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Equity Release, Tenants in Common - Can One Person Release Equity Without It Affecting The Others
saragorton
Posts: 3 Newbie
I am a tenant in common, along with my brother and mother, on her house (I live elsewhere). My brother needs some money to keep him going for the next 2 years, as his business has been affected by Covid. As long as appropriate legal documentation is drawn up, can he release equity just in his name, without it affecting either mine or my mother's means tested benefits?
0
Comments
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It is in the name of all the homeowners and the lump sum raised will affect all homeowners in terms of having the capital available. Gifting your share to your brother could be viewed as a deprivation of assets and impact on your means tested benefits.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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