Our house in trust

Clarke64

Hi everyone.
we did our Will & was persuaded to put our house in trust.
we was hoping to release abit of equity from our house,but have found out we can’t as it’s in trust & to be honest it’s really taken a toll on my health.
we was not informed about this when we did our Will & trust. 

The only way out is to pay £3.000+ vat to remove it from trust.
we really have not got that kind of money & have no savings.
has anybody else had a similar experience? 

Many thanks 
Jane 

dunstonh

we really have not got that kind of money & have no savings.

So, why was the house put in trust?  

Keep_pedalling

dunstonh said:

we really have not got that kind of money & have no savings.

So, why was the house put in trust?  

Because some shark will writer convinced them it was a good way to avoid care fees or IHT probably so he could earn some fat fees for setting up a useless trust. 

I hope it is not the same shark quoting £3000 to undo his evil work. 

user1977

Clarke64 said:

The only way out is to pay £3.000+ vat to remove it from trust.

Who has told you that's the only way?

dunstonh

Keep_pedalling said:

dunstonh said:

we really have not got that kind of money & have no savings.

So, why was the house put in trust?  

Because some shark will writer convinced them it was a good way to avoid care fees or IHT probably so he could earn some fat fees for setting up a useless trust. 

I hope it is not the same shark quoting £3000 to undo his evil work. 

You spotted where I was going to lead to....

Most of these set up are a complete and utter waste of money.

Clarke64

Yes we was also quoted £3.000+vat to have the trust lifted.
it’s making me so poorly.

Clarke64

The trust told us it would £350 to have a zoom meeting with them & £3.000+vat to have the trust lifted.
we paid £3.000 for the Will & trust in 2018
we had to pay that monthly.
They never explained the downside of having your house in trust. 

I wake up with this on my mind every morning & it’s taking a toll on us.

Annisele

Who are the beneficiaries of the trust, and are they likely to agree to bringing it to an end? If everyone involved agrees, it's possible that a local solicitor would charge you less than £3,000 to wind the trust up. There might also be some tax consequences, but that would depend on the details.

elsien

Putting your house into a trust effectively means you no longer own the house. Therefore cannot borrow on it.
what was your understanding of the Trust when it was set up?

Keep_pedalling

Annisele said:

Who are the beneficiaries of the trust, and are they likely to agree to bringing it to an end? If everyone involved agrees, it's possible that a local solicitor would charge you less than £3,000 to wind the trust up. There might also be some tax consequences, but that would depend on the details.

it sounds like the sharks who set up this trust are also the trustees which makes it more difficult and probably more expense to use a solicitor to wind this up. To persuade people with no other assets to put their house in trust is diabolical, and to get them to pay for it on finance just beggars belief.

Keep_pedalling

Clarke64 said:

The trust told us it would £350 to have a zoom meeting with them & £3.000+vat to have the trust lifted.
we paid £3.000 for the Will & trust in 2018
we had to pay that monthly.
They never explained the downside of having your house in trust. 

I wake up with this on my mind every morning & it’s taking a toll on us.

This is a long shot, but do you know if this company is regulated by anyone? You could name them and we could check for you you, but if you don’t feel comfortable with doing that drop me a private message and I will check them out.

Presumably the beneficiaries of the trust are yourselves while you are alive and your children after you have gone. If that is correct are they aware of the situation and are they in a financial position to help you get out of this?