Equity release is no longer the niche lending area it once was with more and more homeowners over 55 choosing to release cash tied up in their homes and there are few signs of this trend subsiding.
Releasing equity in your home is becoming a popular way of freeing up thousands of pounds. Whether you are helping children or grandchildren get onto the property ladder, a dream holiday, a new car or maybe even early retirement. The possibilities of what you can do with Equity Release are not as restricted as a standard mortgage.
But to stop those dreams from turning into a costly nightmare, you should consult a solicitor to make sure everything is watertight and to prevent any unwanted surprises down the line.
Equity Release hasn't always had a squeaky clean reputation. There have been worries around mis-selling and there are occasions where relatives have found themselves receiving less inheritance than they might have expected. Because of the way interest accumulates over the years people can end up owing a large amount of money that is paid back from the value of the property when the borrower(s) die or the property is sold.
Whether Equity Release is a suitable solution really depends on a person’s individual financial and personal circumstances. The bottom line is that Equity Release can play a crucial role in supporting a full retirement, alongside pensions, savings and other assets, for the right homeowner. Since homes are most people’s largest asset, it makes sense to at least consider how this asset can be used to fund retirement.
There are many different types of Equity Release such as lifetime mortgage and home reversion paying in lump sums or in instalments. We would recommend you speak with a Financial Adviser to find the best Equity Release plan for you.
Using a Specialist Property Solicitor to review your Equity Release agreement
Whichever Equity Release plan is chosen, it is a specialist area of conveyancing law, and as such you need a specialist team that can handle your case quickly and effectively.
By using our specialist Solicitors to oversee the process, you can get independent legal advice that could help you avoid the risks and complications that can be associated with Equity Release.
Our conveyancers will provide you with a full understanding of the legal implications of the Equity Release agreement that you are considering including the risks, fees and potential future impact.
If you’re considering Equity Release or already in the process of releasing equity from your home call us today on 0161 785 3500 to discuss how we can help you.