Hi Edd82

I think you will need to discuss this with your Trustee. Your Trustee will require to sign the disposition whatever happens.

Will the full equity be going to the Trustee or just part.

Mark

Hi thanks for the reply , does the full equity not need to go
To the trustee ?

Hi Edd82.

Are you the sole owner of the property?

Hi Edd82

I dont know as I don't know your case unfortunately. I assume you will know roughly how much equity is in the house and what the Trustee is seeking. Hopefully this was agreed at the start of the Trust Deed.

Mark

Yeah am the sole owner of the property, when i started there was 5k equity sitting , i got the flat valued and theres roughly
£25k now , and my trustee is sayin i need to pay the whole amount when sold .

Unless something different was agreed at the start that would sound to be quite normal Edd82.

Hi Edd82

This is something which should have been looked at and agreed at the start. You have 2 options if the Trustee is looking for the full balance. Firstly hand the keys to him and tell him to get on with it himself or advise that you will deal with the sale, the viewings etc and maintain mortgage payments on the basis that he agrees some payment from the equity to cover your own costs for removal, up front rent, deposits etc.

Mark

Ive been advised that they will cover the costs of the sale . Ive just asked if they will give me money for rent etc if i continue paying the mortgage . I'll get back to you's once i have an answer

Thanks again

Hi Edd82

They dont have any choice other than to cover the costs of the sale. That comes off as a first cost anyway.

If I were you I would certainly be loking for a decent resettlement payment.

Mark

Cheers mark ,
As a resettlement payment do you mean money for a depoist and moving costs ?

How much would you advise i ask for because there prob £25/30k equity thats well
Over £20k more than at the start

Regards

Alan

Hi Edd

I don't think 10-15% is unreasonable.

If you had vacated at the start, creditors would have received zero. They will argue you had the benefit if staying there, but you have, in effect, maintained the mortgage & upkeep.

If they don't agree tell them to make arrangements to pick up the keys.

Mark

Yeah ive kept up with the mortgage payments throughout the trust deed.

I totaly agree with you , i'll call them tomorrow , thanks again

So if they dont agree to give me any resettlement money , i can walk away and
They'll have to pay the mortgage ?

I dont want to land myself in debt again

They wouldn't have to pay the mortgage Edd82.

However there may be consequences about how much money is eventually raised from a sale if the mortgage isn't paid by anyone for a period.