Equity Release Solicitors

Considering an equity release? With an ageing population and rising property prices, more and more people are looking to unlock the money tied up in their home through equity release schemes.

Regardless of whether you want to carry out home and garden improvements, repay an existing mortgage, or cover long-term care expenses, it’s worth discussing your needs with one of our experienced equity release solicitors.

What is equity release and how can it help me?

Put simply, equity release turns your ‘equity’ into money by allowing you to borrow money against the value of your property without having to move out.

‘Equity’ refers to the difference between the value of your home and any monies or loans that are secured against it, such as a mortgage or another type of loan.

Protected by the Equity Release Council and regulated by the Financial Conduct Authority, equity release schemes can help individuals to achieve a wide range of goals.

What are the advantages of equity release?

By releasing the money tied up in your home, you can receive a tax-free lump sum to spend, as desired, whilst retaining ownership of your property. This money could be used for:

• Carrying out desired home improvements
• Taking the holiday of a lifetime
• Making your retirement more comfortable
• Giving early monetary gifts to children or other family members

Who is eligible for equity release schemes?

To be eligible for an equity release scheme, you must:

• Be aged 55 and over
• Be the named legal owners of the property, for example, a beneficiary under a trust
• Have enough equity in the property – existing mortgage will have to be repaid
• Bear in mind that minimum amounts apply (typically £10,000)
• Have an eligible property free of defects that would affect your ability to obtain a mortgage

Things to consider about equity release

Before entering into any equity release scheme, you should bear in mind that it will decrease the monies available in your estate following your death.

Discussing your plans with family is therefore recommended to help prevent future disputes or upset. You should also consider that:

• Equity release may be more expensive in the long run than downsizing to a cheaper property
• Early repayment charges may apply
• Lump sum payment may affect means-tested benefits, such as pension credit

Please note, there may also be other areas to consider depending upon the type of scheme you choose. An equity release solicitors and independent financial advisor regulated by the Financial Conduct Authority can help you to understand the benefits and considerations of each equity release scheme.

Types of equity release schemes

Unsure what kind of equity release scheme you should be looking for? There are two main types of equity release schemes: lifetime mortgages and home reversion plans.

Lifetime mortgages

The most popular equity release schemes are lifetime mortgages. This allows you to choose whether to release equity from your home in a lump sum or to ‘drawdown’ cash sums as and when you require them.

While some plans do allow the option to make payments, there are typically no monthly payments. However, if you don’t make the repayments, the interest will build up and will become payable upon your death or when the property ceases to be your main residence.

Home reversion plans

While far less common than lifetime mortgages, home reversion plans involve selling a percentage of your property to the plan provider.

In return, the provider pays you a lump sum or agreed instalments as well as the right to live in your property, rent-free, for the rest of your life.

Upon your death, the property will be sold, and the proceeds will be used to settle your equity release debt. However, you will have limited control over any future sale of the property.

Why choose Wilson Browne equity release solicitors?

If your online search for ‘equity release solicitors near me’ has left you with too many options, allow us to help.

At Wilson Browne Solicitors, we offer fixed and transparent fees for equity release schemes, direct access to your legal team, and expert legal advice regarding a wide range of equity release schemes and lenders.

To arrange a free initial face-to-face meeting with one of our highly-experienced equity release solicitors, please don’t hesitate to contact our professional team today by using our online contact form or giving us a call on 0800 088 6004.

Alternatively, why not pay your closest Wilson Browne Solicitors branch a visit? We’ve opened offices in Leicester, Northampton, Corby, Kettering, Wellingborough, and Higham Ferrers and Rushden.

Equity release FAQs

Can I still move house?

If you want to downsize or move home in the future, you still can. Some equity release plans allow you to downsize and repay your loan without penalty, while others will allow you to transfer the loan to your new home.

When does the loan have to be repaid?

The loan needs to be repaid upon death or when the property is no longer your primary residence, for example, when you move into a care home or pass away.

As with any mortgage, you must comply with certain conditions (for example, by maintaining buildings insurance and keeping the property in a good state of repair).

I’m interested in equity release, what should I do?

Talk to an independent financial advisor regulated by the Financial Conduct Authority to discuss available plans and determine whether equity release is the right route for you.

Do I need legal advice?

If you’ve decided that equity release is the right for you, you will need to appoint an equity release solicitors or conveyancing professional, like Wilson Browne, who will explain the legalities of proceeding with the plan.

For a helpful equity release factsheet visit:

https://www.ageuk.org.uk/globalassets/age-uk/documents/factsheets/fs65_equity_release_fcs.pdf

Your new lender will insist you receive legal advice – talk to us today. We offered fixed fees for Equity Release schemes, with a face-to-face meeting with a highly experienced conveyancer who will have dealt with numerous schemes.

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