Equity Release Solicitors in Coventry

If you are over the age of 55, and you are considering releasing capital from your home, then our Residential Property team, who specialise in acting in equity release transactions can help. 

By releasing the equity tied up in your home, you can receive a tax-free lump sum to spend however you like, whilst still retaining ownership of your property. You can carry out home improvements, help pay debts or increase your income in retirement. 

Equity release is not for everyone though, and it will decrease the money available in your estate following your death. It is also may be more expensive in the long run than down-sizing to a smaller property and early repayment charges may apply. You should therefore discuss any plans with your family beforehand. 

For a helpful guide provided by Age UK, please visit: 

https://www.ageuk.org.uk/globalassets/age-uk/documents/factsheets/fs65_equity_release_fcs.pdf

If you are interested in equity release then you will first need to speak with an independent financial advisor regulated by the Financial Conduct Authority, to ensure that it is the right thing for you in your circumstances. The financial advisor may also be able to recommend certain equity release providers and products. Depending on the product that you choose, you can claim the money as either a lump sum payment or receive the funds as a series of smaller payments if preferred.

Once your application with your financial advisor and equity release provider has been approved, we will receive a copy of your offer and will provide you with legal advice in respect of the terms of the offer. Once we have met with you and confirmed that you are happy with the offer, then we will obtain the funds from your equity release provider and release the money to you. 

If you are looking for help with your Equity Release, please call us on 02476 632121 to discuss this further.