Scottish Trust Deed: HELP!!!

danielspaniel

im hoping someone can advise me on what to do regarding my Trust Deed. i have now completed 36 monthly payments at the level agreed by my trustee. however, he has now written to me asking for a half share of the Equity in the House owned jointly by my wife and i. i was aware that this was a possibility at the start but there are two things i cant get my head round:

1) the equity is based on the difference between the current mortgage balance and the amount that the house was worth as the beginning of the trust deed. however, houses in my area are now struggling to sell for 5-10 thousand pounds less than they were 3 years ago. could i obtain an independent valuation to prove that i am in negative equity?

2)even if the trustees valuation is correct, how can i get any lender to agree to a remortgage(to release equity) when ive only paid a tiny percentage of my current 95% mortgage. effectively i would need at least 95% load to value (LTV) and nobody lends that these days do they???

can anyone help because i am stressing to the max

magicgirl68

I'm sure I read somewhere on here that the trust deed can be extended by a year to cover the equity. Not sure and I might be wrong but sure someone will be along soon to point you in the right direction.


Don't stress. Good Luck

beefree

When you sign up to a Trust Deed, you decide whether you want to look at releasing equity at the beginning or at the end of the Trust Deed. When the valuation was done at the beginning did the IP mention releasing equity then? Was there another valuation done at the end? The best thing to do is to read you proposal again as anything to do with releasing equity would have been mentioned in there.