Do you want to release the money that has built up in your home?

Solicitors Specialising in Equity Release

If you are looking for expert legal advice that concerns releasing equity from your home, the Equity Release specialist solicitors at BTMK can provide a highly professional service that will help you decide on the best course of action. Equity release is a complex area of residential property law that allows home-owners to turn equity tied up in their property into cash.

Equity Release can be financially beneficial as it can help to boost your income, make home improvements, or simply to provide for a more comfortable retirement.Many choose to use the funds to then you can use it to top-up your pension pot when you reach retirement age or alternatively use the funds to buy some of the things you’ve always wanted. However, Equity Releasecomes with various financial and legal implications that must be taken into consideration before committing to any specific plan that is going to release money from your home.

The residential property specialists at BTMK will work to help you understand the legal aspects of the equity release scheme you have chosen (whether it’s a lifetime mortgage or home reversion scheme) and deal with the legal aspects to ensure the process is as stress-free as possible.

To find out more about how our equity release specialists can help you to implement freeing up money from your home, contact us by calling 01702 339222 or email us on info@btmk.co.uk

With offices based in Southend-on-Sea, Leigh-on-Sea, Rayleigh and London, we can offer our expertise in this areas of work across multiple locations and meet with you at a location that is convenient.

Being a member of the Equity Release Council means that you can trust the advice given to you by BTMK.  It creates a safe environment to ensure that you receive the right advice, that you are aware of any risks associated with your transaction and we adhere to the strict code of conduct that the Council imposes.

Our team dealing with Equity Release is very experienced, acknowledging that parts of the transaction in this field can be complex and may often require further explanation.  We also work very closely with our experienced teams in the fields of Wills, Inheritance and Trusts and specialists in the preparation of Powers of Attorney as Equity Release is often the first step of careful financial planning for the later years and efficiently transferring assets to loved ones.

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FAQs

Is there more than one type of Equity Release option?

Yes. There are several different options available depending on your circumstances and your requirements. They all depend on what you intend to do with any monies which are realised from the Equity Release itself. This advice will normally be provided to you by your financial adviser and we will assist to implement the legal aspects of the Equity Release once you have been made an offer.

Do I Qualify For An Equity Release Scheme?

To qualify for equity release, you need to be aged 55 and over, the property must be valued at a minimum of £70,000, be of a standard build and classified within the mortgage lenders criteria. The property must also be based in the UK. re are a few other details a lender will consider when reviewing your equity release application. There are excellent FAQs on the Equity Release Council website which can be found here https://www.equityreleasecouncil.com/what-is-equity-release/faqs/

Will Releasing Equity Affect Inheritance?

Equity Release can have an impact on inheritance and we would always advise that you consult with a specialist in the area of Wills and Inheritance to ascertain how your circumstances could be affected and to ensure that the documentation and financial planning you may already have carried out remains valid following the Equity Release.

What Is The Equity Release Council?

The Equity Release Council is a not-for-profit organisation who operate as the industry body for equity release. It was created to safeguard the interests of homeowners together with promoting safe equity release plans.

How Long Does an Equity Release Application Take?

This ultimately depends on whether you have applied for a home reversion plan or lifetime mortgage. Typically, a lifetime mortgage will take about 6 – 8 weeks to be completed whereas a home reversion plan can take up to 8 – 10 weeks because of the extra legal work that is required. 

What Can I Spend The Money On?

In short, you can spend the money from your home on anything you like. The majority of homeowners choose to use the cash lump sum for home improvements, travelling, paying for their grandchildren’s university fees, buying a new car or simply using it as retirement income. 

How Long Does an Equity Release Application Take?

This ultimately depends on whether you have applied for a home reversion plan or lifetime mortgage. Typically, a lifetime mortgage will take about 6 – 8 weeks to be completed whereas a home reversion plan can take up to 8 – 10 weeks because of the extra legal work that is required. 

What Can I Spend The Money On?

In short, you can spend the money from your home on anything you like. The majority of homeowners choose to use the cash lump sum for home improvements, travelling, paying for their grandchildren’s university fees, buying a new car or simply using it as retirement income. 

What Is Negative Equity?

Negative equity occurs when the value of your property falls under what the outstanding mortgage balance is that was used to buy the property originally. It is calculated by taking the house price, less the amount you owe on the outstanding mortgage. 

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Matthew Clark

Residential Property & Conveyancing

Simon Jones

Wills, Inheritance, Trusts and Probate & Residential Property & Conveyancing | BTMK Todmans

William Todman

Landlord & Tenant (Personal & Commerical) | BTMK Todmans

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