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

kantblue
kantblue Posts: 28
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edited 2 January at 7:40PM in Deaths, funerals & 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.
kantblue

Comments

  • Keep_pedalling
    Keep_pedalling Posts: 16,127
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    That is correct the net amount is the gross amount less debts and funeral expenses. 
  • msb1234
    msb1234 Posts: 505
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    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
    kantblue Posts: 28
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    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
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