Equity release from property held in trust

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Flamekai
Flamekai Posts: 1 Newbie
in Deaths, funerals & probate
Hi, over thirty years ago my grandad left his property in trust for his grandchildren with his daughter, my mother as a life tenant. Our mother is now in her eighties, but is short of income. We would like to free up some of the equity in the house for her. The property is worth approximately £350K. Has anyone had experience of attempting this or know if it is possible? Any help and advice would be much appreciated.

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  • Brynsam
    Brynsam Posts: 3,643 Forumite
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    Depends entirely on the wording of the trust document (which may simply be the original will).

    Have a word with a solicitor (suggest you ensure they are STEP members), making sure they have all the paperwork available.
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
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    How short is she? How many of you are there?

    It might be easier to just dip into your pockets by, say, £10-15-20/week each into an account to help her out where required.

    Or does she want to go on a 10 month cruise round the world and get a new car?
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