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Topic starter
21/03/2011 5:10 pm
as im being forced to extend my trust deed for afurther 12 months,due to i cannot raise a remortgage , if i were to sell..
1 .if the equity from the sale is short than expected they still have to close my deed none the less?
2. if the property makes more equity there still only entitled to take the sum agreed at the start of the deed and the rest of funds i keep ?
3. in both these situations , is it the trust deed company that deals with the sale or do i go with my own solicator ?
4. say in situations 1 and 2 this would apply , i sell the house, it makes + or - the agreed sum,at what point is the selling fees takin off ? if it was minus the agreed sum and had to take off selling fees , but if it made more (am due12.5k) say it made 20k equity does the selling fees come off the 12.5k or would it come of my share i.e the deed would take 12.5k and the selling fees would come off the 6.5k extra it produced in the sale
21/03/2011 6:20 pm
Hi nevil99.
I just read back over the information in your previous posts. For the benefit of other readers, your trust deed was a little unusual as it was almost all based upon a £12500 equity contribution, with some extra funds being contributed by way of a £50 per month contribution from you.
As the £12500 relates to the equity in your home, if less equity than that is released from a sale it should still bring the trust deed to an end.
In terms of what will happen if more than £12500 is generated, was the sum of £12500 fixed at the outset of the trust deed? If so, do you have written confirmation of this?
The answer to your question will depend on your actual agreement with your Trustee.
I think it likely that your trust deed company will take a degree of control over the sale. Best to discuss how this will work with them directly I think.
If more than £12500 were raised, but you only had to pay a total of £12500 into your trust deed, I would assume that you would bear the costs of sale from your share of the proceeds. I would think that this again is something for you agree directly with your Trustee.
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Topic starter
21/03/2011 6:53 pm
ok thanks again , il give my trutee a call to discuss the matter , yes i was only paying £50per week for 3 years then 12.5 from house equity was what was agreed ,but im unsure if this was fixed . i asume so .
21/03/2011 10:54 pm
Hi nevil99.
I may have got the wrong end of the stick. Was it £50 per week rather than £50 per month that you have been paying?
Please let us know what you hear from your trust deed company.
Qualified Debt Adviser & Forum Administrator - Ask me anything about Trust Deeds
22/03/2011 10:13 am
In the event of the sale of your home, the normal situation would be that the costs of the conveyancing etc would be paid and then whatever the remainder is would go into the trust deed for the benefit of creditors. Whether that is more or less than the original proposals is irrelevant, it would all go in to the trust deed and you should then be discharged.
If there is a joint owner involved, the selling costs would be paid and then the remainder would be split in two and shared between your trust deed and the joint owner.
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