Homeowners used equity release to unlock a record-breaking £1.02bn from their properties last quarter, according to the Equity Release Council.
With property prices having risen over the last few years, many older homeowners have found themselves thinking about the value tied up in their homes.
Whilst downsizing to a smaller property might be the answer for some, moving home can be a stressful and costly process. There is, however, an alternative way of raising cash from your property, one that means you continue to live in it and avoid the upheaval of moving to less familiar surroundings. Called equity release, it allows you to access and benefit from the ‘equity’, the value tied up in your home.
Why professional advice is essential
If you are considering releasing equity from your home, you will be required to seek specialist legal advice. We will ensure that you are fully advised on all the implications, as well as the possible alternatives, to make sure that it is the right choice for your current and future needs.
As releasing equity is likely to reduce the size of your estate, we’ll also recommend that you discuss your intentions with your family and anyone who might benefit from your estate. Our specialist Wills, Trusts & Probate department will be able to advise on how equity release might impact your inheritance tax liability.
Here to help
Our experienced team will help you through the process, managing your equity release transaction so it goes through as smoothly and quickly as possible. Contact Peter Westbrook for further information on 0203 871 0019 or by email.