At a certain time in your life, you may wish to release equity for a number of reasons, to help with the costs of living for example or to pay for care – in these situations expert legal advice and support can make those big decisions easier.
Our Residential Property team has been helping clients with the full range of property needs for decades, so we are here to help and advise on the best steps for releasing equity in your property.
Understanding the full range of Equity Release options
There are two main types of equity release product: Lifetime Mortgages and Home Reversion Plans.
Many people over 55 are realising their greatest asset is their property and are seeking to release funds from their home to enjoy during their lifetime with the comfort of remaining in their home.
Equity release enables you to obtain a lump sum or steady income stream and is usually repayable when the last homeowner dies or goes into long term care, giving you the potential to access wealth from your home for a variety of reasons.
If you are considering Equity Release, the first step is to speak with an Independent Financial Advisor who can assess and suggest a suitable product.
Once you are satisfied with your independent financial advice, the next step is to instruct a specialist solicitor.
Expert legal advice and support to help you through the Equity Release process
We will guide you through the Equity Release legal process advising you on the legal terms and implications of your chosen product and ensure you are satisfied that it is the right choice for you.
We will report to you in writing on the terms and legal effect of the mortgage and explain and clarify any legal queries you may have.
We will meet with you face to face to discuss and for you to sign the mortgage documents. If you are unable to attend our offices, a home visit can be arranged at an additional cost. We are always happy to accommodate your needs.
We will deal with any requirements of the lender’s legal advisors and ensure that the legal process is as smooth, efficient and stress free as possible.
If you are happy to proceed based on your professional advice from both us and your Independent Financial Advisor, we will arrange for completion of the mortgage deed and release of the funds.
We will redeem any existing mortgage over your property.
We can assist with any additional residential property aspects of your matter such as a transfer of equity or sale/purchase of property.
We will keep you fully updated throughout your matter, you will have a dedicated specialist to discuss any queries or concerns with and with your consent we will keep your Independent Financial Advisor updated on the progress of your equity release matter.
Although Equity Release schemes have many benefits it is really important you fully understand the implications of proceeding and this may in some instances (and if you would like us to) involve us liaising with family members.
“Nicole has been excellent from the start of the process to the end. She is very knowledgeable, kept us informed at all times and was very pleasant to deal with and meet in person. As retired solicitors ourselves, we recognise a great asset to your team. We will certainly instruct Stephens Scown again in the future when the need arises.”
Private Client, September 2023
Proud to support you
We are one of Devon and Cornwall’s few legal advisors who are a proud member of the Equity Release Council, the representatives of the Equity Release Sector. We at Stephens Scown LLP are proud to contribute to their reputation and practice.