Hi,

Myself and my partner recently bought the property we have been renting from our landlord.

We know the landlord personally, and basically he signed the property over to us (our names in process of being put on the title deeds as new owners), and we have setup a legal document to continue to pay the landlord on a monthly basis until we pay off the value of the property (so no mortgage via a bank, and no interest etc).

The landlord advised that he wanted £65,000 - although when we had it independently valued 6 months ago, the company said around £70,000

I have contacted a TD company to discuss putting my debts into a TD, although my partner doesnt have any debts.

the house is in joint names, so would we both have to sign for this to be done? - I was advised over the phone it would only be me who had to do this.

They advised that there would not be enough equity in the property for any to be released, although I might have to pay an extra year on the TD (she said the normal period is now 4 years payments for a TD, and a possible extra year for equity).

My question about the equity is that if we have been given the property at £65k by landlord, would the valued amount of £70k we had done count as equity?

Would I have to release this, and after paying 4 x years rent (approx £13k) would this have to be used towards my debts at the end of the TD?

I have told them that my over debts area round £13k, and they said that I would pay around £150 p/month after taking my I&E.

Sorry about the long post, but I am worried about the equity etc - as the TD person on phone seemed quite laid back about it all. Thanks