Equity Release Solicitors in Fareham

There are many pros and cons to releasing equity in your home and whether you are looking for an injection of funds to help your children onto the property ladder, to develop for your property, or for your retirement, it is important that you know all of the facts before committing.

Kiri-Saunders-Brown, one of our expert Conveyancing Solicitors in Southampton, has many years experience of advising people in your situation as to whether equity release is the right decision for them before guiding them every step of the way through the, sometimes complex, process. 

What equity release products are there?

If you are considering equity release, it is important that you understand the different options open to you so you can make the best decision to suit you and your family.  There are two main types of equity release scheme, which are as follows:

  • Lifetime mortgage - under this type of scheme, you would borrow against the value of your home with payments made either as an income or a lump sum, or in some situations, both.  One of the benefits of this scheme is that you would continue to live in your home retaining full legal ownership and would only be required to pay off the loan when you pass away or move into different accommodation. 
  • Home reversion plan - this scheme differs slightly to the lifetime mortgage as, while you would still remain in your home, you wouldn't retain full legal ownership as you would sell off all or part of your home to a private company.  You would once again receive an income, lump sum or both, paying either no rent or a nominal monthly rent until the property is sold at a later date.

How long does equity release take?

This will be determined by your own personal situation and set of circumstances, but typically releasing equity can take between 6 to 8 weeks.  Generally, the following steps are involved:

  1. Seek advice from a financial adviser to understand the different options regarding releasing equity.  
  2. Appoint an equity release provider and seek legal advice from your chosen Solicitor.
  3. Identification and other documents will be requested at this stage.
  4. A surveyor may be instructed to complete a valuation of the property.
  5. The equity release provider will then make an offer which will be shared with you and your Solicitor.
  6. A meeting would then take place between you, your Solicitor and your financial adviser.
  7. Once approved, we would then complete the searches.
  8. We would send the necessary documents to the equity release provider along with the legal certificate proving you have sought independent legal advice.
  9. Delivery of funds is made at the earliest possible date.

Why do I need to see a Solicitor when releasing equity?

Releasing equity in your home is a legal process and so it is required that you seek independent legal advice in the initial stages of your discussions, as well as independent, separate financial advice.  This forms part of the safeguards put in place by the Equity Release Council to protect those looking to release equity from falling into a negative equity situation.  In addition to the advice, a Solicitor is also required to carry out the legal steps within the process, such as conducting searches on the property.

You can find out more about releasing equity by visiting our various articles below.  Alternatively, you can contact Kiri or a member of the team by calling 023 8071 7438 or emailing kirisaunder-brown@warnergoodman.co.uk

Excellent service, from start to finish we were kept up to date and always felt Warner Goodman were leading the process with our best interests in mind.

In addition to advising on equity release, Kiri and the Residential Conveyancing Solicitors in Fareham can also advise on the following:

To speak to our Conveyancing team in Fareham, call us today on 01329 222096 or email conveyancingquote@warnergoodman.co.uk.