Form A restriction on title

I am writing this on behalf of my father. He had arranged for equity release in 2020 when hs wife (my stepmother) was alive, and was taking a small amount from the resulting lifetime account each year. Sadly my stepmother passed away last November and since then has been uanble to access any more of the pre-approved funds as a will trust has come in to play protecting my stepmother's half of the estate. My two stepsisters are beneficiaries and so my father is not the sole owner of the property (although he is the sole proprietor). It has been suggested that filing forms RX3/ST5 along with an agreement with beneificaries that he should be allowed to access the remaining funds (as it was the beneficiaries' mother's wishes) may be enough to get the restriction removed. I am unsure if this will be succesful.

Tony - RX3/ST5 and any supporting evidence is the only way to cancel such a restriction. Essentially he needs to show how he is now the sole legal and beneficial owner and how the 'trust' created has come to an end 

And when my father passes, what would happen then. Currently the will provides for a four way split. Will this still hold?

Tony - we don't deal with wills or the beneficial ownership split. We deal with the legal ownership so if Dad dies the property forms part of his estate and his executor(s) then deal with it in accordance with his will/trust etc as appropriate.

Thank you, makes sense. On another note, I see that on the title deed there is a hisorical property valuation from 2002. I am wondering why this is there, as it is neither the year my father purchased the property (1982) or the years in which equity release took place, 2014 and 2020. I am wondering if this very two valuation is also a factor in the equity company's reluctance to release more of the funds, as they will exceed half this figure, so the trustees' interests will not be protected? Thanks

Tony - a value entry is usually added when there is a change of ownership but not on sale. So the registered owner(s) transferred the property by way of a gift or similar.
If you think it's an error then you can report it using our contact form 
You'd need to ask the equity company as to whether that valuation was a factor. 

Also, I have begin to take some legal advice. It has been suggested that a sinple agreement between beneficiaries to alow access to the remaining equity funds, submitted alongside form RX3/ST5 would be enough to get the restriction removed. Is this information accurate? Thank you

Tony - in order to get the form A restriction removed you need to show how the registered owner is now both the sole legal and beneficial owner. So nobody has a beneficial interest that warrants being protected.
You'll need to rely on your legal advice here as we won't consider the RX3/ST5 until an application is submitted