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Equity Release and Lifetime Mortgages Specialist equity release and lifetime interest-only mortgage solicitors
Our expert residential property lawyers in Milton Keynes specialise in advising clients on the implications involved in taking out equity release products, including lifetime interest-only mortgages.
We will get to know you and your situation to make sure that equity release is right for you. By way of example, if you receive means-tested benefits, you could lose your entitlement if you take out an equity release loan. Our team are friendly and approachable and will answer all of your questions so that you fully understand the agreement that you are entering into.
We can advise you about the stringent legal requirements governing equity release and can guide you through the application process and keep in touch with you throughout the transaction to ensure that you are kept up to date.
Why take on an equity release plan?
Equity release is available for homeowners with sufficient equity in their properties and who are aged 55 or over.
If you have a valuable property, but insufficient money to fund the lifestyle you wish to enjoy, equity release can lend you money against your property that does not need to be paid back until you move permanently into care or die. You will continue to own your own home for as long as you need it.
You should be aware that interest will continue to accrue on the sum borrowed, which means that the longer the loan is outstanding, the higher the repayment amount will be when the time comes.
How lifetime mortgages work
A lifetime mortgage is the most popular type of equity release product. You will be able to fix the interest rate that you pay for life and the lender will generally guarantee that you will not end up in a negative equity situation, where you owe more than your property is worth.
You should also be able to move house if you wish and transfer the lifetime mortgage to your new home.
There are additional options that you could consider, such as having funds available that are interest-free until you draw on them as well as the option to pay the interest each month to prevent it from accruing and substantially reduce the amount of the loan.
Equity release is available for homeowners with sufficient equity in their properties and who are aged 55 or over.
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Pricing Guides
At Heald Solicitors, we don't believe in hiding our prices and we strongly support the SRA's policy of allowing you to judge value for money.
We have always been transparent regarding our fees. There will be no hidden surprises and our costs and anticipated disbursements are fully broken down in our quotes.
Below there are links to our pricing guides that outline typical costs, timescales and disbursements.
For a more tailored quote, based on your specific circumstances, please contact us direct.
For expert equity release and lifetime mortgage advice please contact our residential property solicitors
Our expert residential property lawyers in Milton Keynes specialise in advising clients on the implications involved in taking out equity release products, including lifetime interest-only mortgages.
If you are thinking about taking out an equity release product on a residential property in Milton Keynes or elsewhere, please get in touch with our legal expert Kirsty Szulc .
01908 662 277[email protected]
Meet our Residential Conveyancing Legal Team
If you are thinking about buying or selling a property or you have another residential property issue you would like to discuss, either in Milton Keynes or elsewhere, please contact us.
Why choose us to be your Milton Keynes conveyancing solicitors?
We understand how stressful moving house can be and we will work proactively to ensure that there are no avoidable delays. We will keep you updated as to progress and make sure that we are easily contactable to discuss the situation and answer any questions you may have.
We represent clients in all types of property transactions including; new-build homes, leasehold property, and complex transactions with properties with complicated titles or unusual features. We act for high-net-worth clients buying large multi-million pound properties and also people purchasing rural properties that include outbuildings and land.
We also act for property investors who may have a portfolio of buy-to-let premises and/or HMOs or who wish to purchase land for development.
Whatever type of property you are buying or selling, whether it is in Milton Keynes or elsewhere, we can represent you to ensure that the whole conveyancing process is as easy and stress-free as possible for you.
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