Welcome to the trust deed forum 2020trusteed.

Was there an agreement at the start that explained what you would need to do to address the equity in the second home that existed at the time? It sounds like there was but I just want to be sure.

If there was an equity agreement then that's what you'll need to do in order to complete your trust deed.

You can sell but only with your trustee's consent.

Is your monthly payment genuinely affordable at the moment following the reduction in your income?

Tbh I’m not sure, I’m assuming so but feel it’s a noose round my neck now and would have been better selling at the time. Am I able to sell now and use profit if any to pay equity? Or am I obliged to hold onto it? Thanks

It might be possible to sell the property, but your trustee would need to agree to it and be involved in the process and any profit would be paid into your Trust Deed.

How much longer is it going to take you to pay off the equity at a rate you can afford?

It’s around £6500 so would be couple of years at least meanwhile I’m still having the expense of all insurances, maintenance etc for it. With the debt itself being paid off if I was able to sell is it only the £6500 that would need paid from any profit or should it make more would it all need to be paid to trustee?thank you

Hi 2020trusteed,

If you actually sell the property, and the profit is more than you initially agreed to pay over in lieu of the equity, you'll have to hand over the full profit to your trustee.

These agreed equity payment figures apply on the assumption that there will not be a sale. Things change if the proeprty is actually sold.

Thank you. I have tried to contact for more information on this for months and nobody seems to have the answers. The latest sale on st was less so would be at a loss.