Your dedicated equity release solicitor will guide you through the process to result in a satisfactory conclusion
What does it really mean?
Equity release refers to a variety of methods of releasing some of the value tied up in your home, or property.
The money could be withdrawn in one large lump sum, one large sum followed by subsequent smaller amounts, or a series of smaller payments. There is plenty of flexibility designed to suit you and your unique circumstances.
Is equity release right for me?
Equity release should never be taken lightly and we would recommend you consider all options available to you before settling on this process of unlocking the cash tied up in your home. For example, could you perhaps downsize instead?
As solicitors specialising in equity release, we can provide expert advice.
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property and future
Your local equity release solicitor since 1882
How much does it cost to release the equity in my home?
Your equity release questions answered
If you are over 55 and own your own home, there are two main options available to you.
A lifetime mortgage is a loan secured against the property you own. The main difference to a regular mortgage is that there is no need to make monthly repayments, instead the debt can build up over a number of years. The sum will be paid off when your property is sold.
Home reversion plans
A home reversion plan allows you to sell your property, or a portion of it, but remain living in it rent free. You may receive a lump sum or monthly payments. Please note that the amount you receive is likely to be lower than the market value of your property.
There are many equity release plans available and all have varying pros and cons. We therefore recommend booking a conversation with an expert to discover which option will be most beneficial to you and your circumstances.
In short, yes, you do need a solicitor to release the equity in your property.
It is deemed as so important to obtain independent legal advice that it forms part of the Equity Release Council’s (the industry body for UK equity release) ‘rules and regulations’.
You are of course free to choose whichever solicitor you decide, regardless of recommendations from a financial advisor.
Having an independent solicitor will safeguard you from any potential ‘rogue’ equity release advisor or scheme. They will also be able to advise on the legal implications of taking out an equity release option, rather than just the financial implications.
An equity release solicitor will check your title deeds, propose and make offers, prepare and witness the signing of documents, check your ID and review all documentation before completion takes place.
For more information or to discuss releasing the equity in your home, get in touch with our equity release team today.
Very professional service
Very professional service - at a difficult time due to Covid 19.
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I definitely would recommend Goughs they were very efficient, very helpful and always informed us of what was happening in the chain.
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Thank you very much for doing a great job as always, would recommend you for sure for being so efficient and getting the job done as quick as possible.
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Very thorough, and we also got forces discount.
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We have worked alongside the conveyancing team many times and have always found them efficient, helpful and knowledgeable. When you work with as many firms as we do, Goughs make a refreshing change
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I have been working in the property market for over 25 years and it's so refreshing to be able to find a company who has old fashion values and talks to you in the old fashion way where you're not just a number but a person and they truly do care about giving a professional service that is also personal. 5 Star service all the way, thank you so much for your excellent advice and knowledge will be delighted to recommend you to both family and friend.
Clearly explained the house selling process;
She clearly explained the house selling process; the hitches that could happen. She was friendly and efficient.
Very thorough, with attention to every detail
Very thorough, with attention to every detail, instilled confidence that helped everything to progress quickly and smoothly.
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