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Equity release...?

(6 Posts)
TheEdgeIsNigh Sat 12-Mar-16 15:19:13

Basically, my late father was mortgage-free and took out an equity release on his home. He's passed away and there's about £40k owed.
I'm an only child(stay at home mum, living with partner) and we're considering paying off the £40k so we can keep the house and live there.
I'm obviously not working, so it would be down to DP to rally the funds...
Is there an 'easy' way to do this? Could I put his name on the deeds then remortgage the property?
Any advice, greatly appreciated

chantico Sat 12-Mar-16 16:57:40

Sorry for your loss, and also sorry for just asking questions

Who is the executor of his will? Who did he leave his estate to (the proportion of the house he still owned, other assets)? Has the equity-release company specified any timelines for action?

TheEdgeIsNigh Sat 12-Mar-16 17:43:27

All me...
I spoke to the equity people yesterday and they dont see to be in any great rush to sort things. The sale of the house is ongoing but looks like it could potentially fall through after several months! My solicitor has been in regular contact with them to update them. Ideally they like it to be resolved after 12 months after his death(that was last week) but I checked, and they said theres no immediate danger of them repossessing the house or anything like that!
I'm a complete moron when it comes to all this stuff!

QuiteLikely5 Sat 12-Mar-16 17:46:21

That's because the longer they wait for their cash the more money they are due!

TheEdgeIsNigh Sat 12-Mar-16 18:36:28

Oh yes, I know! Interest is pretty high!

BigRedMonkey Thu 17-Mar-16 10:34:20

Hi

You should be able to remortgage in joint names, depending on usual factors of course. The main thing is to speak to a solicitor as there may be a potential stamp duty liability when adding someone to the deeds. It shouldn't be a big deal but something to be aware of when looking how much to raise.

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