Home » Services » Conveyancing Solicitors »
If you are considering equity release as a way to raise funds, it is important to seek legal advice beforehand and seek guidance through the process from experienced solicitors. We have been providing equity release services for forty years, helping people considering equity release to make the best decision for them.
What is Equity Release?
It is a way to release money from your home without selling the property. It is important to take special considerations before doing this and speak to legal professionals. If you are feeling pressured in to releasing equity from your home, you should call the non-emergency line on 111 and ask for assistance.
Receive Expert Legal Advice for Equity Release
You might be considering equity release as a way to gain the value from your property and build funds. It is important to seek legal advice before doing this, so you are confident in your choice. Once you have made the decision it is important to hire expert solicitors to take you through the process at a pace that suits you.
Who is Equity Release for?
Equity release is for over 55-year-olds who have been paying off a mortgage for some years. Often, individuals will do this to gift money to their dependants or other relatives or to enjoy a more comfortable retirement.
Types of Equity Release Products
- Lifetime Mortgage (for those aged 55+) the most common equity release product allows you to borrow some of your property’s value at a fixed interest rate.
- Home Reversion Plans (for those aged 60+) a provider pays you a tax-free amount to purchase a portion of your home at below market value. Once a property is sold, the proceeds are split based on the percentage you own, and the lender owns.
- Retirement Interest-only Mortgages (for those aged 55+) you receive a lump sum against the value of your home, but you must make monthly repayments. These are chosen for individuals with a stable monthly income.
What is Equity Release for?
Equity release is a way to release money from a property to raise money for specific reasons. This could be for retirement, providing a deposit for another property, or other financial needs. It can be an expensive way to receive cash so must be carefully thought through. The intention here is for the funds to be repaid, together with interest and charges, when you dispose of the property or die.
How is Money Received During Equity Release?
Money can be received by a cash lump sum or a lump sum and smaller amounts over time. It is important to discuss how the money will be received; Is a large lump needed for a deposit on another property or are smaller amounts needed over time to support somebody financially? This will change based on personal circumstances.
Our Equity Release Service
We are experienced in providing the essential legal expertise you will need before entering into arrangements for “Equity Release”. We provide an efficient and friendly service and advise in the following areas:
- Legal implications of Equity Release and reversal arrangements should these be required at any stage.
- Buying & Selling property using Equity Release or the transfer of an existing Equity Release plan to a new property.
- Extending your lease or buying your freehold with Equity Release.
Why do I need to Seek Legal Counsel Before Completing the Equity Release Process?
It important to receive legal advice as Equity Release has many far-reaching consequences. It can affect your use of the property in question, your future finances, inheritances and more.
There are many versions of Equity Release some of which involve transferring the legal title at the outset. Other schemes impose restrictions on your use of the property and obligations concerning its upkeep. It is important you are advised as to the amount of reduction in the value of the Equity in the property, due to you or your family, as schemes for Equity Release vary considerably as to cost.
Speak with Experts on Equity Release
We have been providing advice on equity release products for many years and helped many customers receive the legal insight they need to make informed choices.
Additional Services
- Right to Buy
- Buy To let
- Re-Mortgage
- Selling
- Equity Release
- Co-Habitation Agreements
- Lease Variation
- Property Transfer, Acquisition & Disposal
Our Approach
Our solicitors are extremely knowledgeable on equity release products and work with stringent professionalism to advise you on whether or not you should purchase them. We aim to provide exceptional customer service, by always being available to answer your queries and progressing equity release matters quickly.
Our Work
With robust frameworks in place, we can provide efficient equity release services for fixed fees. From £650, plus disbursements and VAT, you can plan ahead when accessing our equity release services.
Our Clients
We are happy to speak to anyone who might be considering equity release products whether they are over 55 or are planning on using equity release products for their retirement. From initial advice to our full equity service, you can expect expert, friendly solicitors to back your corner and help you understand equity release better.
Equity Release FAQS
Equity refers to the value of the property, less the amount still owed on a mortgage. For example, if a house was worth £350,000 and the amount owed is £100,000 you would have an equity of £250,000.
Equity release can be an effective way to raise cash tax-free but it is important to choose regulated equity release products and to seek guidance from expert solicitors in this area to provide advice and guidance.
No, with a lifetime mortgage you will keep the deeds in your name. You also hold the right to stay in your home for the rest of your life. It is important to release cash carefully and plan financially for the reduced property and whether you plan to make repayments or not.
You should seek legal advice before choosing an equity release product. Products from providers who are part of the Equity Release Council (ERC) are regulated and allow you to stay in your home until you or your partner pass away or go into care. As it is also your choice to make repayments or not, you won’t be penalised for missing payments.
The Equity Release Council is the trade body for equity release products who regulate the market and put safeguards in place for customers.
Equity release reduces the value of the property so when you leave the property to a family member, they won’t receive the full value of the property.
Yes, while equity release products are designed to last the rest of your life, you can make repayments to pay off the amount borrowed and any interest. There are some drawbacks to this including early repayment fees so you should consider this before going ahead with the equity release process.
Yes, but it is expected that the cash released is used to pay off the outstanding mortgage.
