So, you’re considering releasing equity from your property, which is jointly owned? 

Did you know that UK homeowners aged 55 and over collectively own nearly £2.6tln in property wealth?¹

Yet, a surprising amount of this wealth remains locked up, inaccessible primarily to the very people it belongs to. 

Accordingly, jointly owned property equity release - an often misunderstood option that could potentially unlock your home's value and give you access to tax-free cash.

Our editorial team at EveryInvestor has considerable knowledge in this area, and we aim to clarify common misconceptions and provide comprehensive information about equity release joint ownership.

This article aims to provide comprehensive information on jointly owned property equity release, but it should not replace the advice of a professional financial advisor.

What Is Equity Release?

Equity release refers to financial products that let homeowners aged 55+ access the value tied up in their property without selling it.
The two main types are:

• Lifetime Mortgages: A loan secured against your home, repaid from your estate when the last owner dies or moves into long-term care.
• Home Reversion Plans: Sell a share of your home to a provider for a lump sum or regular payments, while retaining the right to live there.

For a detailed breakdown, see the Equity Release Costs Checklist.

How Does Equity Release Work on Jointly-Owned Property?

When a property is jointly owned, both owners must agree to the equity release plan.

The process involves:

• Both owners meeting the minimum age (usually 55+).
• The property being your main residence and meeting value/condition criteria.
• The loan or sale being in both names, with both parties retaining the right to live in the home for life.

If one owner dies or moves into care, the surviving owner can remain in the property until they also pass away or move into care.

The loan is then repaid from the sale proceeds, with any remaining funds going to the estate.

Key points:

• You cannot release equity from just your share; all legal owners must participate.
• If more than two people own the property, only two can be on the equity release plan—others must be removed from the title deeds.

How Does Shared-Ownership Equity Release Work?

Shared ownership equity release works by allowing co-owners of a property, typically partners or spouses, to unlock the value tied up in their home while continuing to live there. 

Both parties must meet the minimum age requirements—typically 55 and over—specified by the equity release provider. 

The amount that can be released depends on several factors, such as the home's value, the age of the youngest homeowner, and the specific plan chosen. 

When both parties have passed away or moved into permanent long-term care, the property is usually sold, and the proceeds are used to repay the equity release loan and any accumulated interest. 

Any remaining funds after the repayment are distributed to the beneficiaries of the estate. 

The key benefit of a joint equity release plan is that if one homeowner passes away, the surviving plan holder can stay in their home until they pass away or move into long-term care.

Joint Tenancy vs Tenants-in-Common: What’s the Difference?

Joint Tenancy:

• Both owners have equal shares.
• Right of survivorship applies—ownership passes automatically to the surviving owner.

Tenants-in-Common:

• Owners can have unequal shares.
• Each owner’s share passes according to their will or intestacy laws, not automatically to the other owner.

Why it matters:

• The ownership structure affects how the property is inherited and who can benefit from the equity release proceeds.
• Check your title deeds or Land Registry records to confirm your ownership type.

How Do You Know if You Own Your Property as a Joint Tenancy or Tenants-in-Common? 

You can find out whether you own your property as joint tenants or tenants-in-common by checking your property's title deeds or the register held by the Land Registry.²

Can You Release Equity from Your Share of a Jointly Owned or Shared-Ownership Property?

No, generally, in the UK, you cannot obtain equity release on just your share of a co-owned property, and both homeowners typically need to agree jointly. 

This is mainly to ensure the lender can take full possession of the property to repay the loan after all owners have passed away or moved into permanent, long-term care.

Eligibility Criteria for Joint Equity Release

To qualify for equity release on jointly owned property, you must:

• Both be at least 55 years old (some providers require 60+).
• Own the property as your main residence.
• Meet minimum property value requirements (usually £70,000+).
• Have no more than two names on the title deeds.
• Have little or no outstanding mortgage (any balance must be cleared with the release).

If one owner is under 55, you cannot proceed unless they transfer their share to the qualifying owner, which has legal and financial implications.

For more on eligibility, see the Equity Release Council.

Can You Obtain Equity Release When More Than 2 People Own the Property?

No, you cannot currently obtain equity release on a property when more than two people own it. You can only obtain a single or a joint equity release plan. 

If there are more than two people on the title deeds, then the additional owners would need to agree to be removed from the title deeds through a buy-out or alternative arrangements.

Deed and Ownership Considerations

• All legal owners must agree and be named on the equity release plan.
• If only one name is on the deeds, only that person can apply.
• If more than two people are on the deeds, extra owners must be removed before applying.
• The plan must be in joint names for both owners to retain rights of residence.

Changing ownership structure (e.g., from joint tenants to tenants-in-common) may be necessary for estate planning or inheritance purposes.

How Much Equity Can You Release Jointly?

The amount you can release is based on:

• The age of the youngest owner (older = more can be released).
• The property’s value and condition.
• The provider’s criteria and the type of plan chosen.

Typically, the older the youngest owner, the higher the percentage of the property’s value that can be released.

For the latest rates and calculations, visit the Equity Release Interest Rates page.

Alternatives and Special Cases

If one owner is under 55, or if the property is owned with a business, trust, or more than two people, equity release may not be possible.

Alternatives include:

• Waiting until both owners qualify.
• Remortgaging or taking a personal loan.
• Downsizing to a smaller property.
• Removing non-qualifying owners from the title deeds (with legal advice).

For more on alternatives, see Retirement Interest-Only Mortgages.

Common Questions

In Conclusion

Equity release on jointly owned property is a practical way for co-owners to unlock wealth from their home while retaining the right to live there.

It requires agreement from all owners, careful consideration of ownership structure, and professional advice to ensure the plan meets everyone’s needs.

Always compare providers, review all costs, and seek independent advice before making a decision.

Disclaimer:
All information in this article was accurate as of July 2025. Rates, terms, and provider details may change. Always check with providers and consult a qualified adviser before making decisions.