Equity Release - do I need to specify it when doing Online Probate
Hi can anyone help me.
I'm helping a friend with online probate having done it myself with help from this forum. The estate is very simple and there is a will.
In my case the Gross and Net amounts were the same, there were no debts and the funeral was pre-paid.
In my friends case the total value of the estate is under £300k
House value is £250k but has equity release on it - this requires £70k to pay off within a year.
Do I have to mention this in the Online Probate Application and if so where?
I'm thinking that the Gross Amount is £300K and the Net Amount is then £230K (300 - 70K) but I'm not sure if this is the way to do this.
Any advice would be helpful.
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