Equity Release
Tollers are experienced in dealing with clients entering into equity release lifetime mortgages and offer comprehensive written advice and face to face appointments in order that clients fully understand the products they are entering into and the benefits and risks of your chosen product.
Equity release is a means of releasing money from your property which enable you to remain in your home for the rest of your life and remain the legal owner of the property and a legal charge is registered against the title to your property to secure amount of the lifetime mortgage.
On completion a lump sum and/or regular income is paid to you but you do not have to make monthly payments, unless this is a benefit of your chosen product. The amount that you owe to the Lender including the amount borrowed, interest and any fees will be paid back from the proceeds of the sale of your home after your deaths or when you move into the sheltered accommodation or long term care. If you buy a new home some providers allow you to transfer your lifetime mortgage to your new home or get a new lifetime mortgage.
By entering into a lifetime mortgage you create a charge against the value of your home and therefore diminishes the proportion of the value of your home which will be available to be distributed to your beneficiaries upon your death.
Your solicitor at Tollers will report out to you in writing on the terms of the lifetime mortgage which you have been offered by your chosen lifetime mortgage provider and if you are happy to proceed, you will be invited to attend one of our offices to be provided with further legal advice in person and you will have the opportunity to discuss the legal aspects of your lifetime mortgage and ask any questions before signing the relevant paperwork.
Legal advice on lifetime mortgages is a specialist area due to it’s complexity and Tollers are able to provide you with this advice before you enter into the arrangement in order that you can be confident that the arrangement that you have chosen fits your and your family’s requirements.
We will keep you updated throughout the process and a member of Tollers Conveyancing team will be on hand for any queries that may arise during the transaction.
Talk to Tollers
For all your equity release needs contact our specialist property team today. A list of our offices and contact details can be found below.
