Hi,
I am new to the site and look for assistance.
I entered into a trust deed in 2005. At the outset no discussion really took place regarding equity on my home. A few months later the trustee asked what I believed the property was worth and I was told that would need to pay them ?ú8k. Much later into the TD the trustee said that the property would need to be valuated and this was done by a company known to them. It transpired that I now needed to find ?ú47k due to current market prices. I asked how I could do this given that I entered into the deed to clear my financial problems. It was suggested that my partner sign a letter through our solicitor stating she would be a guarantor for the debt. I asked how we can approach to re-mortgage etc given the fact that the trustee will not release the deed until we find the 47k. The trustee agreed to reduce this to 35k and no doubt could be bartered down given the current financial problems in the world, but the deed will still not be released. I contacted an IFA in Glasgow whose was acting on our behalf, but has not been in touch for 7 weeks. The whole episode is becoming very stressful for us. The trustee gave us 6 months to have this sorted or we may lose our home.