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Equity Release

Many retired people find themselves today “asset rich but cash poor.”  After years of working to pay for your home, on entering retirement, you may find you do not have enough money to support yourself.  In many cases, pensions are not providing the income in retirement that was expected, but the property owned by retired people have grown significantly in value over the years. Equity release can be a useful means of freeing up cash without having to move home. Equity release allows you to release a tax-free cash sum from your property without having to sell, and that is why many people are considering equity release as a means of providing supplementary income in retirement.  Our expert property lawyers can let you know whether equity release is the best option for you, and also guide you through the process of freeing up the cash tied up in your home. Contact our friendly team today to find out how we can help you.

Equity Release Lawyers, Glasgow, Edinburgh & Across Scotland

Equity release is a specialist product requiring expert advice. As well as consulting with our expert solicitors, we always recommend that you also seek independent financial advice before committing to an equity release product. Our team always act in your best interests, and you can take as much time as you need to consider whether equity release is the best option for your financial situation. When you are ready, you can get back in contact with us to go forward, and we can assist you in selecting the right equity release product.

However, if you have just begun to think about equity release, there are many factors to consider when deciding whether equity release is right for you, and which equity release product will best serve your needs. Outlined below is a quick guide to some of the things you may wish to consider when thinking about equity release.

There are many reasons as to why people choose to release equity from their home. The most common reasons for doing so include –

  • To improve or maintain a certain standard of living
  • To make home improvements
  • To repay debts
  • To help family members purchase property or for any other reason
  • To visit family abroad
  • To fund care in your own home when you do not wish to move to a care home

Whatever your reasons for looking to release equity from your home, only a specialist equity release solicitor and financial advisor can give you the information you need to ensure your equity release will help you achieve your financial goals.

Equity release is only available to homeowners over 55 (although some plans are only available to those who are over 65). Both age and health are used to determine the amount you will be able to borrow. 

To qualify for equity release, you must first own your home, and any mortgage must be repaid as part of the loan. The value of your home will be the determining factor in calculating the amount you could borrow, since it is the value of your home that is used as collateral to secure the loan.

Equity release can be done in different ways: -

  • a lifetime mortgage where a loan is secured against your property with no monthly lifetime repayments to make. Interest is added to the loan, and the full amount is paid back when your property is eventually sold following death or if you move into long-term care or;
  • a home reversion plan which involves the sale of your property or part of it to a home reversion scheme company in exchange for a lump sum but you remain living in your property until you die or move into long-term care.  This money is not a loan, and you do not pay interest on it and where you have sold part only of the property then you and the home reversion scheme company share in any uplift in value of your property when it is sold

Should I release Equity from my Home?

Releasing equity from your home is a big decision, and there some things you should consider and discuss with your solicitor before making this decision. Equity release may be more expensive than taking out an ordinary mortgage, and you may be charged a higher interest rate if you take out a lifetime mortgage. There is also no ‘fixed term’ for lifetime mortgages and no date by which you are expected to repay your loan, but the rate of interest will stay the same throughout the lifetime of your contract. Similarly, you should understand that home reversion equity release plans will usually not provide you with the same value as your home would fetch on the open market.

Equity release schemes can be complicated to unravel if you change your mind, and that is why we always want you to be sure it is the right option for you. Our specialist equity release team will explain everything to you clearly and concisely – we will never use legal jargon to confuse you. We want you to feel confident you are making the right decision for your future, and our team is dedicated to customer service and helping you make the right decision.

Dallas McMillan, Expert Property Lawyers Glasgow, Edinburgh & Across Scotland

Dallas McMillan’s expert team of conveyancing lawyers are members of GSPC and provide an outstanding property transaction experience. As our client, you will benefit from an integrated service that includes estate agency, conveyancing and equity release under one roof, to give you a seamless, hassle free service from initial valuation to final sale. Our solicitors are experts in equity release and will always advise in your best interests.

Our experience, together with our exceptional property law knowledge ensure you fully understand your options when considering equity release. We also pride ourselves on making our customers feel confident in our service and their equity release transactions.

Our property solicitors have the legal expertise to expedite your equity release transaction smoothly and efficiently. Because we buy homes as well as sell them, we understand fully what is happening in the Scottish property market and can give you expert advice on whether equity release is right for you.

We also fully understand local property markets and hotspot areas such as Finnieston, Giffnock, Newton Mearns, Glasgow Harbour, Shawlands and Kelvinside in Glasgow, and Stockbridge, Marchmont and Bruntsfield in Edinburgh. If you are looking to release equity from your home in Scotland, contact our property experts today to find out what we can do for you.

Contact Dallas McMillan Equity Release Lawyers

We understand that releasing equity from your home is a big decision. If you are considering releasing equity from your home we would always recommend that you take advice from an independent financial adviser before committing to an equity release scheme.

Our team will always advise in your best interest and explain your options to you in terms you understand. Our team are friendly and understanding and want to help you make the most of your asset wealth regardless of your circumstances.

 If you would like more information please contact Joyce Marshall of our Private Client Team on 0141 413 9614.

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