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Equity release with k restriction
My husband died in 2025 and left everthing (he actually had only his pension no other assets apart from our home) to me in his will, I was the only beneficiary and also executor. I enquired on getting a lifetime mortgage as I now need the money released from the property to live out my days on, only to find that there are two restrictions in my late husband’s name, so I can not get a lifetime mortgage without the restrictions being removed. Also it seems that on the LR our home is now listed as tenants in common due to the restriction. I paid off our original mortgage in full with my own money from an inheritance back in 2020 so I am now wishing I hadn’t done that. Is there anyway that I can get the restrictions removed since the debts are not and never were mine. Also I don’t want to move as the property was bought as our final move and is only a small flat.
Comments
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I know we have a separate thread on this subject but nevertheless, can you help with this?
I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter1 -
If your property was held as tenants in common at the time of his death then the debts should have been repaid on his death.
"You've been reading SOS when it's just your clock reading 5:05 "1 -
Who are the restrictions in favour of?
Only If they were actually enforceable. It also sounds like the OP was not even aware of these restrictions when administering the estate.
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True but from the info posted OP says they are debts that were never hers, that maybe true but implies they were her husbands.
A link to the other thread would be helpful.
"You've been reading SOS when it's just your clock reading 5:05 "0 -
I’m a Forum Ambassador and I support the Forum Team on the Debt free wannabe, Credit file and ratings, and Bankruptcy and living with it boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.For free non-judgemental debt advice, contact either Stepchange, National Debtline, or CitizensAdviceBureaux.Link to SOA Calculator- https://www.stoozing.com/soa.php The "provit letter" is here-https://forums.moneysavingexpert.com/discussion/2607247/letter-when-you-know-nothing-about-about-the-debt-aka-prove-it-letter0
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Form K restrictions are generally applied for and registered when a creditor obtains a charging order against a debtor who is a registered joint owner of a property. The register is also updated with a form A restriction (the one most refer to when referencing 'tenants in common') as their joint tenancy has in effect been severed.
The 'thread' linked to deals primarily with form K restrictions and the 'myth' some hold with regards the debt having to be settled and the restrictions withdrawn/cancelled before a sale/purchase can complete.
In OP's case there is no sale/purchase and OP is aware that not only do the form K restrictions prevent the equity release but so does the form A restriction. In the first case a new creditor is very unlikely to lend when the charging orders/form K restrictions remain and the form A restriction prevents the OP from securing the equity release as a sole surviving owner.
OP needs legal advice here to decide what options exist re the charging orders/debts following the death and where any liability now lies. The restrictions do not simply fall away following a death. At this stage I would not contact the creditors but doubtless, as OP was unaware of both form K restrictions, they will need to for example to confirm the current details
Eggbox may well offer some advice on the thread linked to if OP posts there as well
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