Equity Release Lawyers | Setfords

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Equity Release Lawyers

Equity release is becoming more and more common for homeowners who want to access the funds invested in a property without having to sell it.

While it may have got a bad rep in the past, equity release is now a highly regulated industry. It allows countless homeowners to access funds every year, which they can spend on anything from home improvements and holidays to helping their children with house deposits or weddings.

Our equity release lawyers are experts in this area, and can guide you through the entire process with understanding and professionalism. Find out more about how our solicitors can help you below.

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Equity Release Services

How can our equity release lawyers assist? Check out our main specialisms below.

  • Lifetime Mortgage

    Lifetime Mortgage

    This is the most common form of equity release. It allows homeowners to take out a mortgage based on the value of their home, while still owning it. The loan is secured against the property and is repaid when it is sold, which is usually when the owners move into long-term care or upon their death. 

    If you are considering a lifetime mortgage, our equity release solicitors are here to guide you.

  • Home Reversion Plans

    Home Reversion Plans

    With this plan, the homeowners agree to sell a certain percentage of the property to a reversion company for a fixed amount. For example, if the reversion company purchases 30% of the property, they are entitled to 30% of the proceeds of sale. Homeowners retain the right to live in the property for the rest of their lives. 

    Our equity release lawyers are experts in helping homeowners navigate home reversion plans.

Lifetime Mortgage

This is the most common form of equity release. It allows homeowners to take out a mortgage based on the value of their home, while still owning it. The loan is secured against the property and is repaid when it is sold, which is usually when the owners move into long-term care or upon their death. 

If you are considering a lifetime mortgage, our equity release solicitors are here to guide you.

Home Reversion Plans

With this plan, the homeowners agree to sell a certain percentage of the property to a reversion company for a fixed amount. For example, if the reversion company purchases 30% of the property, they are entitled to 30% of the proceeds of sale. Homeowners retain the right to live in the property for the rest of their lives. 

Our equity release lawyers are experts in helping homeowners navigate home reversion plans.

Setfords’ Approach to Equity Release

Setfords’ equity release solicitors are some of the most experienced in this field. We will always listen to your concerns, think, and give you an exceptional service.

We can make bold statements like these because we’re not like other law firms. Every single one of our solicitors are highly experienced, meaning you’ll never receive legal advice from an under qualified junior.

What’s more, due to our unique support structure, our lawyers always focus on the case at hand, not internal billing targets or office administration. As such, clients of Setfords receive a tailored, highly professional legal service every time.

Equity Release FAQs

  • What is equity release?

    Equity release is a financial arrangement that allows homeowners aged 55 and over to access some of the equity that is tied up in their property, without having to sell it. The amount that can be released depends on several factors such as the value of the property and age of the homeowners.

  • Is equity release safe?

    Equity release is a highly regulated and safe option for most individuals. As with any financial arrangement, there are some things to consider before you do it, though. 

    For example, you will need to consider the future impact on your finances and eligibility for means-tested benefits, among other factors. Working with a reputable equity release firm such as Setfords can help guide you through the entire process.

  • Will I still own my home with equity release?

    Releasing equity from your home is not the same as selling it, but there are some things to bear in mind. 

    With a lifetime mortgage, you will retain ownership of your home and the loan will be repaid upon your death or move into long term care. The home is usually sold to provide the proceeds for this. 

    Meanwhile, with home reversion plans, you agree to sell a certain percentage of your home to the lender, and as such they are entitled to a percentage of the property’s sale proceeds.

  • What can the released equity be used for?

    You can use the equity released from your home for all kinds of purposes. For example, home improvements, to supplement your retirement income, to clear outstanding debts, to travel, to pay for care, or to provide financial assistance to family members. 

    The lender may have criteria you will have to adhere to for some purposes, such as using the funds to buy another house, but your equity release lawyer will be able to advise you further. 

  • Can I move or sell my property if I have released equity?

    In many cases, it is still possible to sell your house if you have released equity on your property. However, you will need to redeem the mortgage associated with the equity release, which is likely to incur an early repayment charge. You may also be able to transfer the mortgage to another property, but this might be subject to further criteria set by the lender. 

    Your equity release lawyer will be able to give you more information, depending on your specific circumstances.

Our Equity Release Lawyers

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