Equity Release - do I need to specify it when doing Online Probate

kantblue

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.

kantblue

Keep_pedalling

That is correct the net amount is the gross amount less debts and funeral expenses. 

msb1234

My mum also had equity release, I just lumped it in with the other debts she had. 

Have you checked the most recent balance with the ER provider? My mum borrowed £20k, when she died she owed £39k, almost 2 years later, it’s gone up by around 8K. So the net value of her estate has fallen. 

kantblue

Hi msb1234
Yes I have asked the equity release company for the latest figure - as you mention it has jumped up since we last asked!
Thanks for your reply