Scottish trust deed

sogs

Hi

Would like some advice a few years ago my partner had trust deed he paid a monthly agreed amount for 3 years and at the end of the trust deed the accountant that dealt with everything said we had to have the house valued to see what equity we had once this was done he decided that £23,000 equity to be paid towards what was outstanding, we had a joint mortgage and had to remortgage the house to get this money and now have been wondering if this was the correct procedure as it then put us into debt again by borrowing the money.

If anyone can explain if this we were treated fairly?

thanks

adouglasmhor

Your partner should repay your half of the extra mortgage, the accountant souds about right.

Anondebtadvisor

Your partners share of any equity has to be realised in a trust deed so this procedure is correct

squiggler_2

I believe that the equity has to be added to the estate to pay the creditors involved in your husband's trust deed.
When I started my trust deed I was not given the option to remortgage and had to sell immediately - the equity went to my estate. We moved into rented accommodation right from the beginning.
All the best, hope everything works out x

skintandfat

I suggest you check the AIB website as there are restrictions on making families homeless

There are also rules on trust deed house sales