Hi semaj and welcome to the trust deed forum.

These are obviously pretty complex issues for you, your wife and your Trustee.

I guess the risk is that your Trustee imposes these things at some stage though I'm not entirely clear on the extent to which their able to do that given your wife's objections.

Hopefully our experts will be able to explain how the impasse may end up being broken...

quote:

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Originally posted by Trust Deed Assistant

Hi semaj and welcome to the trust deed forum.

These are obviously pretty complex issues for you, your wife and your Trustee.

I guess the risk is that your Trustee imposes these things at some stage though I'm not entirely clear on the extent to which their able to do that given your wife's objections.

Hopefully our experts will be able to explain how the impasse may end up being broken...

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Thanks for reply, as i am new to forum will someone answer direct or do i need to contact them ?

Hi semaj,

I'm sure one of them will visit the forum soon and add their comments to this thread.

They all fit contributing to the forum around their regular work (and sometimes around their family commitments as well) but it never takes too long for a response from one or more of them to appear here.

Hi semaj,

A trustee would probably take legal action to force assets to be realised, if necessary (they may petition for your sequestration first to assist them in doing this). You and your wife have certain rights in such legal actions, and should certainly seek legal advice if this does progress further, but ultimately it may prove very difficult to stop.

Have you discussed this with your wife? She may need to consider whether she can be more flexible I'm afraid, otherwise it's very possible that the house could be put at risk.

Was the position of the house and endowments not discussed when you originally signed the trust deed?

Kevin,
Yes both were discussed at start of deed to be settled at end of deed,however the current financial climate has made the equity almost impossible to get from any lender. The trustee is aware of this and i have asked if we could agree a figure that i would then continue to pay monthly until paid. They never seem to get back to me on an answer to this only to let me know that someone else has now taken over as trustee. How long will they wait for things to change ? surely i cant keep paying money monthly having no idea how much i need to pay in total.

Hello semaj,

You make a good and fair point.
If you really want this clarifying then I'd suggest that you put your concerns in writing addressed personally to your Trustee and demand a full response within a reasonable time period.

However, please be aware that if you do this it may bring things to a head and possibly even make the risks that Kevin points out a reality.

Hi Semaj,

Couple of questions!

Have you continued to make payments to your Trustee since August 2009, and if so how much have you been paying?

Can you advise what the agreed amount you were to pay in respect of the equity was, and also the current surrender value of the endownmet policy.

What was the valuation of the property as at the date of signing the Trust Deed that was used to establish the equity figure, and what do you consider the property to be worth now?

Thanks

Julie,
I have only recently been asked if i can coniue with payments, however the problem is that the trustee I am in contact with changes to someone else and so on i cannot get any consistency. I was asked to try various mortgage companies by the trustee, however i was turned down and told that i would have no chance in current climate. The house equity was ?ú10,000 and endowment ?ú2500 both my share. However on the house front things have changed drastically it was valued at ?ú125,000 with balance at ?ú89,000 I would say now about the same value or slightly higher but house market not active in my area some houses have been on market for 2 years. I am at the moment been out of work for the last 3 months but hopes are to get something next month

Hi semaj,

Thank you for the extra information.

I'm sure that Julie, Mark or Kevin will add their thoughts very soon when they next check into the forum.

Hi semaj.

Sorry but I am slightly confused - you say the property value was ?ú125k and the mortgage ?ú89k (ie total equity ?ú36k) but that your share of it is only ?ú10k?

Did you try a mortgage broker semaj? They would be the best people to go to if you are need specialist help finding a mortgage - though in the current climate I wouldn't be too optimistic, especially if you are currently out of work.

Not sure what I can say really. Unless something gets agreed with your trustee then your situation is perilous. I am sure they will not want to go through the hassle of legal action to sell your home so I would imagine they may be open to "doing a deal" - for example cashing in the endowment and your wife paying across her share too, as well as maybe some extra contribution payments possibly?