Have you considered releasing equity in your home to help you with home improvements, help your children financially, or just improve your standard of living?
If you are over 55 years old with a property worth at least £50,000 then you could be eligible for equity release. Taylor Bracewell have specialist lawyers who can advise you on this subject. We have completed many equity release schemes for clients and have the necessary experience to conduct the legalities involved.
What types of equity release are there?
There are two main types of equity release;
Both types of equity release give you the right to reside at the property for the rest of your life. There are advantages and disadvantages of each type of equity release so it is essential to ensure that you take specialist advice before proceeding.
Lifetime mortgage - With a lifetime mortgage, you have no Monthly payments to make, but the interest rolls up either daily, monthly or annually and is added to the mortgage debt. The mortgage is repaid when you die or when you vacate the property due to ill health or voluntarily.
Home reversion scheme - A home reversion scheme is where you agree to sell all or part of your property to a home reversion company. This means that when you and or your partner die or have to go into long-term care, the home reversionary company take possession of your property. The advantage with this type of scheme list that they traditionally pay more equity than a lifetime mortgage.
Our Lawyers will advise you on all the options available to you and whether equity release is the most suitable method of releasing equity. If it is, as a firm of solicitors, we can deal with the legal work involved to provide a streamlined and effective service that you would struggle to find elsewhere.
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