Equity Release
Planning to release equity from your home? We can guide you through the process, helping you understand the implications and make well-informed decisions.
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What is equity release?
Equity release refers to a range of products that allow you to access the equity (cash) tied up in your home if you are over the age of 55. It can provide a lump sum or smaller, regular payments.
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What types of equity release schemes does Sky Solicitors work with?
At Sky Solicitors, we can assist with both main types of equity release schemes – Lifetime Mortgages and Home Reversion plans. Each has different features and implications which we can fully explain to you.
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Are there any age restrictions for equity release?
Generally, equity release is available to homeowners aged 55 or over. However, some products and providers may have different age requirements.
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Can I live in my house after an equity release?
Absolutely, one of the key aspects of equity release schemes is that you can continue to live in your home while accessing its financial value.
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What costs are involved in equity release?
Costs associated with equity release include arrangement fees for the plan, valuation fees, solicitor’s fees, and potentially early repayment charges if the loan is repaid early. We can provide a detailed breakdown of all costs involved at the start of the process.
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How does equity release affect my inheritance?
Equity release reduces the value of your estate and the amount that will pass to your beneficiaries as inheritance. We can help you understand these implications to make an informed decision.
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What if I want to move house after releasing equity?
Most equity release schemes allow you to move your plan to a suitable new property. However, this is subject to the new property meeting the provider’s criteria.
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Can I pay off an equity release plan early?
Some equity release plans allow for early repayment, but there may be substantial early repayment charges. It’s essential to understand these terms before entering into an equity release agreement, and we can help clarify these points for you.
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What happens to my equity release plan if I die or move into long-term care?
Typically, your equity release plan will end when you die or move into long-term care. The property will usually be sold, and the proceeds used to pay off the loan. Any remaining funds will go to your beneficiaries.
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Why should I use Sky Solicitors for equity release?
At Sky Solicitors, we provide clear, unbiased advice on equity release. Our experienced solicitors can guide you through the entire process, explaining all the legal implications, helping you decide if it’s the right choice for you, and ensuring your interests are protected throughout the transaction.
DISCLAIMER
The information provided in these FAQs is for general informational purposes only and may not reflect the most current legal standards or interpretations. Laws and regulations regarding leasehold enfranchisement are subject to change, and the specific circumstances of each case can impact its outcome. It is advisable to consult with a professional legal service provider like Sky Solicitors to obtain up-to-date and tailored advice based on your individual situation. Sky Solicitors can assess your case, provide accurate information, and guide you through the leasehold enfranchisement process in accordance with the most current laws and legal provisions.
