Equity Release
Your dedicated equity release solicitor will guide you through the process to result in a satisfactory conclusion
Equity Release: What does it 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The money could be withdrawn in one large lump sum, one large sum followed by subsequent smaller amounts, or a series of smaller payments.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.
Your Equity Release questions answered
If you are over 55 and own your own home, there are two main options available to you.
Lifetime mortgages
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.
Our clients rate us as excellent
Corsham
Well-managed transaction handled promptly and professionally. We have used Goughs before, will use again and would not hesitate to recommend
Sue Jenkins
Nadine has been excellent throughout, keeping us regularly informed of all progress and we liked her very practical approach to things. The support staff at Goughs have also been excellent throughout, hence, instructing Goughs on 4 property matters. Nothing too much trouble and all requests were dealt with very swiftly
Kate Horner
Ailie was professional, friendly and very efficient. Ailie’s knowledge, reassurance and patience is invaluable.
W D, Calne
Professional, helpful & knowledgeable service. Giving very clear advice in a way I could understand. Thank you.
S, M, Chippenham
The service was professional, efficient and very friendly. I will be using Goughs again.
Sarah Fuller
Brilliant service, I couldn’t fault Goughs and have subsequently gone on to use their services for another purpose.
Meet the Residential Property team
Why choose the Goughs Property team?
Local since 1882, with an excellent reputation
First-class, effective service
Largest solicitors in Wiltshire
Seven offices throughout the county
Nationally accredited law firm
Recognised by Legal 500 and Chambers & Partners
Why wait? Let's talk
Fill out the form below and we will get back to you!
