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Scottish Trust Deed Forum
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Topic starter
05/01/2013 7:16 pm
I recently made my last payment on my trust deed Dec 2012.
As i have a property I have been told I must release the equity.
I have had my property valued at £35000 and I owe £34500 on my mortgage. My trust deed providers believe it is worth £44000 and are asking me to pay them a further £8500.
I currently live in Australia, my property is vacant and I have been in the process of trying to sell it for 9 months without a single viewing. I have been told by my estate agent it will not sell due to the market in that location.
I am at a loss as to what to do, I can no longer afford the mortgage payments let alone raise £8500 and my trust deed providers are not forthcoming with any help or advice.
I have been looking at letting the bank repossess the house but this would only make life worse.
I now reside in Australia permanently.
05/01/2013 9:08 pm
When did your trust deed provider value the property?
Dispute the valuation and see what happens.
Paul
Trust deed completed Jan 2012,Trustee discharge Nov 2012.
A new dawn.
06/01/2013 10:40 am
Hi chelyoung
Best advise would be to explain this to your trustee, then advise that he takes to do with the sale of the property.
His interest in the property is restricted to what is left after any sale, not the £8500 stated. Once sold, even at no profit, he is unable to pursue you for this figure.
Mark
Mark is not posting regularly in the Trust-deed.co.uk forum.
