Get a QuoteEquity Release
Whether you want to carry out essential repairs or home improvements, enjoy holidays, children’s weddings or simply finance general living expenses, we can help you with your equity release. Conveyancing Solutions will put you in touch with a conveyancing solicitor, authorised and regulated by The Solicitors Regulation Authority.
The equity, or value, that is tied up in your home is the open market value of your property, less any debt secured against it. Normally, you would access this additional value after selling your home, but an equity release scheme enables you to enjoy the cash now and remain living there. Equity release plans can be complicated products and are a major step for many people.
However, your house is almost certainly the most expensive asset you own and equity release can decrease the amount of money your family will inherit upon your death and may also affect your entitlement to means-tested benefits. Equity release can also reduce the amount of inheritance tax paid by your estate after your death. Inheritance tax kicks in at 40% on everything left behind over £312,000 (2008/2009). Importantly, that figure includes the value of your home. It is therefore important that you seek legal advice from the very beginning.
The equity release solicitor will provide advice on the terms of the equity release scheme, ensuring that you fully understand the implications this will have for you during the operation of the scheme and the impact upon the inheritance once you have passed on. Your equity release solicitor will send the necessary paperwork from your deeds to the equity release provider and order the equity release money from the provider.
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