Trust deed was signed on I think the 9th of January 2006 or shortly after that. Schedule of inhabition was given on the 30/12/11 .
Point four from a letter dated 13/2/2006 states I will acertain the value of any assets and will establish if there is equity in the property and should this transpire I will take the necessary steps to realise this. Statement of affairs cleary shows my wifes share according to them and this was the case for nearly 5 years, tried to bring the deed to a end and they stated the house had to be re -valued , even though the schedule showed the value for the same length of time. Then they said there had been a alienation and demanded ALL the equity in the property not the half share which I was led to belive. Asked what proof do you have to back up this statement and was ignored when I asked about it a few times more. Stated I was willing to share my credit report to show that my assets totaled more than my debts and was solvent after the date of the transfer. I never got any reply to my question regarding what proof do they have , and also tried to set up some sort of payment over and above the re-mortgage , even though it was a little less than they stated my disposable income was , again was ignored on this point. It is my feeling that I have a very strong case regarding the alienation , after all why would my wife also help me to re-mortgage to help pay my debts and be included on the new mortgage if I was giving equity away ? , after all she is my wife and I wished her to have some security in life. Hope this is enough information for you , thanks for your help.

Hi pinalta

Its an interesting one.

The Trustee has NO legal right to request payment of the full equity if the property is in joint names. The only way this could be done would be to raise an Action of Reduction agains the transfer and if successful, then seek the full amount.

I am a bit surprised at the inhibition as this should probably have been renewed before the 5 year period. I assume that the inhibition was done on the dependence of a legal action. Can you confirm if this is the case. Post 2008 in sequestration, A trustee must take action on a debtor's family home within three years of the award of bankruptcy or control of the home will automatically transfer back to the debtor.

I would point out the 1st point to your trustee and see their reaction.

Mark

The inhabition came on the 30/12/11 and in mid January came a letter from a solicitor acting for the trustee demanding that the £15.000 equity should be paid within 14 days or they would seek the full outstanding amount of £30000 which they claimed totaled to the full amount of equity left in the property. My solicitor replied that £3000 had already been paid , and that £7000 in PPI payments had also been paid to them. Further to that we stated that I was able to come up with the other £5000 within 28 days. He asked for his offer/ letter to be acknowleged , which they did not do until after the 28 days.Since then I have been in limbo , with the trustee stating that the PPI re payment was seperate asset , as was the £3000 which I already paid. I have the e-mail from his assistant giving a meeting time to discuss what was happening regarding a probale re mortgage with the Halifax . I met with her told her what was happening and said I will pay £3000 towards the equity you are claiming , and raise the other £12.000 through the re mortgage. I duly paid the £3000 shortly afterwards as per my understanding of what was agreed at the meeting.I stated if their value of £170000 was accurate then it would go ahead , the Halifax came and valued the house at £160000 , £10.000 less than the trustes valuation , I also got another valuation which stated £160000 from a differnt surveyor. As the loan to value was higher based on the Halifax's valuation they could not offer me a deal due to this.Informed the trustee about this , they asked for the valuation reports which I sent to them and then was ignored for a few months by them despite repeated requests for how to resolve the matter. As far as I know there was no schedule of inhabition on my property before 30/12/11 or if there was it was never stated or brought to my attention. Will follow your advice through my solicitor and update you. Thank you very much for your insight and help , I think it only right to say that the extreme stress and worry debt has on a marriage and on individuals is often overlooked , help such as you have provided , has shone a little light into the tunnel .

Hi Pinalta

If it helps, get your solicitor to contact me. I'm sure a joint approach to resolve things would be beneficial.

Mark

Thank you I will . From what I remember a few years back when I tried to close the deed after my first re mortgage to raise my half of the equity , the trustee said after a investigation they concluded that the full amount of the equity was due to them , no explination was given as to how this was investigated and I asked for proof as to how they could arrive at this statement , once again I was ignored by them. Then when I stated I could not raise the full amount of equity that was demanded and could raise £15000 maximum based on the trustees valuation , they then said the £150000 was a comprimise pending a POSSIBLE ALIENATION . So one letter states they are seeking the full amount after an invesigation which I suppose was an alienation ( no act of reduction was started ) and then afterwards a possible alienation seems to me there was no proof and I also have proof this was not the case. Many thanks , I hope my own posts might help others .

Mark could you please supply me with a contact e-mail or telephone number found your location but no telephone number.
Many thanks.

Have passed your details onto my solicitor who will read through the topic on this forum so he can fully understand what has been going on.
I have a couple of other questions which you might be able to offer a opinion on.
1. If it is found that the trustee did not act within the terms of the law concerning my trust deed , can I claim back fees and other funds paid into the deed , back to the point that enough funds had already been paid.
2. can I ask the trustee to put on my credit file the date of which my deed should have been discharged , if events are found to my advantage , ie alreay paid enough funds at that date.

Hey , guys very unusual to have no comments on this thread , allways look forward to your thoughts and advice is there anyone out there ?.

Hi pinalta.

This is really a question for one of the experts working within one of the four insolvency practices featured here.

They're often out and about seeing clients during the day and fit posting here around that and their family commitments.

I'm sure one will check into the forum soon and add their thoughts.

Thank you , I understand that such persons have to pay the bills to ! and have families.very gratefull for the advice given to me.

Hi pinalta

It is really difficult to comment, solely because I would need full facts paperwork and details.

I looked at a similar case and probably spend 20+ hours going through each letter etc.

I can only generalise and say, in my opinion, no to both points as the Trust Deed is still legal and in force and any action would be a reprimant to the Trustee. I am basing this only on experience.

Mark

Thanks for your reply , hopefully my solicitor will contact you soon , he has most of the paperwork . Would you mind if I called you to discuss further ?

Hi pinalta

No problem at all.

Mark

Dear Mark , thank you for taking the time to speak with me today . Hopefully this will give hope to those who seek guidence as to the best way forward . Some advice is free , but only true insight delivers relief !.

Hi pinalta.

It's great that you have had this direct guidance from Mark, and that you've chosen to acknowledge his help here so generously in the forum.

Mark,

It seems like you've gone above and beyond again. Really impressive.