Hi Norrie

Do you have a copy of the Statement of Affairs (SOA)? If so was there any narrative on the SOA regarding the property?

Can you please confirm the following.

You paid a lump sum at the start because you couldn't afford to pay a contribution. How much was this and where did this money come from? Is this anything to do with the £70,433.49 that you have paid? If not where did this money come from? Does the £70,433.49 include the £7k plus another £1k to follow that you also mention?

Was the Trustee aware, before you signed the Trust Deed, that your wife's name was only added to the property 2 years before. I presume that no money passed between you and your wife when her name was added?

Have you had the property valued yourself?

If you had agreed £15k, and you have paid in the region of £7k with another £1k to follow, how is the £12K worked out that Trustee is looking for in respect of the house?

Sorry to be asking all this information, but it will allow us to advise you further.

Julie

Hi norrie,
Can I ask, did you have significant debts at the point when your wife's name was added to the property title, or did these accrue afterwards?

Money was raised by a re mortgage plus the sale of my wine cellar at the begining. The 15k was a final amount that the trustee would accept to clear the deed.Paid 3k cash and give them a lapsed pension policy which is worth between 4 and 5.7k so assuming minimum value for pension policy 7k has been paid, a friend has gave me some wine to sell which will bring the other 1k.This will be entered into a sale in the next month.Trustee knew about my wifes name being on the house as brought this up at the first stages of contact with them , plus was stated on advice shop notes which advisor read prior to me signing the deed.Cant recall any mention about the house as such just that there was equity in the property which I had to release.Have asked for the notes on my case but being met with silence on this and my offer to pay a monthly contribution to clear the balance.Just confused about the different valuations as statement of affairs states 150k not 170k . Spoke to the agent who sold the last property in my street and advised a fixed price of 162.5k.What I have paid so far is the sum raised by the re mortgage, sale of my wine plus the 3k recently and the lapsed pension policy.Also left wondering why trustee stated they were entitled to all the equity in the property after concluding there was alienation , then stating final figure was a comprimise due to a Possible alienation. Trustee was looking for another 30k at that time.As stated after his valuation there was still equity in the property.

Hi kevin there were no significant debts when my wifes name was added to the property.Debts built up after that time but I was paying all debts on time each month and in the case of credit cards only the minimum payment, but there were no outstanding/ late payments.As myself my wife and step daughter where all attending Uni and some time to go before we graduated saw that making the minimum payment each month would take many years to pay off so decided to try and do something to address my problem.Up until the deed was signed payments made on time each month.Was told the deed was my only option and any missed payments was because my advisor said not to pay anyone to ensure the deed became protected as I had to show I could not pay.So followed the advice given to me.All I want to do now is confirm the amount that the trustee has been paid towards the final figure , balance outstanding and a agreed anount each month to clear the deed.Just being met with silence , have stated how I am raising the money and what I can pay but no reply except a few weeks ago that if the money was not forthcoming they would seek to evict us and sell the house.After showing I am working on it and providing funds I do not know what to do next, the threat of eviction is very stressfull even though I have done evreything which I stated I would do/pay thus far and a concete plan to clear the rest.Hope you might advise further.

lump sum was by re mortgage plus sale of wine.Trustee was aware of how long my wifes name was on the house at the start of the deed , was only after two years had passed they stated she was not entitled to her share.Due to alenation, then recently stated the final amount of 15k was a comprimise due to a Possible alienation as trustee looking for 30k as that was the equity in the property according to his valuation of 170k (mortgage 132k)last statement of affairs states 150k , halifax valuation 160k. Which valuation is right. Have asked for my notes but nothing fortcoming. Regarding the final 15k have paid 3k cash plus gave them lapsed pension policy which is valued at between 4 and 5.7k so assuming minimum 4k that is the 7k. Also friend is selling some wine to raise another 1k to pay into deed.Have done all that I said I would, and asked to make a payment to clear the balance pending further possible funds.Again no reply , apart from threat of eviction if funds not forthcoming. Just want to confirm amount paid , what is left to pay and how I will do this.Showing trustee funds rather than promises and working hard to raise further funds, but feel like threat of eviction getting me down after providing funds and a offer to pay the rest off.

The law states that if you were solvent at the time of this "possible alienation" then it is not an alienation. Therefore if the value of your assets at the time (ie immediately after your wife was added to the property) added up to more than your debts at that point - and you could prove this if necessary - then there is no possible alienation, you would have a cast iron defence in court against such an action.

With this in mind, it might be worthwhile speaking to your trustee again to point this out and if necessary gather evidence to support this assertion (eg backdated statements etc if possible). They should then be calcualting equity based purely on your half share.

Thanks for that , not sure how to get a table of my debts etc when my wifes name was put on the house it was only later on that things built up. Not sure why it took over two years after the deed was signed for them to conduct the investigation , surely if the case was cut and dry then action would have been taken sooner.What i need to try and get is some advice on is the following , taking that I have paid 7k of the 15k asked with another 1k to come after sale of wine how would my position be to ask to get a concrete re payment plan to clear the balance ?. If I could word this properly etc how likely would the trustee be to accept this ?, of course if other funds came up during this time it would go to the deed. Can aford £280 per month at present. Also could I take action regarding equity after the deed is payed off . Thank you for your help just really need to get something down on paper to try and stay focused as worry about the house is constant.

Hi norrie.

Just reading back through the thread I think you may have already made an offer to your Trustee to repay this over time?

If you have, what was the offer?

£280 per month , no reply and still no paperwork which I asked for.

Hi norrie.

It's hard to answer your question as it seems as though it is going to come down to the judgment of your Trustee.

You have offered £280 per month, which is the amount you have stated that you can afford. Have you backed this up with details of your income and expenditure that justify why this sum has been chosen?
I do hope that your Trustee finds this to be an acceptable way forwards.

Could you clarify what you mean when you ask whether you can take action regarding equity after the trust deed is paid off?

If a plan was agreed to pay off the balance and the deed cleared , and I was discharged is there anything to prevent me taking action against the trustee who would have to have proved my assets where less than my debt at the time of putting my wifes name on the house. I can say with conviction that at the time my assests totaled more than my debts , the moot point for me is a letter stating that they where entitled to all the equity after their investigation and later stating a possible alienation. So I would have to expect all this financial information was gathered by them to prove the statement we are entitled to all the equity, which I very much doubt.I am sure that I had more assests than debt, so how do I progress from here ? it seems strange that they state something as fact , then later say possible which leads me to belive they have no proof and hoped for my lack of understanding.If I win my case what recourse do I have for compensation ? after all they have kept taking money from me !. Awaiting your thoughts with interest.

Hi norrie.

I think we may be straying into an area of legal advice rather than trust deed advice.

I therefore think you may need to take legal advice as to whether this is a possible route for you.

Yes, I think so. will go to my solicitor soon and hopefully the news might be good.

My thoughts were that if you approached your trustee and asserted that you were solvent at the time of the change in property title then they may accept this and reduce what they are asking from you accordingly. Surely worth a try rather than paying up first and then seeking legal redress afterwards?