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F E Smith
F E Smith, Advocate
Category: Law
Satisfied Customers: 12067
Experience:  I have been practising for 30 years.
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I am a life tenant of property left by my great uncle in a

Customer Question

I am a life tenant of property left by my great uncle in a trust and the property to be sold on my death and divided between my four children( now adults.) I am needing to raise money for repairs to this property and need to take a lump sum to do this from the property as I'm now retired aged 75. If my children all sign to agree to this lump sum would this be possible through Age Partnership?
Submitted: 9 months ago.
Category: Law
Customer: replied 9 months ago.
When I was made a life tenant of my great uncles property, I sold this and bought another house at a greater cost, so put into the original trust 20.46% myself. The will trusts trustees are The Royal Bank Of Scotland, Trust and Estates department. They gave me the go ahead in 2004 to obtain the interest only morgage with Halifax BS I have proof of that letter, I can send attach a copy.
Expert:  F E Smith replied 9 months ago.

Hello for clarification - you didnt approach this company (Age Partnership) they called you - is this correct?

were you going to get equity release before they called you?

Customer: replied 9 months ago.
I was looking on the Internet, and someone phoned me whilst I was looking!
Expert:  F E Smith replied 9 months ago.

It appears that you were left a property by your great-uncle in which you had a lifetime interest with your children being the remaindermen (Includes women!) To get the property after you die.

At some stage, the property was sold and presumably either there is a provision for that to happen in the trust or your children agreed to that. It’s unusual for there to be a provision for the proceeds to be applied to a more expensive property but not unusual for the proceeds to be applied to a cheaper property provided any remaining balance is paid to the remaindermen, the children in your case.

I don’t know whether the children’s interest is protected by a restriction on the register but it should be. If not, then legally you can go ahead and do what you like with the property although it doesn’t affect the children’s financial interest.

If there is a restriction, the children are going to have to agree to allow you to go ahead.

I can’t comment on Age Partnership and whether they are good bad or indifferent you might want to speak to an independent mortgage broker who deals specifically with Lifetime Mortgages which is what these “later life” mortgages are now called.

Can I clarify anything else for you?

I am happy to answer any specific points arising from this.

Please take a moment to look at the top right hand corner of the page and rate my service by clicking one of the stars at the top of the screen. It’s important you use the rating service because that gives me credit. It doesn’t just give me a pat on the head! (Although there is an incentive scheme where the more five-star ratings I get, I do actually get a pat on the head! :-)) All you need to do is press Submit. Thank you.

If you still need any point clarifying, I will still reply because the thread does not close.

Best wishes.


Customer: replied 9 months ago.
I have a letter from the trustees, Estates Royal Bank of Scotland regarding taking out a interest only mortgage in 2004 but I have tried uploading this for you to read, but have been unable to do this,can I send it to an email address?
Expert:  F E Smith replied 9 months ago.

IT will be quicker if you send to***@******.*** which is my personal email. I cannot reply on that. All comms must be on here.