Services - For Individuals

Equity Release Schemes

For many people not only is their home their main asset it is often the only one of any substantial value. It can be tempting to cash in, move down market and use the surplus cash either to boost income or for some specific project, or both. However, not everyone wants to move just to raise cash and besides it is not always possible to find anything suitable, which will result in a worthwhile gain being generated.

Over the years the financial services people have come up with a number of schemes to enable people to generate cash from their homes while continuing to live there.  We specialise in dealing with the legal documentation involved in such transactions.

We always advise our clients to seek independent financial advice before deciding on a particular scheme.  Once you have done that our role is twofold.  The lender will require a solicitor to certify that the potential borrower has good legal title to the property.  We therefore carry out the usual conveyancing searches and attempt to satisfy any queries that the lender raises in relation to the your title to the property.

Just as importantly in our view, we will give you detailed advice on the merits or otherwise of the scheme and on the conditions of the financial institution’s offer.  If after you are aware of the disadvantages you decide not to go ahead, we will consider that we have performed a valuable service.  Committing yourself to an equity release scheme is a major decision and we attempt to ensure that our clients do not go ahead unless they are fully aware of all the implications.

There are many forms of equity release scheme on the market. Equity release schemes are not right for everyone, but in the right circumstances they can make all the difference to a person’s quality of life, while in many cases preserving a reasonable proportion of the house to pass on.

In the right circumstances schemes such as those described above can be of great benefit but no one should even contemplate entering into one without first obtaining independent professional advice.

Please contact Mark Bellman for further details of how we can help you.