Equity Release query

[OhDear111]

A relative died last May and his property is now listed for sale. I wondered if there was a will and probate granted. The Government site has returned nothing. Land Registry shows a charge to Aviva for equity release.

Therefore does anyone know how relatives can find out what the repayment of the loan looks like (£ amount), how come it’s on the market prior to probate and how relatives can find out who is selling it - administrator or executor? How does anyone find out what’s left after repayment of the loan and who gets it? Of course it might be £0.

For the record - I’m well off. Other relatives are not and even a small sum would help. We just do not know where to go for information.

Usually the govt site would show, odd that it does not. Are you in touch with any other family members you could just ask who is executor?
If not, could you perhaps ask the EA?

ETA: ask EA who is seller. They won't know about the loan size. And have you worked out who would get the estate if the relative was intestate?

Yes. Thanks. EA was a possibility. Just wasn’t sure they would say. If there was no will, then some relatives would get a bit of money if any was left. I assumed probate was granted but nothing. I’ll ring EA tomorrow.

Sorry @Chewbecca Yes, one aunt still alive and cousins I believe. I used the govt step by step web site. He could have left the house to friends and that would be fine but cannot find the will.

Why do you think there is no will?

I’ve searched for probate. Not listed. When it’s listed you can look at the will.

The will would only be registered if the estate was going through probate - if the value of estate is below the threshold it wouldn’t be needed.
Would start with the loan company- the relative most likely signed an agreement which permitted house sale on their death

What threshold? IHT?

If someone dies intestate then it has to go through the process. I'm, guessing the estate agent will know who the vendor is, but won't be able to tell you due to data protection etc. They might though, be able to give you the name of the solicitor dealing with it.

@ThreePears I’m going to ask. Nothing to lose.

Unless the sale is fraudulent, it will be the executor if there was a will, the administrator if there wasn't. The administrator of an intestate estate is the closest living relative unless they have appointed someone to act on their behalf or given up their right to administer the estate. Whoever is administering the estate (executor or administrator) can put the property on the market prior to probate, but they cannot complete the sale until probate has been granted.

The executor/administrator could tell you the size of the loan and the other information you want, but many won't do so until they are ready to distribute the estate as things can change radically. The executor won't know how much there is to distribute until all assets have been identified and all debts have been paid. This can take a year after death, sometimes longer for complex estates.

@Birdy1982 Yes I know the loan company want their money back and a lot more. I’m assuming it’s their instruction that’s selling it. However does this mean there is no will and no probate? DMs will got probate and no IHT payable.

It won't be the loan provider instructing, it will be the executor / administrator. Is there noone in the family you can ask to find out who the executor/ administrator is?

A grant of letters of administration has to be obtained in order for a property to be sold where the deceased was intestate. Once the LOA is granted it is available in the same way as a probate certificate is available.

@Soontobe60 So on the government wills and probate portal? Nothing there I think.
@Chewbecca I thought administrator if no will. However I would like to know how to contact them. Relatives? Yes, possibly one but it’s difficult as she would not inherit, her mother would if any money left and intestate.

Not quite that straightforward… IHT is one of the- but banks / financial institutions are lower and vary but usually anything above £50,000 they require probate to release funds but they will require a copy of the will & any LPAR details.

I think Aviva also have a will writing and executor management service. Your uncle would have had to have left instructions as to where any monies should go to so if they aren’t managing it.

Estate Agent should also have details of the legal agent handling the sale

If there’s nothing there it may not yet have been granted. It can take months!

@Soontobe60 I had assumed it would be get probate and then sell?

As per my earlier post, probate is not required to put a property on the market. However, it is not possible to complete a sale until probate has been obtained.