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Our conveyancing solicitors understand that you may want to enjoy a more comfortable retirement by releasing equity from your home. Equity release is an option increasingly favoured by those aged over 55 years old (with property worth at least £50,000).
Equity release may allow you to make home improvements, travel, help your children financially and improve your standard of living generally. We have completed numerous equity release schemes for clients and have the necessary experience to conduct the legalities involved.
Equity release involves turning the equity you have in your property into disposable cash. The ‘equity’ element that is available is calculated by looking at the value of your property minus any remaining mortgage. There is no tax to pay on the money released. The most common type of scheme is the Lifetime Mortgage. This enables you to release a lump sum from the value of your property, whilst still retaining 100% ownership. The amount released plus the interest accrued is repayable out of your estate when you pass away or if you have to move into long term care.
Our residential conveyancing department is also able to provide legal advice on Drawdown Lifetime Mortgages and Home Reversion Plans.
Equity release is a specialist area, so turn to Stephensons for expert legal advice on the options available.
If you would like more information on releasing the equity in your home contact us on 01616 966 229 for a free, no obligation initial chat with one of our legal advisors, or request more information via our online enquiry form.
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