4 Theatre St, Norwich NR2 1QY
01603 214 220
Equity Release
Equity Release is aimed at people over the age of 55 and is often used to release funds to make home improvements, help members of your family or to provide money to enable you to enjoy your retirement
The most common way of releasing money from a property is by taking out a ‘Lifetime Mortgage’. Similar to a standard mortgage the Lender takes a charge over your property but you do not have to make regular monthly payments. You can instead let the interest roll up. The loan and the built-up interest are then paid in certain situations such as a sale of the property if the last borrower dies or when they move into long-term care. Some Lenders allow you to port your lifetime mortgage from another property if you are downsizing. Remortgage is often done to release equity from your property or to secure a better rate of interest.
How we can help
As experienced equity release solicitors, we will be required to check your legal title to ensure that it is good security for your new lender and to rectify any issues. Once we have reviewed your mortgage offer and Lender’s requirements will arrange a face-to-face appointment to go through the paperwork and for you to sign the necessary documents.
If you would like more information or would like to discuss your equity release options please contact us at 01603 660811 and ask to speak to the Property Team.
Please note, however, that we are unable to advise as to which Lender would be suitable or whether a lifetime mortgage is the best option for you but can put you in touch with specialist financial advisors who can assist.
Telephone: 01603 214 220
Equity Release Services
Transfer of Equity
A Transfer of Equity is the process of adding or removing someone from the title deeds to the property either by way of gift, court order or inheritance under a person’s will. For example, if a property is owned solely by a husband/ wife or unmarried partner they may wish to add the other spouse/partner onto the title or the transfer may be due to a divorce or separation.
Where the property is subject to an existing mortgage, a transfer of equity may be coupled with a remortgage where either the incoming owner takes on a half share of the existing mortgage with the consent of the Lender or the existing mortgage is paid off and a new mortgage setup in the names of the both existing and incoming owner(s).
How we can help
If the transfer of equity is as a result of matrimonial proceedings, we can liaise closely with the matrimonial solicitors to ensure that the transfer is in accordance with any Consent Order implemented you would like more information or would like to discuss a transfer of equity or remortgage please contact us at 01603 660811 and ask to speak to the Property Team.
How we
can help you
As certified members of the Law Society Conveyancing Quality Scheme, we have a wealth of knowledge in handling all varieties of residential property transactions. We can assist with everything from sale and acquisition to equity release and buy-to-let.
To find out more about our expertise, please call:
01603 214 220Delivering thought-leading expertise and understanding from our expert solicitors and staff.
