Equity Release

 

Equity Release - Legal Support 

A vital part of the consumer safeguards which now govern the sale of Equity Release Plans is that all prospective borrowers must seek the independent advice of a solicitor of their (that is, the borrower's) choice, to review the lender's offer and to assess its suitability for the borrower's requirements.

The lender cannot proceed with the loan without the solicitor's confirmation in writing that the borrower fully understands and accepts the terms and conditions of the loan.  This is a really important safeguard that protects the consumer.

With over 30 years of providing legal services from its Frimley offices, much of that being involved with the buying and selling of residential property, including dealing with lenders, Brooks & Partners is highly experienced and qualified to provide this advice to clients.

To discuss the legal support for your Equity Release plan, please contact Samantha Cornell on 01276 681217.

About Equity Release

Equity Release (also known as lifetime mortgages*) is a tax-free means of raising cash based on the value of your home.  The monies raised can be used for any legal purpose including home improvements, a new car or holiday, repayment of an existing mortgage, financing your children's purchase of a home, or your grandchildren's university education, or simply to make your daily life more comfortable.

Your house is sold to repay the money, together with accumulated interest, on the second death if you are a couple, or when the second of you goes into a residential care home.  You do not have to make any repayments during your lifetime, but you can choose to do so if you have the means and want to maximise the inheritance you will leave.

Equity Release has grown greatly in popularity in recent years and is now a 'mainstream' financial product regulated by the Equity Release Council and the Financial Conduct Authority.

There are now literally hundreds of different plans on the market, making it easier than ever before to find one which fits your family's needs.

(*Home Reversion schemes are an alternative to lifetime mortgages but are rarely used).

To learn more about the opportunities available, please contact our Later Life Planning Consultant Tim Cornish on 01276 681217.

 

 

Solicitors of Choice for: Frimley, Camberley, Aldershot, Farnborough, Fleet, Farnham, as well as the wider Surrey and North East Hampshire areas.