Welcome to the forum lily2511.

Obviously I've no knowledge of what you were told. However, the contributions that you make would not normally count towards the equity until after the agreed term has ended.

Contributions towards equity during that time would usually have to come from another person.

Are you the sole owner of the property? That's down to the title deeds rather than your mortgage.

I know of other people who have paid towards equity throughout the trust deed.

paul

I think the position with equity needs to be clarified, preferably in writing by the trustee.

If your husband is not in a Trust Deed then the trustee can have no interest in his half share. The key point is not whose name is on the mortgage, but whose names are on the title deeds to the property. There's no issue if you are the only name on the mortgage, but the house is held in joint names.

Mark

Hi lily2511,

Normally under a Trust Deed if you have a property with equity then for the first 3 years of your Trust Deed you make a monthly payment from your income. Once you have completed the initial 3 years you can then pay towards the equity in your property by using your monthly payment. The easiest way to explain it would be if the property were to be sold your creditors would receive the equity plus a payment from your income for 3 years.

It all really comes down to what was agreed at the start of your Trust Deed and this should have been confirmed in writing with you so you have a record of what was discussed and what was agreed. Your best to check over your paperwork to see what it said. If you don't have a copy then Apex should be able to provide you with this.

If you are the sole owner of the property per the title deeds and it's only you who has entered into a Trust Deed then your Trustee will be looking for the full 100% of the available equity in the house. If this is 32k then this is why they will be asking for this amount.

Once you have a copy of the paperwork from the start of your Trust Deed let us know and we can advise you further.

Thanks for replying. I have a meeting with a manager from Apex next week to discuss. I have also asked them to send me a copy of all documentation from RSM Tenon. My husband was present when RSM Tenon visited our home and explained the terms, and was specifically told that his half of the equity could not be counted. It was only myself who entered into the trust deed, as it was a failed business I had.

I hope the meeting is useful lily2511.

Is it just you on the title deeds?

I think it is both of us on the title deeds. Thanks

I'd strongly suggest that you check that lily2511.

It's at the centre of what can rightly be expected of you.

Hi Lily

As TDA suggest and mentioned earlier, the title deeds will be key to this. They will either be in your name or joint names. If they are in joint names, then the trustee has no interest in your husbands half share. If they are in your name only, the trustee can claim all equity, irrespective of what was agreed.

A large number of issues appear to centre around the information provided at the start as advice can only be based on this information. Unfortunately the correct position is clarified only after the paperwork is signed and by that time it is normally too late.

Mark