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Category: Law
Satisfied Customers: 189
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I'm looking for advice on property /equity, Blackpool, uk,

Customer Question

Hi yes I'm looking for advice on property /equity
JA: Where are you? It matters because laws vary by location.
Customer: Blackpool, uk
JA: What steps have you taken so far?
Customer: Nothing yet
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Customer: My mums husband took equity out on their home without my mum knowing, he has now died, no will, does she have a case at all to stay in the home?
Submitted: 8 days ago.
Category: Law
Customer: replied 8 days ago.
She's 55 years old, could the equity company transfer it into her name? Or will she have no chance at all and be forced to sell the property?
Expert:  ChrisB4147 replied 8 days ago.

Hi, thanks for the question.  I’m Chris and I’m a Solicitor. I will be happy to assist you and hope to provide a full response as quickly as possible.

This is a question and answer service rather than an instant chat service, and I may not be able to reply immediately. However, rest assured that I am dealing with your question and will get back to you as soon as I can.

I’m sorry to hear about the situation your mum finds herself in. I have a few questions if you don’t mind, just so I can clarify your position. This will assist me in providing you with a comprehensive answer. Are you referring to an equity release mortgage? Was the property in your mum and her husband’s joint name?

Customer: replied 8 days ago.
Hi, yes it was an equity release mortgage, no it was only in his name as she didn't know
Expert:  ChrisB4147 replied 8 days ago.

The equity release company usually want an occupier (your mum) to get independent legal advice and sign a form accordingly. If they didn’t get that, your mum might have a claim saying she didn’t know anything about it.

However, the long and the short is that the mortgage company is only interested in their money. If your mum could get a mortgage to pay them off, then they wouldn’t try to evict her.

Customer: replied 8 days ago.
Ok thanks, ***** ***** she couldn't get a mortgage, would she stand a chance of being able to live there still do you think? I know it's a long shot
Expert:  ChrisB4147 replied 8 days ago.

Normally the terms of the agreement of an equity release mortgage are quite clear in that when the person who took it out died they get the money when the house is sold. If the house is not sold, they will start possession proceedings. There is often a 6 month gap between the person dying and them wanting their money. Therefore, it’s unlikely your mum will be able to remain.

However, if she knew nothing about it and didn’t sign a waiver, she may want to get some initial legal advice about her rights over the property. Also you will need to remember that as a wife, she will be entitled to any remaining money out of the sale of the house under the intestate rules.

Expert:  ChrisB4147 replied 7 days ago.

I was just following up to see if there is anything else I can assist you with? If so, just let me know. If not, then I am happy to have been able to assist you. I hope the matter gets resolved.

Customer: replied 7 days ago.
Thank you, ***** *****'t think there's a way out of this for her but thank you for your advice
Expert:  ChrisB4147 replied 7 days ago.

It’s a very difficult situation to be in. All the best.