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Zoe Fellows
 

Guide to Equity Release: Our top 6 frequently asked questions

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At an age where it may be challenging to access more traditional mortgage finance, equity release can supply you with the funds for your future plans. The money generated from equity release can be used for any purpose you have in mind, such as a once in a lifetime holiday, home improvements or even assisting a loved one in the purchase of their own property. In this guide Associate Solicitor and Equity Release specialist, Zoe Fellows, details everything you need to know about equity release, including what it is, how long it can take, the safety of it and how it can impact Inheritance Tax.

How does equity release affect Inheritance Tax?

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As Inheritance Tax (IHT) is calculated based on the size of your estate, releasing equity in your home would reduce the value of your property and therefore lead to either less Inheritance Tax payable upon your death, or your estate may fall under the threshold completely, provided the equity released is spent and not invested. It is important that you consider the wider impact this has on your estate and your future beneficiaries; Zoe Fellows, Equity Release specialist, discusses here how equity release affects Inheritance Tax and how we can support you if you decide you would like to release equity in your home.

Can I sell my home if I have released equity?

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Releasing equity could be the right option for you if you are looking for an injection of funds; however you should be sure to research and seek the right advice so that you choose the optimum plan, particularly if you are considering moving property in the future. While equity release does not commit you to staying in your property, the various plans available may have certain restrictions on the types of properties you move to. Zoe Fellows, Equity Release specialist, explains more here about equity release and whether you can move once you have released equity.

Should I downsize or release equity?

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Downsizing and equity release are effective ways to fund your plans for later life, or to help a loved one onto the property ladder. They both have their pros and cons and the right option for you will depend on your own personal situation. Zoe Fellows, Associate Solicitor and Equity Release specialist, explains here why equity release may be right for you, and why more people are choosing this option opposed to downsizing.

Warner Goodman joins the Equity Release Council

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Equity release is an increasingly popular way for individuals to fund their retirement or help a loved one onto the property ladder. In recent years the practice has become more regulated in order to protect those releasing equity, namely with the introduction of the Equity Release Council (ERC) in 1991. We are delighted to have now joined the ERC; here Zoe Fellows, Equity Release specialist, explains more about why we have joined and how we can help you if you are considering equity release.

Is equity release safe?

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Despite past concerns, equity release is now considered to be a safe and effective way of raising funds. Releasing equity is fully regulated by the Financial Conduct Authority, and we can offer further protection as we are a member of the Equity Release Council.

Should I still apply for a Help to Buy ISA?

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With Help to Buy ISAs set to be shut down on November 30th 2019, you may be wondering if it is still worth opening one. Here Zoe Fellows, Associate Solicitor in our Residential Conveyancing department, explains why Help to Buy ISAs are still a good way to get your foot in the door as a first time buyer, and the difference between a Help to Buy ISA and a Lifetime ISA.

Can I use equity release to buy a second property?

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If you own your current property and are over 55 years old (some schemes may apply different age requirements), you can release equity in order to buy a second property, or it may be more appropriate to consider re-mortgaging or a buy-to-let mortgage. Zoe Fellows, Equity Release specialist in our Fareham office, explains how you can do this and the factors you need to consider in order to proceed with the right decision for your own circumstances.

How long does it take to release equity?

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Depending on the equity release plan you choose, it usually takes between 6 to 8 weeks to release equity in your home, assuming there are no complications along the way. With this route of raising funds becoming more popular, Paula Bryan, Equity Release specialist in our Waterlooville office, explains the various stages to equity release and the timescales involved.

Do I need to see a Solicitor before I release equity in my home?

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Releasing equity in your home is an effective, and increasingly popular, way of raising funds to help your children onto the property ladder, make renovations, go on that once in a lifetime holiday or have a more solid financial foundation for your retirement.

Five new Associates for growing law firm Warner Goodman LLP

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As well as two new Partners, the promotions continue for us here at Warner Goodman LLP as five new Associates are announced. The firm’s Residential Conveyancing team are well represented amongst those celebrations, as Lucy Smith, Genni Cooper...

First time buyers benefitting from equity release

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The number of people releasing equity in their homes is on the rise, and with it comes a rise in first time buyers who are using those funds to buy their first home. Zoe Fellows, equity release specialist in our Fareham office, reviews recent findings...

Should I release equity in my home?

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Equity release as a concept is not new, but equity release products are growing in popularity. The number of products on the market has doubled in the two years to August 2018, and lending through such schemes grew for the seventh consecutive year in...

How could a Power of Attorney help those in the military?

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Serving in the armed forces will naturally mean spending time overseas, but what about your life at home while you are away? If you are looking to buy or sell your home and then are deployed, there will be matters to arrange, and with you not contactable this could lead to unnecessary delay or even the house purchase or sale falling through. Zoe Fellows, Associate Solicitor in our Residential Property team, explains here how a Power of Attorney could help you keep things on track.