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Do I need to see a Solicitor before I release equity in my home?
- AuthorZoe Fellows
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. You may be wondering however why you need to see a Solicitor to release equity? Zoe Fellows, Equity Release specialist and Associate Solicitor, explains why this is the case, and how she can support you in understanding the process.
The first part of equity release is to discuss whether it is the right option for you, and if so, which product may be best for your situation. There are two products available and a financial advisor will be able to explain the differences and analyse which will bring you the most rewards.
“Several years ago, regulations were introduced by the Equity Release Council designed to offer greater protection to those releasing equity,” explains Zoe. “While releasing equity is a financial decision, it is also a legal one, with legal implications and responsibilities on you as the property owner. This was the driving force behind the new regulations; to ensure that you receive independent legal advice separately to your financial advisor so that you are aware of the risks, the benefits and your responsibilities.”
The equity release process contains similar stages to a regular conveyancing sale or purchase, including conducting searches on the property and investigation on the title deeds, which must be carried out by a Solicitor. Equity release is in effect a change to your mortgage which will require you to sign contracts; receiving legal advice ensures that these are legally binding and that they will protect you and your property for the future.
What else do I need to consider when releasing equity?
“Being a part of a wider law firm with four offices across Hampshire, by coming to us to release equity, we can also explain the implications on other areas of your life,” concludes Zoe. “It is important that you review your Will when releasing equity as this will have an impact on your estate and the future Inheritance Tax that may be payable.
“Deciding to release equity in your home will be an important one, and it is even more important to understand the different options and the impact it will have on your future. Our specialist Equity Release Solicitors have years of experience in supporting people through equity release, explaining how the process works in practical and simple terms while taking your own circumstances into account and tailoring our advice.”
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- Can I sell my home if I have released equity?
This is for information purposes only and is no substitute for, and should not be interpreted as, legal advice. All content was correct at the time of publishing and we cannot be held responsible for any changes that may invalidate this article.