Equity Release Mortgages

Equity release has become an increasingly popular way for homeowners to enjoy a more comfortable retirement but it can also be used to help family members, clear debts or fund higher education costs.

There are four main types of equity release schemes: the Lifetime Mortgage, a Drawdown Lifetime Mortgage, an Interest Only Lifetime Mortgage and the Home Reversion Plan and our experienced solicitors can provide expert advice on their different terms, ensuring that you understand the implications for you during the scheme as well as the impact on your estate on your death. Equity release can be a complex area and may involve your biggest asset, so it is crucial that you have clear legal advice and you may also wish to discuss it with our experienced tax and estate planning team so that you have a good understanding of the larger picture.  

Eligibility for equity release

In order to take advantage of an equity release scheme you must be a homeowner aged 55 or over and an independent financial adviser (IFA) will assess your situation and make recommendations about the choice of lifetime mortgages and home reversion plans available, their respective advantages and disadvantages and the costs involved.

Specialist independent legal advice on equity release and whether it’s right for you

In accordance with the Equity Release Council Code of Conduct you are entitled to independent legal advice and once your IFA has made their recommendations, it’s essential that you consult a specialist solicitor. We have extensive knowledge and considerable experience of equity release schemes and are able to provide clients with clear, easy to understand explanations of the risks and benefits of a chosen plan and any impact it may have on their estate.

Ensuring your equity release scheme is safe

We will also ensure that your plan conforms to SHIP (Safe Homes Income Plan) standards which ensure that equity release products are safe and reliable and include the necessary guarantees to ensure you will always retain full rights of ownership to your property) and we’ll only accept instructions to act for you if your offer for equity release has been made by a SHIP accredited equity release provider. For more information on the SHIP Code of Conduct visit www.ship-ltd.org.

If you’re thinking about equity release or have already seen an IFA

Call us today for independent advice and peace of mind