Equity Release

With Graham Evans & Partners

We have recently welcomed a new experienced solicitor to our property team at Graham Evans and Partners – Stephanie Kift-Harries. Stephanie has Experience dealing with Equity Release matters and can provide helpful advice on the documentation to assist in deciding whether this is suitable for the client.

If you are thinking of taking out an Equity Release plan, you need to find out as much can about your options and weigh up the advantages and disadvantages fully before you decide if an Equity Release is right for you. A fully qualified financial advisor will be able to provide the financial advice and if there are any tax implications. However, taking out an Equity Release plan is a big step and it is vital that you have expert impartial independent legal advice and that is what we can provide. We will answer the most common questions people have in relation to Equity Release plans and help explain the contents of what can be, daunting paperwork. in easy to digest reports and in- person advice.

What is an Equity Release

There are different types of Equity Release plans to choose from.  Lifetime mortgages are the most popular forms of Equity Release.

Like an ordinary mortgage, you take out a tax-free loan which is secured over your property.  However, unlike an ordinary mortgage you do not have to make payments and the interest is accrued into the mortgage to be repaid after you home is sold.

Do I still own my own home?

Yes, under the Lifetime mortgage plan, and you will continue to live in your home until you pass away or go into long-term care. You will need to ensure that you will continue to maintain the property in a state of good repair. You will also be responsibile to continue to insure the property and pay all of the property’s related bills, such as utilities and Council Tax.

Can I take out more later?

You may be able to borrow more if your home increases in value or you do not borrow the initial full amount available to you. This is subject to the lending criteria at the time and you must also bear in mind the intertest rate will be calculated on any additional release amount at the time your application is received.

Can I end the Equity Release early?

Senior Partner Fiona Griffiths. Head of Private Client Department

An Equity Release Lifetime mortgage is usually designed to run for the rest of your life. You are able to repay the Lifetime mortgage at any time however, this would be subject to early redemption charges as you would find with an ordinary mortgage under the mortgages’ terms and conditions.

Please contact the office if you have any queries. We are incredibly thorough in our approach, ensuring we quickly get to grips with your needs and concerns and taking immediate action, so we can achieve the best possible result as soon as possible. We are also accredited with the Law Society Conveyancing Quality Scheme which identifies the very best law firms for all property transactions.

Graham Evans & Partners – Solicitors

Moorgate House, 6 Christina Street, Swansea SA1 4EW  / 01792 655822 / www.gelegal.co.uk

Graham Evans & Partners – “Your future is our business”



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