Equity release schemes are becoming increasingly popular. They can be extremely useful for many people in freeing up tax free cash from their home without having to move. However there are many different equity release schemes and it is essential that you are both fully aware of the implications of equity release and that you make sure you get specialist, impartial and independent financial advice first. In particular you need to be aware of the impact of any equity release scheme you take out on any inheritance you leave when you pass away.

What is equity release?

Equity is the difference between any mortgage secured on your house and its current market value. An equity release scheme allows you to free up some or all of that equity whilst remaining living in your house. Given that for many people, their home is often their largest financial asset, this can of course have a substantial effect on the value of the estate you leave to your loved ones when you pass on.

Is equity release right for you?

There are many reasons why people take out equity release mortgages and these often include:

• To provide an increased income in retirement
• Helping other family members – eg getting onto the property ladder
• Repaying debts
• Providing care in the home – if you wish to avoid going into a nursing home but still need help at home
• Repairs or home improvements

However equity release is not right for everyone. In addition equity release schemes vary considerably and taking out the wrong one for you can prove very expensive.

How our equity release solicitors can help you

Our conveyancing solicitors can provide you with the clear and practical advice you need if you are thinking about taking on an equity release mortgage. Our team will go through the terms and conditions of the mortgage with you before you sign, to ensure that the particular equity release scheme is right for you. However solicitors are not able to give you financial advice – if you do require financial advice, we work closely with a number of local independent financial advisers who will be able to help you. Our solicitors advise clients about equity release schemes throughout Wiltshire, Hampshire, Dorset and Somerset.

How much will equity release cost me in legal fees?

Our solicitors are able to advise you of the impact of any equity release scheme on the basis of a fixed fee – so you know in advance exactly what you have to pay in legal fees.

For specialist advice on equity release from a Solicitor in Salisbury, Andover, or Amesbury, contact us today.