estate. Creditors will be informed of any pertinent developments in this regard'.

The new docs from Apex in Nov 13 state: I have quantified my interest in the property at nil. This will remain unchanged unless the mortgage is settled, the property is sold for a profit during the remaining period of the trust deed or if the debtor fails to co-operate with me and breaches the terms of the trust deed'.

Any thoughts? After all the messages on the forum concerning equity I'd just like to be prepared. My TD has been a his end but I now realise all the questions I should have asked prior to signing (doh!).

Thanks again

That should say my trust deed has been a god send! Bleeding spell check.

Looks pretty much like you wont have any issues over equity.

paul

Thanks Paul. That's good to know.

Hi Nuttabean.

I agree.

So long as you meet your remaining responsibilities there doesn't seem to be an issue with your home.

Thanks TDA. That's a weight off! Thanks again.

N

Equity is always the main issue, however the wording of the documents seem quite clear that the equity is zero.

Mark

Thanks For the advice Mark

equity was my biggest scare..and with 5 payments left ,like you nuttabean <- love this name! I have been thinking about it to. we had two letters .First saying no equity then a couple of months later a second saying 2000 equity. as you can inagine my stomach hit the deck ,however, it was cleared up very quickly and i was assured if the first letter said no equity then that would be how it stands.the relief i felt was instant and the confidence in my trustee 100%.. its such a shame that others experience have been so different.. horror stories indeed..when it doesnt have to be like that..