Deeds on Equity Release

tinabez

Hi my mum has just passed away and she and her husband had previously taken out an equity release policy on it 5 years ago for £30k, for home improvements, she left the house to her husband, can he add my name my brothers and sisters name to the deeds of the house.
Want to know how we can protect our inheritance, as her husband has a child from a previous marriage, who has now come on the scene after 20 years. All the money in the marriage came from my late dad and her 2nd husband came into the relationship in debt, till my mum paid debts off.
Very concerned that we are going to be left with nothing.
Can any one advise on what is best to do without it getting messy?

Thanks

opinions4u

can he add my name my brothers and sisters name to the deeds of the house

If he wants to. But there are issues with capital gains tax if all these people aren't living there.

See a solicitor.

A well drafted will from him is the answer.

Thrugelmir

tinabez wrote: »

Very concerned that we are going to be left with nothing.

Please accept my heartfelt sympathy on the passing of your mum.

Did your mum leave it a will?

ER_Law

I am very sorry to learn of your situation. From the legal perspective any equity release lender would not be willing to add anyone other than your mother's husband be on the deeds, even if he consented.

As he is now the sole (and from the sounds of it outright) owner of the property he is free to do with the property by his Will as he wishes. Anything your mother may have put into the property and indeed agreed with him about the property and who it should pass to after they have both died is now only a moral obligation for him to follow.

My advice would be to speak with him and see if he would be willing to make a Will that dealt with this issue. I am sorry to say that of course he does not have to do this and it is a very difficult subject to broach with him without causing offence. He may of course do the honourable thing and already be planning this.

I would advise to speak with him. However, the house deeds will have to remain in his name as an equity release lender would not allow anything else. Aside from that, I agree with the previous post that Capital Gains Tax would also be an issue.