Equity Release Solicitors in Gloucester
If you are aged over 55, releasing equity from your home can be a good option to raise funds for your retirement, to cover the cost of care or to pay for other lifetime plans. There are some potential pitfalls to beware of, however, so it is important to take expert advice and have the right support during the equity release process.
Tayntons’ residential conveyancing solicitors in Gloucester regularly advise a wide range of people on different equity release options, including lifetime mortgages and home reversion plans. We will explain the legal implications of the lifetime product that either you have chosen or that has been recommended for you by your financial advisor and assist with dealing with the conditions that the product provider will need to be satisfied before the loan can be drawn down
Equity release commonly takes around 6-12 weeks to complete, but there is the potential for significant delays if the process is not handled effectively. Using our many years of experience, our team offer an expert equity release conveyancing service that helps your transaction to go ahead smoothly and on time for a competitive price.
We will keep you up-to-date every step of the way, so you are never left wondering what is going on or what to expect new. Whenever you have a question, a member of our team will be available by phone, email or video conferencing to give you the answers you need in plain English.
Our equity release conveyancing services
We can provide a full equity release conveyancing service, including:
- Reviewing the terms of your lifetime mortgage or home reversion plan
- Advising you on the legal implications of your equity release plan in plain English, highlighting key issues you need to be aware of
- Agreeing a completion date with you and your lender
- Requesting a redemption statement from your current lender (where relevant)
- Carrying out standard conveyancing checks
- Ensuring all required paperwork is in place and up-to-date (e.g. title deeds, building insurance, etc)
- Transferring the funds from your equity release provider to your account
- Transferring funds to your old lender to pay off your existing mortgage (where relevant)
- Updating the title deeds for your property with the Land Registry
How equity release works
A lifetime mortgage is a type of equity release that allows you to borrow money against your home which generally does not need to be repaid until you die or enter long-term care.
Key features of lifetime mortgages:
- Equity Release is considered to be a long term investment with most providers expecting that the loan will be paid back from the sale of your home when you die or enter long-term care
- You can repay your Lifetime mortgage at any time you like.
- Interest will be charged on the mortgage – depending on the product you have chosen you may pay this monthly or have it ‘rolled up’ and added to the total value of your borrowing
- Your home will still belong to you
- You will be responsible for paying for the maintenance of the property
- Some funds can be ring-fenced as an inheritance for your loved ones
- Your loved ones can choose to pay off the mortgage and keep your home if they wish
- Lifetime mortgages typically come with a ‘no negative equity guarantee’, meaning if your home ends up being worth less than the value of your loan, then neither you nor your loved ones would be responsible for covering the difference
- Most Lifetime mortgages are “portable” so if you decide to move, most products will allow you to move your equity release to your new home.
- Some providers offer larger sums to those with life-limiting medical conditions or lifestyle factors
Currently, funds released from a lifetime mortgage are not taxable.
Home reversion plans
A home reversion plan is a type of equity release where you sell your home or part of your home in exchange for a lump sum, a regular income or both. Once you enter a home reversion plan, your home or the part of it you have sold now belongs to the plan provider, however, you will have the right to remain in your home until you die or choose to move.
Key features of home reversion plans:
- Only available on your main residence
- Your home or the portion you have sold no longer belongs to you
- You have the right to stay in your home as long as you need
- You can usually receive 30-60% of the property’s value (or the value of the portion you choose to sell)
- The older you are, the higher percentage of the property’s value you will typically receive
- Home reversion plans can significantly affect your tax position, access to benefits and inheritance planning
Our equity release solicitors fees in Gloucestershire
We offer competitive fixed-fee conveyancing, so the price we quote at the outset will be the price you pay (barring any exceptional issues which may require additional work).
As part of your equity release conveyancing quote, you will receive a complete breakdown of the costs involved, including our fees and third-party costs (known as disbursements). This means you will know exactly where your money is going so you can make a fair comparison with our competitors
For a free, no-obligation equity release conveyancing quote, please use our quote request form.
Common questions about equity release
How long does equity release take?
Equity release can commonly be completed in around 6-12 weeks. Exactly how long the process will take will depend on the circumstances, including how efficiently your solicitor handles the process with you and how effectively they are able to communicate with you and your lender.
Can I sell my house if I have equity release?
This depends on the terms of the equity release scheme you have entered into.
If you have a lifetime mortgage, you can typically sell your home and repay the mortgage at any time, but you may have to pay an early repayment charge. If you are selling to buy a new property, your lender may allow you to transfer your lifetime mortgage to the new property.
If you have a home reversion plan where you have only sold part of the property to the scheme provider, then you cannot normally sell the remaining portion unless you are moving into long-term care.
How old do you have to be for equity release?
Equity release is typically only available for those aged 55-79, but each lender will have their own rules, so it is important to check this when looking into which type of equity release and which provider you wish to use.
Why choose Tayntons’ equity release solicitors?
Tayntons’ conveyancing solicitors in Gloucester have been supporting people with equity release and all other types of residential property conveyancing for many years. As well as properties in Gloucester, we also work with clients throughout Gloucestershire, including Cheltenham and the Forest of Dean.
Using our experience with all types of lifetime mortgages and home reversion plans, we will help to ensure that you fully understand the terms of the equity release deal you wish to enter, including what it means for your future and loved ones. We can then provide a safe, reliable conveyancing service to guide you through the entire equity release process.
We can also draw on expertise from across our firm to advise on issues such as inheritance planning which will typically need careful consideration when entering into an equity release scheme.
Our goal is to make it as straightforward and stress-free as possible for you to release equity from your home.
Tayntons was one of the first firms in Gloucestershire to be accredited by the Law Society’s Conveyancing Quality Scheme (CQS) for the excellence of our residential property services. We are also Lexcel accredited by the Law Society in recognition of our strong practice management and client care.
Get in touch with our equity release solicitors in Gloucester
Need help with a lifetime mortgage, home reversion plan or any other issues connected to equity release in Gloucester, Cheltenham, the Forest of Dean or across Gloucestershire?