Death, wills and options.

[maggipsych]

My mother died recently. I have a stepfather. They both made wills leaving half to each other and half to me. My stepfather took out equity release last year, then did it again before Xmas with another company (including paying the extra �9000 early repayment clause). So the equity released on the house is around the �50000 mark. The value at the moment is �120000. Can he just sell it and keep the remaining equity as I don't seem to appear in any future plans at all. He has not yet applied for probate. I am unsure where I stand at all in this, if anywhere. your advice would help greatly. I am aware that this does not constitute adve from a solicitor, it's just a bit of guidance I need at the moment.

[dzug]

Two possibilities

If your mother/stepfather owned the property as joint tenants then your mother could not leave you half the property - on her death it automatically became your stepfather's 100% and it's his to do what he wants. If they were properly advised when they made their wills this should not be the case - but it's always a possibility.

Assuming tenancy in common then the will was properly drawn up and I would say you now have the right to half the property - less half the debt. Your stepfather can't just sell it - he will need probate to do that, which will highlight your interest.

[maggipsych]

Hello Dzug.

They both made wills via solicitors so I guess everything is kosher!(?).

[themas]

If equity release was taken out before your mother died (which I assume it was from what you say) then it would be normal for her to have had to sign for it as well as your stepfather. In which case it is likely to be the case that your half share is hlaf the value minus half the equity release amount (& that amount will probably increase with time, depending on what form of equity release was used).

It is just possible - but I think unlikely - that if the house was owned as tenants in common the equity release could have been in just your stepfather's name and only against his half share of the house.

You may be able to get some clarification from the title deeds, which you can buy online from the landregistry site.

[maggipsych]

My mother did sign the papers for equity release. I wasn't informed that they were applying for it, but the house certainly needed money spent on it and that is where it went and is much better for it too. No complaints about that whatsoever. I was just unsure of where I stood. I realise that the company supplying the equity release would obviously need to be paid, should my stepfather sell it. If I have understood correctly, I believe that,:-
should my stepfather sell the house, I would possibly receive half of what was left after all debts have been paid (i.e. equity release)etc. Does that sound right?