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.
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