Equity release plans – also called lifetime mortgages, home reversion or home income plans – are a way of releasing cash from a property. These schemes essentially allow you to borrow money against the value of your home, with the debt being repaid from the sale proceeds after your death.
While there are a range of different schemes offering lump sums and/or regular income, they all work on the same principle: they lend you a part of your home’s value in return for a share of the proceeds when you die.
In most cases you will need to be at least 60 years old, have no outstanding mortgage (or you will need to use the equity release money to pay off the existing loan), and own a property in reasonable condition.
Equity release plans can be complicated products and are a major step for many people. Your house is almost certainly the most expensive asset you own; it is also your home. Good advice is essential.
Age UK (previously Age Concern) and the Financial Conduct Authority, the UK’s chief financial watchdog, both recommend getting independent financial and legal advice before proceeding.
We can give you the legal advice that is so very important.
Please call us for a fixed price quote, or complete an Enquiry Form
"I have used Tracey Laflin at Gotelee on a number of occasions and in my opinion, she is simply the most efficient conveyancing solicitor I have ever worked with. From the outset, she took the time to understand my specific business requirements and to date, she has exceeded all of my expectations."
- Dale Fiddy - Portobello Developments Ltd
"Prompt, helpful, polite and very professional service"
"Domini was very fast and efficient in carrying out her work for me - she was also very good at explaining things to me"
"I would like to say thank you for your help, support and guidance over the last two and a half years. Obviously should I need further assistance in the future I shall not hesitate to call you guys."
"Jade made the process of buying our first home quick, easy and took the stress out of a new chapter of our lives"
"Jade Shelton was absolutely fantastic!! Professional and proactive at all times."
"We were very pleased to have Jade as our solicitor, the service was excellent and we felt kept in the loop which minimised stress"
"The ease that we could access and speak to Pat Smith - Thank you"
"We found Rachel Dawson outstanding, polite, professional and caring."
"This is by far the go-to firm for any issues. You are made to feel valued from the outset and they are so confident in what they do. Wouldn't recommend any other. Thank you Hugh and Max."
- Ros Jones