What is equity release?

Equity release allows homeowners aged 55+, to access some of the cash tied up in their homes.

There are two types of equity release:

Lifetime mortgage

This is the most common form of Equity Release which allows homeowners to take out a mortgage based on the value of their home whilst still owning it. The loan is secured against the property and is repaid when it is finally sold, usually when the owners move into long-term care or on death.

Home reversion plans

With this plan the homeowners agree to sell a certain percentage of the property to a reversion company for a fixed amount. For example, if the reversion company purchases 30% of the property they are entitled to 30% of the proceeds of sale. Homeowners retain the right to live in the property for the rest of their lives.

Why do I need an equity release solicitor?

If you are going through the equity release process, you will need independent legal advice. This is where our solicitors can help you. Your solicitor will advise you to make sure that you understand the implications of the equity release plan, and that you are fully educated on the potential risks and rewards. They will also advise you on your legal obligations. Equity release is a highly specialised area of law, so having a solicitor to help guide you through the process can make everything less stressful.