If you are seeking to release capital from your home without having to move, we can help you by advising on the documentation and what this will mean to you. Talk to Humphries Kirk Equity Release solicitors today.
What is Equity Release and how does it work?
As people live longer, more and more homeowners are choosing to access some of the value stored in their homes through equity release schemes. If you are 55 or over, this can give access to cash without having to relocate. However attractive this proposition, taking money from your home to enjoy your retirement, make home improvements, travel or help your children financially does not come without cost.
There are two main types of equity release available, lifetime mortgages and home reversion plans. With a lifetime mortgage, you borrow against your home’s value but retain ownership, and repay the lump sum, together with accrued interest, when you die or move into a care home. With a home reversion plan, you effectively sell your property to an equity release provider, whilst retaining the right to live in the property for the rest of your life rent free.
Why should I use an Equity Release solicitor?
We would always recommend that you seek financial advice from an experienced independent financial adviser who can review your personal circumstances and advise the most suitable product to meet your needs. It is also vital that you discuss your plans with your solicitor so that you are clear about the legal consequences of going with a particular provider, and fully understand the variety of restrictive clauses and conditions which come with the package. You must also discuss your plans with your children or other relatives at an early stage.
Why use Humphries Kirk for Equity Release?
At Humphries Kirk, we are very familiar with Equity Release and can look at the terms and conditions of any proposed plan and explain what it will mean to you and your family. We will also deal with any conveyancing requirements, including completing any transfer documentation, which is associated with the plan.
We can answer any queries about the property raised by the equity provider’s solicitor and advise on anything else that you may need to do as a result of taking the equity release deal. This can include; changing the terms of your Will to reflect the reduced sum of money available from your home that will pass on after your death, or making a Lasting Power of Attorney to ensure that someone you know and trust can access the money on your behalf if you become mentally incapable of so doing.
Get in contact with your local Equity Release solicitor today or request a callback.