Remortgages and equity release
In many cases many new lenders will offer a “free legals” package, which means that the legal work will be undertaken by a solicitor nominated and instructed by the lender (and paid for by the lender). It’s worth noting that this means you (the property owner/borrower) is not represented by any solicitor. A borrower ought to seek their own independent advice if they are uncertain of any issue and there may be a few…
Equity release mortgages are a specialised kind of mortgage. They are attractive to the clients who own a property with little or no mortgage and who wish to generate capital without moving to a smaller property. Financial advice should be taken from an independent financial advisor to fully assess the financial position and explore all the options.
The capital released can be used for any purpose but the usual suspects are repairs, improvement and adaption of the property; a supplement to dwindling capital and income to spend on holidays, provide financial help for children/grandchildren and a myriad of other uses.
It is important in these cases to instruct a lawyer who understands the process and has experience in will drafting and tax planning, as this type of transaction will have a knock on effect on clients’ estates upon death. Due to the very specific nature of these servcies we do not offer an example quote for equity release. Please talk to us about what you need.