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Properties in the UK can be either leasehold or freehold. Leasehold means you have the right to live on the land for a set number of years, but you don’t own it. When your lease runs out, you need to pay more to renew it.
As a property owner, your home is most likely to be your biggest asset and where all your savings are tied up in it. Equity release is a means of staying in your property while taking back a lump sum or monthly income, from the money tied up in the house.
Schemes are available to people over the age of 55, but most equity release products are targeted at homeowners over the age of 60 who own their property outright or have very little left to pay on their mortgage, with no dependents living at the property.
There are many reasons why you may be looking to take out these type of mortgages and these often include:
It can be tempting when releasing equity to focus on the immediate boost you will get from the money you unlock, but you also need to consider it will affect your future choices and financial situation in later life.
If the equity in your property is likely to be inherited by your children or relatives in future, you may wish to consult with them before entering into an equity release scheme.
Our team at GloverPriest has considerable experience property law, and lawyers specialising in equity release who can advise you on all of the legal implications of the various equity release plans available on the market.
As a firm we can give only legal advice about the plans – we are not authorised to give investment advice and we do not sell equity release.