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Topic starter
21/04/2016 3:06 pm
Hi everyone
I am supposed to be my last year into the trust deed, but the valuation they had done at the beginnning on my house was internal and lower than my neighbours due to the condition, however this one done was only from the street and a lot more, so i was in negative equity at the start and now i have £30K equity, which is not anything like my house, it needs rewired, roof fixed, new windows, my special needs child trashed the house and how moved out.
I am about to have to leave my work due to ill health, my husband has a pension which he can tax free cash from but I heard this may be taken by the trustee, but this would be the only way we could afford two extra years but i am not going to do it if the trust deed would take the money (he would be taking tax free cash)
Can anyone advise as I am already stressed enough
thanks in advance
21/04/2016 7:27 pm
I found myself in a similar situation.
I explained my position, showed a few sales from recent house sales from Zoopla indicating lower value and asked my Trustee if he would accept an independent valuation from a reputable and acceptable surveyor. It cost me around £150 - worth it since the valuation was corrected and the problem solved.
Perhaps you could explain and do the same.
Topic starter
21/04/2016 8:30 pm
thank you firewalker, that is very helpful and i will do that. Just need to figure the tax free cash question which would have to pay for it
22/04/2016 9:49 am
he first thing to do is to challenge their valuation, before looking at pension lump sums etc. If the trustee accepted that there was negative equity at the start, I don't understand why have they organised a new valuation. Did they give you a reason for this, pinkbitch?
Is your husband in a Trust Deed too? If not then he can do what he wants with his pension and the Trustee has no claim on it. Even if he is, it could potentially be used to pay the equity sum, but you must be very careful to get this agreed with the Trustee in advance of any cash drawdown.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
22/04/2016 10:21 am
Hi pinkbitch and welcome to the forum.
Like Kevin, I don't understand why another valuation has been carried out. Normally 1 valuation is carried out at the start of the Trust Deed and as long as a client co-operates and maintains their agreed payment then another 1 is not required.
Have you been told the reason why another valuation has been carried out against you property?
If you don't think the valuation that has been carried out is accurate then you can provide you own valuation at your own cost. As firewalker has pointed out this may well be worth doing.
You need to be careful about the pension funds and how these are dealt with in the Trust Deed. As Kevin suggested if you reach an agreement with your Trustee over these funds it must be confirmed in writing.
Speak with your Trustee about the second valuation and let us know how you get on.
David is not currently posting in the Trust-Deed.co.uk forum
Topic starter
24/04/2016 12:25 pm
Thanks so much for your advice Kevin and David, much appreciated, I have gone back to challenge the valuation on a like for like basis, I have not heard back yet but your points prove to me that i have done the right thing 🙂 Going to leave the personal pension alone. I cant deal with that at the moment
28/04/2016 9:38 am
Just wondering if you'd heard anything yet, pinkbitch? Sensible to leave the pension alone just now I think.
Scottish Debt Solutions Expert - Ask me for help setting up a Scottish Trust Deed or Debt Arrangement Scheme plan.
