Equity Release Solicitors
Lifetime Mortgages, more commonly known as Equity Release, are an increasingly popular way for over 55’s to release funds from what is very often their largest asset, their home.
The funds released might be needed for any number of reasons including home renovations, facilitating care in the home, helping children to get on the property ladder, or supplementing retirement income.
Often people do not want to downsize to release the cash in their property, and equity release allows you to stay in your home whilst still being able to release the cash needed.
Paying the Equity Release back
The funds released are not usually repayable until after you have passed away or moved into long-term care but there are also products that allow you to make repayments during your lifetime too. There are many different equity release products and so it is vital that you seek the bespoke advice of a financial expert so that you make sure you get the product that best suits you.
Once you have received the financial advice and have chosen a product, Attwells Solicitors can assist you with the independent legal advice required by your new lender.
Equity Release legal fees for a freehold
- A meeting to advise on the terms of the loan
- Arranging your signature to the relevant documents
- Arranging your signature to the relevant documents
- Arranging the transfer of funds to you
How can I arrange an Equity Release?
We hold a face-to-face meeting to go over the legal aspects of the product including the terms and conditions and the implications the equity release might have on your estate. We are able to offer meetings in all of our offices, or, should your lender allow it, we are also able to conduct a meeting online.
What is not included
- A review of your Will
- Lasting Power of Attorney (LPA)
- Transfer of title (if needed)
- Tax or benefits advice
- Lease extensions or alterations
- Anything not included above
- Land Registry Fees may be due and will be payable based upon the purchase price.
For any additional costs that may occur please refer to our additional legal services price list.
How long will it take?
We will contact you on receipt of your mortgage offer to arrange an appointment with you at your convenience.
Once you have signed all of the documents, we can usually arrange the completion of the loan within 1-2 weeks.
Who will do my work?
Day-to-day I discuss with clients the best legal course of action for them and their family during what can be extremely emotional times.
I qualified as a solicitor with the firm in 2007 and was invited to become a Partner in 2011.
Downsizing?
Whilst your house has never been tidier, and you’ve rediscovered an old friend known as freedom, you may also be feeling that your home is a little too big now your children have left home or you may be a child-free family of one. Whatever your situation, if you have the desire to downsize, Attwells can help.
We can guide you through the process, discussing with you the options regarding tax and Trust planning too. If you have lived in your current home for a long time, it could well be that the equity (the money remaining after deducting your outstanding mortgage balance) is enough to purchase a smaller property outright, making you a cash buyer.
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