Scottish and English debt laws are different, so if you are a Scottish resident and have questions on debt, then this is the place to post.

Moderators: TalbotWoods, JaneClack

By angel
#34989 A couple of months into my hubbys Trust Deed.

IP has been in touch to say they did a drive past valuation of our property and checked out prices of houses for sale in our area.

They have given us a value the same as a similar house to ours which is up for sale at a fixed price. We do not agree with this valuation, can we challenge this?

#35184 Do you think its less or more? I would imagine that you can challenge it, but would probably need to pay for your own survey? Or get an Estate Agent to value it.
By angel
#35191 Thanks for reply JLP

We think it is more than the value of our house and have told them that we will be looking into getting our own valuation done at our own expense

I did ask at the time at the meeting with IP whether we should get our own valuation done and her reply was why waste your money we will do it so I am not too happy about this as I feel we have been wrongly advised

Have spoken to our current lender who have given us a valuation over the phone and it is a lot less than what the IP has given

Now in the process of getting valuations done and then go back to IP to see if we can agree on a figure

Will let you know
By chrissy
#47637 What happened in the end?

Did you agree a figure and does that mean you are sorting out the equity at the beginning of the TD or at the end?

Look forward to hearing from you

By angel
#47666 The Trustee has accepted our valuation which was 10k less than theirs so it was worth having our own done

I have now made an offer to buy out OH share of equity which was estimated at the beginning of the TD. I am now waiting to see if this will be accepted by the Trustee and then look at all the options available at how to pay

Have been told that

1) can pay a one off lump sum at the beginning of TD
2) pay it monthly over the term of the TD
3) extend the TD for another 2 years buying back the equity
4) part lump sum and pay remainder monthly

Last edited by angel on Sat Mar 11, 2006 12:03 am, edited 1 time in total.
By chrissy
#47670 Thanks for the quick reply. Keep us posted.
My husband wants to sell ours at the end and start again but I am quite attached to it and want to keep it! Nightmare!

Good luck with sorting it out - will be thinking of you and wishing you well.
By angel
#47676 Thanks Chrissy

Hope it all works out for you - let us know how it goes

Good luck