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13th July 2024
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12th July 2024
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07th July 2024
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06th July 2024
I was struggling to find a local solicitor who could help me, so went onto this site and was really surprised when after a few minutes I had a call from a law firm not too far away who will be able to help me.
28th June 2024
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26th June 2024
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26th June 2024
The next day all of the solicitors got in touch. I was taken through what would be done and the charges, they all reassured me if I was at all worried.
19th June 2024
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13th June 2024
Very friendly and detailed experience very understanding regarding the family loss and the cost details explanation was easy understanding great service.
12th June 2024
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10th June 2024
Straightforward service, 4 lawyers firms got my details after I filled some information with my query. Then I selected 1 of my choice to deal with. Thanks.
23rd May 2024
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21st May 2024
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07th May 2024
Thank you for your assistance I needed to make power of attorney and required a home visit. I had no idea who to contact or costings involved but your service provided both within minutes. All lawyers have been in touch and I can now progress.
26th April 2024
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10th April 2024
Equity release is a way of accessing the money in your property. Normally, your property is an asset you can’t make use of unless you sell it. Equity release allows you to ‘release’ some of that cash from the property whilst continuing to live there. The two types of equity release are Lifetime Mortgage and Home Reversion.
A lifetime mortgage is an equity release mortgage available to homeowners that lasts the rest of your life. When you pass away or go into care, the capital borrowed and interest built up will need to be repaid, by the sale of your property or in cash. You will always own 100% of your home with a Lifetime Mortgage, you’re simply borrowing against it.
Home Reversion means selling part of your home to a reversion company. You’ll get one payment into your account, receive it monthly or a mix of both. You can continue living in your home until you pass away or go into care. The property will then be sold, and you or your heirs will receive their share, minus what the reversion company are owed. The minimum age to apply is 60.
Equity release is essentially like lending someone your property (or a piece of it). You take money in exchange for it and pay that back once you no longer own it.
You don’t need to worry about negative equity using a Lifetime Mortgage, as they have a ‘no negative equity guarantee’. Whereas Home Reversion is best used later in life, when you have no intention of paying off a mortgage or interest.
If you are using a Lifetime Mortgage equity release, you can sell and move home, taking the mortgage with you or paying it off. With Home Reversion, you cannot move, as the reversion company now owns part of your property.
The best thing to do is to find a legal expert who knows about equity release, to make sure it’s the right choice for you and your family. They can help ensure that you qualify, that it’s in your best interest and that you’re getting the best deal.
With a Lifetime Mortgage you need to consider whether you’ll pay back a monthly fee to cover the interest, or let it build up and be aware of whether the interest is variable or fixed. While Home Reversion limits you from moving unless you are going into a care facility.
In order to apply for equity release, you’ll need both legal and financial advice, which could cost around £1000, depending on the complexity of the case. Your solicitor is there to ensure you fully understand the product and the conditions it comes with. A financial advisor is there to confirm it won’t leave you in a negative financial situation.