Many homeowners with equity locked up in their home wish to release some of it to ensure that they have a more comfortable retirement, this is known as equity release.
Unlocking value from your home may allow you to make home improvements, help your children or just improve or maintain your standard of living. We have completed many equity release schemes for clients and we have the expertise in such transactions.
Equity release involves turning the equity which you have in your property into disposable cash. The equity element that is available is calculated by looking at the value of your property less any remaining mortgage. Invariably, there is no tax to pay on the money released because of the “only or main residence exemption”.
The most common type of scheme for equity release is the Lifetime Mortgage Scheme. This enables you to release a lump sum of money from the value of your property, while still retaining ownership of the whole of it. The amount released plus any accrued interest is eventually repayable out of your estate when you pass away. In other cases, monies can be released to pay for long term care and the property may then be sold.
We are able to provide legal advice on Drawdown Legal Mortgages and Home Reversion Plans. Equity Release is a very specialised area and care needs to be taken before entering into it as it affects the security on your home.
For further advice on Equity Release, or to discuss your case, please contact Anne Lockwood through the online enquiry form or telephone 01564 777250
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