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20 years ago my mother split with her partner. Prior to this she sold her house and used the entire amount to pay off a debt of his. She fought for and eventually it was agreed she was owed the full current market value of the house she sold.
Her former partner used equity release on his house and portion of land for this purpose. As it stands he currently owes £200k to the equity release company and 100k to my mother.
This where is gets complicated, I'm under no illusion and know the equity release company is first in line but what's happens if the value of house and land failures to cover my mother's share? I ask this as her ex partner has another piece of land (he owned this when they split too) which will more than cover the shortfall and then some.
Her ex partner has no family, no dependents, no cohabitees that would need supporting from his estate.
She is listed on the house deeds, it states the house cannot be sold without her permission. I can't see anywhere in the letter which she has from her solicitors from 20 years ago which states she would forfeit any money owed to her should the house value not be enough to pay of the debts against it.
I'm short, I'm asking would she be paid from the sale of the rest of his estate? He may have gifted this to someone in his will, how will this stand?.
Thank you for any help
Her former partner used equity release on his house and portion of land for this purpose. As it stands he currently owes £200k to the equity release company and 100k to my mother.
This where is gets complicated, I'm under no illusion and know the equity release company is first in line but what's happens if the value of house and land failures to cover my mother's share? I ask this as her ex partner has another piece of land (he owned this when they split too) which will more than cover the shortfall and then some.
Her ex partner has no family, no dependents, no cohabitees that would need supporting from his estate.
She is listed on the house deeds, it states the house cannot be sold without her permission. I can't see anywhere in the letter which she has from her solicitors from 20 years ago which states she would forfeit any money owed to her should the house value not be enough to pay of the debts against it.
I'm short, I'm asking would she be paid from the sale of the rest of his estate? He may have gifted this to someone in his will, how will this stand?.
Thank you for any help
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