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Ask James Mather Your Own Question
James Mather
James Mather,
Category: Property Law
Satisfied Customers: 22624
Experience:  Senior Partner at Berkson Wallace
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my stepsons were left half the net profits on sale of house

Customer Question

my stepsons were left half the net profits on sale of house if i took out an equity loan would this affect their half?
Submitted: 4 years ago.
Category: Property Law
Expert:  James Mather replied 4 years ago.
-Could you explain your situation a little more?
Customer: replied 4 years ago.
My husbands will states that his 2 sons receive half the net profit of the sale of our house.
I would like to take an equity loan to pay off my car and buy another house. Would this be allowed and if so, would the loan be paid before the sons receive their half of the net profit?
Expert:  James Mather replied 4 years ago.

I need to know exactly what the will says and what the situation is now.

 

A jointly owned house as tenants in common?

Ur husband willed his half to his two sons?

Has he left you anything?

 

I need fine details please. Thanks

Customer: replied 4 years ago.

yes, jointly owned as tenants in common


executors myself and 2 step sons


 


residuary estate - debts paid by myself


 


personal chattels to step sons


 


Letter of wishes - my husband states that it his wish 'the house is sold and his share of the net proceeds of sale go to his step sons.


Pension to me


antique furniture and paintings to step sons

Expert:  James Mather replied 4 years ago.

I assume that you are not contesting the will.

You cannot take any loan without stepsons consent.

It is unlikely that any lender will lend without that.

Even so, it would come from your share even if they do agree. Can I help further?

Customer: replied 4 years ago.


is a letter of wishes a legal document? as the house is not mentioned in the will

Expert:  James Mather replied 4 years ago.

Did he write a will?

How long were you married?