Parry Law Services: Equity Release

If you are a homeowner you may be considering releasing some equity – or locked in profit - from your home to give you a cash lump sum whilst enabling you to retain the property as your home. This is usually achieved through what is known as an "equity release" mortgage.

Mortgages of this type are NOT regulated by the Government; it is therefore essential that you seek advice from a solicitor who specialises in doing this type of work. In particular the solicitor will need to consider with you, inter alia:

...the plan has a negative equity guarantee. This means that should the value of your property decrease then the debt will also decrease proportionally.

...how to ensure that you can keep full ownership of your home until your death.

...your ability to move home after taking out an equity release plan.

...you are cohabiting or living together how to ensure the debt is reclaimable only after the death of the last surviving partner.

...how to ensure any outstanding debt after the sale of your property will not be passed on to your relatives.

...advice in relation to any additional charges such as administration charges.

...tax.

Our team are experienced in dealing with equity release schemes should you need to raise a capital sum and/or derive income from your home.

For advice and assistance please contact:

Tim Goodwin - tim.goodwin@parrylaw.co.uk

David Chandra - david.chandra@parrylaw.co.uk