Releasing Equity from shared ownership property

flipflan

Hi,
Does anyone know if it's possible to release equity from a shared ownership property (50/50 with a housing association) which is worth approximately £330,000?
Thanks in advance for any info

edit: I should have said it's to pay off debts that have been accrued by my mum who passed away at the end of last month

Carrot007

Unless she took them out in your name with your permission then you would not be resonsible for these debts.

flipflan

Thanks for that. The problem is that it's now fallen to my dad who is reliant on a pension but in terms of collateral has approx £115000. Can he access any of that?

ViolaLass

Are these debts in your mum's name, your dad's or joint?

flipflan

They were in my mum's name (credit card etc as well as funeral costs).

I should have said that he only wants to realise about £20000 in equity

foxy-stoat

flipflan wrote: »

They were in my mum's name (credit card etc as well as funeral costs).

I should have said that he only wants to realise about £20000 in equity

Your late Mother's debts should be settled by the Excutors of Her Estate - if there was no money in the Estate then the debt does not need to be repaid - just get the Executors to write to the lenders and advise them of the facts.

AnotherJoe

I'd say you should get half an hour of a solicitors time to determine exactly who owes what to who because it may be that the debts effectively died with your mum (my commiserations BTW).

If the equity your dad has comes from his property left to him due to joint ownership of the house then it depends exactly how the house was owned, what the will said (if any will) and so on.

Before you go rushing into extra debt (even if only on behalf of your dad) you need to sort these details out.