Susanne White Private Client Solicitor
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Monday - Friday 8am - 6pm
Appointments outside of these hours are available on request
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Equity Release
What is Equity Release?
Equity Release lets you access tax free cash from your home. You can do this through a lifetime mortgage and is generally available to homeowners over the age of 55. The loan is secured against your home, and you can choose to make some, all, or no monthly interest payments. Your lender adds any unpaid interest to the amount you owe.
The most popular reasons for taking out Equity Release include:
- Paying off an existing mortgage/ clearing existing debts.
- Making gifts to loved ones
- Home improvements
- Boosting retirement income
With Equity Release you continue to own your home. The loan plus any outstanding interest is typically repaid on death or if you permanently leave the property during your lifetime because you require full time residential or nursing care. Whilst it is possible to repay the loan early due to a change in your financial circumstances these schemes are designed to last for life. For this reason, it is important you seek advice from a financial adviser specialising in Equity Release at the outset to ensure this is the best option for you.
How I can help
I have many years technical experience providing independent legal advice to clients taking out Equity Release. I am also a member of The Equity Release Council which is an organisation which promotes high standards of conduct and consumer safeguards. Many of my clients are professional recommendations from financial advisors in the local area.
Please note I am not able to provide financial advice on the suitability of the product.
On receipt of your formal mortgage offer I will arrange a face-to-face meeting to verify your identification and run through the terms and conditions of the offer with you. This step cannot take place remotely. During this meeting I will also be able to answer any questions you have in relation to the paperwork and will also provide you with a written letter of advice.
I will also ensure all your property deeds are in order and deal with any enquiries raised by your lender. This includes ensuring adequate buildings insurance is in place.
Once all the enquiries are satisfied you will be asked to sign the acceptance of loan documents and mortgage deed. The documents are then lodged with the lender’s own solicitor who will check the documents carefully.
After all enquires are satisfied your lender will then agree a completion date.
Typically, completion takes place around 2 – 4 weeks after the formal mortgage offer has been issued however timescales may vary.