Ensure you get equity release right with our fully qualified team of equity release solicitors. Our equity release solicitors will help you to understand the long-term impact of the equity release contract, such as how it can affect benefits and inheritance. This includes detailing all the risks involved, as well as the rewards, and explaining exactly what your legal obligations will be before you proceed. Having independent legal advice is incredibly important and is a key feature of the Equity Release Council’s (ERC) Statement of Principles.
Working in conjunction with your financial advisor, our solicitors offer a professional and effective service to provide you with expert legal advice on the implications of lifetime mortgages and reversion plans, including interest only mortgages, hybrid lifetime interest only/compound mortgages and conventional lifetime mortgages.
What is equity release?
Equity release is a way of unlocking the value of your property and freeing up the equity (cash) tied up in your home. Generally, this is available to those who are aged 55 or older and you don’t have to have paid off your mortgage to do so. People take the money they release in either one lump sum or in several smaller amounts on which you pay interest. You can also combine both.
There are two main ways to release equity:
- Lifetime mortgage – taking out a mortgage secured on your property whilst maintaining ownership. The loan amount and any interest is paid back when you die or move into long-term care. You can ring-fence some value as inheritance.
- Home reversion – selling part or all of your home to a home reversion provider in return for a lump sum or regular payments. At the end of the plan the property is sold and proceeds are shared according to the remaining proportions of ownership. You can ring-fence some value.
There are a number of products available and an independent financial advisor will help ensure you choose the right one for your needs.
Why choose Trethowans?
Our fully trained and qualified equity release solicitors specialise in their chosen field of law and are leaders in their respective disciplines. Our dedicated team of conveyancing solicitors are highly experienced in equity release and have years of experience helping clients achieve their goals whilst safeguarding their future. We assist in all areas of equity release, including:
- Helping you understand all implications
- Advising on long-term consequences
- Ensuring all deeds and documents are in order
- Calculating the long-term rewards
- Using equity release to finance a move
- Transferring schemes to a different property
- Advising on inheritance issues
- Advising on how to use equity release
If you’d like to discuss your equity release with our qualified equity release solicitors, simply call our friendly team today and we will be in touch. We cover the entire UK property market, but have offices in Bournemouth, Poole, Salisbury, Southampton, Winchester and London for your convenience.