Our Private Client team can give you specialist advice on all aspects relating to Wills and Estates.
For many of our clients, they are keen to ensure that they do not struggle for money in later life. Having worked hard for decades, and owning their own homes, they want to know that they will be comfortable when they no longer have the ability to earn.
We are therefore often asked about equity release – how does it work and what should our clients consider? Below we offer some initial insights into this process. It is important that you seek sound legal advice if you are considering equity release. It can be complex and there are serious financial consequences. Please do not hesitate to contact our friendly, expert team today. We are here to help.
Experienced Estate Planning Solicitors, Ayrshire & Dumfries and Galloway
Firstly, it is important to understand whether equity release is suitable for you. Equity release is intended for people over 55 who are seeking to realise the value in their property, by obtaining a lump sum. There are various ways of obtaining an equity release. The most common is obtaining a mortgage which will be repaid when you die.
It is important that you consider all the consequences of equity release very carefully. For example, obtaining an equity release may mean that there is less for your family to inherit when you die. While this may not be important to some people, for others, this can be a crucial consideration. It can be helpful to discuss your options in advance with your loved ones so that you understand the best options available to you as a family. It is also essential to understand how the interest will operate so that you fully understand what you are likely to ultimately owe.
You should also consider carefully how equity release impacts on your entitlement to state benefits and how it fits with your plans later in life. For example, you should consider whether you may want to downsize or sell, as this will have an impact.
Ultimately, it is crucial that you obtain expert advice. An expert solicitor can act as an impartial adviser, helping you to understand the consequences of this decision. We can also assist with the relevant paperwork if you do decide to proceed, absorbing the administrative burden for you.
Get in Touch
At The McKinstry Company, we put our clients at the heart of our work. As a firm we never lose sight of the importance of the client and the outcome which the client seeks from us.
Our goal is to generate and maintain strong and lasting client relationships rather than a transactional approach to the work which we undertake. We are a law firm for life and will work with you as your family and finances change, to ensure that you receive the best possible legal advice.
If you want to learn more about equity release, get in touch today. You can contact us on 01292 281711 or via our online contact form. Our friendly and dedicated team are here to help you.
Really helpful and friendly always replied to calls and emails. Thank you very much for all your help and advice and hard work.Mr S, Auchinleck
First class throughout 100% better than last time we moved house and used a different firm. Always responded to promptly with appropriate detailed replies. First ClassMr N, Ayr
Thank you for the support during a difficult time.Mrs M, Ayr
Every email was timely and actioned quickly. Kirsty and Libby were exceptional to deal with. They kept me informed in a timely manner with the added complication of our sale being carried out whilst we are currently based in America.Anon.
My emails were always responded to in a timely manner no matter who I was dealing with. Thank you to Nat and Kirsty who helped throughout our move and during some difficult times when lock down was first announced! They have both been great.Miss K, Dalry
Everything was done extremely professionally.Mrs G, Ayr
Very happy with the way my case has been dealt with despite working restrictions due covid 19 - thank you. Calls & emails always responded to within reasonable timescale. Very impressed with lawyers and staff I have dealt with during current case and previous divorce case very friendly and efficient.Mrs H, Ayr
All very prompt, efficient, clear, friendly and personable. Not overwhelming with legal jargon. Many thanks for making the process of setting up a will so straightforward.Mrs D, Troon
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I was very impressed with the professionalism shown by all members of staff I had any dealing with. All calls and emails were relevant to the sale of my flat. All questions I had were dealt with at the time. For any further legal matters I will certainly be using The McKinstry CompanyMr H, Ayr
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My family and I received excellent service from everyone with whom we had contact. The service was of the highest standard and, as I have in the past, I will continue to recommend the company to anyone seeking legal assistance.Mrs S, Ayr
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Mr Honeyman was very professional and knowledgeable which made us feel reassured. Very happy with the service and if I needed a solicitor again I would get in touch.Mr B, Ardrossan
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