Equity Release Solicitors

If you are looking to take advantage of an Equity Release scheme, we would recommend talking this through with a specialist Equity Release Solicitor, due to the nature of the transaction.

Equity Release is a scheme available to the over 55's which releases capital tied up in your home, whilst still enabling you live there. If you are happy in your home and are not ready to downsize, Equity Release may be a solution for you.

In addition, you may have heard of a Lifetime Mortgage or a Home Reversion Plan. These are specific types of Equity Release products and you should discuss with your financial advisor as to which product will be right for you.

Figures released by the Equity Release Council show the number of equity release plans being taken out reached a new high in 2022, showing the increase in the desire for homeowners to unlock the value in their property.

Common reasons for utilising an Equity Release plan include, but are not limited to:

• Gifted deposits to children buying a house, or other financial help for family members
• Paying for garden or home improvements
• Pay off debts
• New car
• Holidays
• Long term care costs
• Increase general disposable income

Equity Release Conveyancing Quote

To complete the Equity Release process, you will need a lawyer to complete your conveyancing. You can get a free quote for your Equity Release conveyancing, with no obligation, from Holmes & Hills.

We would recommend having your Equity Release conveyancer in place before you apply for your product, as this will ensure the application is more likely to proceed without delay.

There are many places you can find an industry regulated Equity Release lender, both in the High Street and online.

Equity Release Legal Advice

Owing to the nature of Equity Release, that being you are entering into a legal contract with potential clauses and obligations, it is advisable that you engage the services of an experienced Equity Release Lawyer to ensure you are aware of any financial implications the contract may contain.

While the majority of applications for Equity Release are successful, there are instances where they may not be granted:

• Capacity: in some instances, it may be deemed that the person applying for the product does not have sufficient mental capacity to enter into this type of contract.
• Health: if someone is seriously ill, it may be deemed they are too ill to proceed.
• Duress: if it is believed that someone is entering in an agreement whilst being threatened, the application will not be granted.
• Undue influence: if someone is believed to be under the control of someone else, without necessarily enduring any specific acts of coercion, the application will not be granted.

Due to the nature of an Equity Release property transaction, your property lawyer will need to see you in person, to ensure you are not under coercion or duress when you come to sign the legal documentation.

Equity Release lawyers

If you need Equity Release legal advice, Holmes and Hills can help you.

Holmes & Hills are proud to be members of the Equity Release Council and as such, abide by strict criteria to enable our Equity Release lawyers to remain as members. Following a code of conduct set by a body setup to promote best practice within the Equity Release sector, our clients can be confident in the legal advice they receive from Holmes & Hills.

Holmes & Hills have seven offices throughout Essex and Suffolk, and you can be seen at whichever office is most convenient for you: Colchester, Braintree, Witham, Sudbury, Halstead, Tiptree or Coggeshall.

Alternatively, a specialist Equity Release lawyer can visit you in your own home* if getting to one of our offices is not possible.

*There would be an additional cost for this service