Most people's biggest asset is their home. The average house price in the United Kingdom has risen significantly over the last 20 years. Put simply, equity release is a way of releasing some cash from the home without having to move. Two of the most common ways to release cash and remain in the home are Lifetime Mortgages and Income Plans. To be eligible for most schemes. you should be aged between 55 to 70, have a property that is worth at least £30,000 to £40,000 and ideally be freehold.
There are a number of questions you should consider before proceeding, for example:
• does the scheme allow you to move house if you need to, as one day you might
want to move into sheltered accommodation?
• what does your close family think of your proposals?
• do they know that it might reduce what they would expect to receive on your
• does the scheme affect any benefits you receive?
Sarginsons Law have acted for clients in connection with these schemes for many years and have considerable experience in handling such cases.
For a comphrensive guide to our pricing for conveyancing costs, please click here.
If you would like an no obligation quote for your equity release please contact us via;-
Telephone: 02476 55 31 81