Equity Release
Are you considering Equity Release to free up funds?
You want to raise money to support your children but are unsure about Equity Release?
Would it help to weigh up the pros and cons with an expert to help you make the right decision?
Why you might consider Equity Release
Your home is probably your most precious and valuable possession.
Yet the value or equity within it is locked away until it’s sold! So if you have no plans of moving home you can find yourself short of the money you’d like while your nest egg is beyond reach. That is unless you decide to release some of the equity from your home.
There are plenty of good reasons to consider Equity Release:
● Raise money for your retirement.
● Help your children with a deposit to get onto the property ladder.
● Pay off your outstanding debts.
● Take that holiday of a lifetime.
● Help out your friends or family.
Lauren, our Partner responsible for Equity Release advice, can lay out the pros and cons, protect your interests, and help you make the right decision.
Meet Lauren, our Partner responsible for Equity Release
Lauren Lancaster
Partner and Head of Litigation and Property Services
The Pros and Cons of Equity Release
It’s important to weigh up the advantages and disadvantages before you make a decision.
The Pros
The Cons
How Equity Release works
Equity release is a way for homeowners, typically aged 55 and over, to unlock some of the money tied up in their property without having to sell it.
How do I qualify
There are a couple of criteria that you must meet to qualify:
● You must be based in the UK and the property must be your main residence.
● The property needs to be in a good state of repair.
How equity release can work for you
It allows you to live in your own home usually until you die or go into long-term care.
You will receive one payment or several payments over several years.
The total amount you owe, including the loan, interest, and fees, will be repaid from the sale of your home when you pass away, move out, or go into long-term care.
Some providers may let you transfer the loan to a new home or arrange a new loan if you move.
— FAQs: Frequently Asked Questions
The most common questions we’re asked about Equity Release
Do I need to use a Solicitor?
How long does it take for the money to come through?
The time involved varies depending on the lender and the complexity of your application.
How much do equity release Solicitors charge?
The fees cover all the legal advice provided, the anti money laundering checks required, and bank transfer fees. If you need extra legal help for things like freehold problems or title deeds, you might have to pay more.
How do I start the Equity Release process?
As a first step, click on the link below to get in touch. We will then arrange a time to talk through your situation with you.
If we think it’s the right option for you, we will let you know what’s involved.
The initial conversation will cost you nothing.
The different types of Equity Release available
There are 2 main types of equity release:
1) Lifetime Mortgage
A lifetime mortgage is the most popular type of equity release. It allows you to borrow money against the value of your home while still retaining ownership.
The loan is secured against your property and is typically repaid when the house is sold, which usually happens when you move into long-term care or pass away.
If you’re thinking about a lifetime mortgage, our friendly equity release solicitors are here to help you every step of the way.
2) Home Reversion Plan
With a home reversion plan, you sell a portion of your property to a reversion company for a fixed amount.
For instance, if the company buys 30% of your home, they will receive 30% of the sale proceeds. You still get to live in your home for the rest of your life.
“In a climate where retirement incomes have to stretch further for longer, property wealth is as important to many people’s financial wellbeing as their pension.”
David Burrowes,
Chairman of the Equity Release Council
Your Equity Release team at Tierneys Solicitors
Lauren Lancaster
Partner / Head of Litigation & Property
Joined Tierneys in 2011
Russel Raslan
Solicitor
Joined Tierneys in 2023
Adele Dowdall
Legal Assistant
Joined Tierneys in 2006
Emma Field
Legal Assistant
Joined Tierneys in 2019
How we can help
Above, are just some of the issues Lauren Lancaster, our Head of Equity Release services, and her team can guide you through.
If after listening to you and your circumstances she doesn’t think Equity Release is right for you, she will tell you so.
Otherwise, we will look over the offers you’ve received, explain the terms and conditions, and discuss how the scheme will impact your money and property.
Click on a link below to talk to Lauren
Talk to Lauren about your
Settlement Agreement
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