21 April 2019

What is Equity Release and how can you do it safely?

In recent years, equity release has been frequently advertised as a way for homeowners over the age of 55 to unlock the money that is tied up in their property.

It is used for a variety of reasons – from indulging in a dream holiday, to helping fund a child’s career or carrying out vital improvements to their property in order to sell it.

There are two main ways to release the equity in your home. You can either borrow against the value of your house with a lifetime mortgage or receive cash in return for selling part or all of your home, through a home reversion scheme.

If you feel that such an option would benefit you, it is important that you understand the consequences of venturing down the equity release route and have explored every other option available. This is something any reputable financial adviser will be able to discuss with you.

Once a suitable financial product is arranged for you, a qualified solicitor needs to be appointed to act as an additional safeguard - ensuring that you fully understand the implications of taking out the equity release and that you are also making an informed decision with no undue influence.

Wilkin Chapman can be appointed as your chosen dedicated solicitor and has the added benefit of being a member of the Equity Release Council. The Council is a voluntary body that promotes high standards of conduct and practice to ensure a “Safe Equity Release” for consumers. As a member of the Equity Release Council, Wilkin Chapman is committed to providing expert advice in line with their Statement of Principles.

During the process, you will be invited by Wilkin Chapman to attend a face to face meeting where advice will be given to provide you with comfort and assurance that you are making an informed decision prior to completing your equity release.

Caroline Fletcher-Shaw, Wilkin Chapman LLP
Need help?

Contact Caroline to discuss this further.

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