Trust Deed advice/experience please

[Almost_There]

Hi, Without going into to much detail both myself and my wife are in a protected trust deed and at the outset we had a valuation done on our property which advised that there was no free equity which could be released.

 

Does this mean that this valuation will be used for the full term of the Trust Deed or can we expect our IP to re-assess this in the third year and try to release any free equity then? I know in the current climate its possibly highly unlikely, but would appreciate anyone else's advice/experience with this.

 

Thanks in advance

[rory32]

My understanding is that if, at the end of your contribution period, the asset has not been realised you will be entitled to make an offer to the Trustee direct but an independent valuation at the time would have to be obtained.

 

I'm not sure if this is applicable though when there was no equity in the asset at the start of the trust deed.

 

National Debtline may be able to help you with your question (Freephone 0808 808 4000).

[Almost_There]

My understanding is that if, at the end of your contribution period, the asset has not been realised you will be entitled to make an offer to the Trustee direct but an independent valuation at the time would have to be obtained.

 

I'm not sure if this is applicable though when there was no equity in the asset at the start of the trust deed.

 

National Debtline may be able to help you with your question (Freephone 0808 808 4000).

 

Thanks for the response! I have spoken to the IP and they say that the valuation will last the term of the trust deed. trouble is I have read about others who had been told this only to be landed with a nasty surprise at the end of the term. Anyone got experience of this?

[rory32]

Have you asked your IP to put that in writing?

[Almost_There]

Have you asked your IP to put that in writing?

we are due to go to our review meeting very soon. Going to get it then