A law firm for life

Equity Release

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.

Thiona McQuiston Partner View Thiona's Profile

Thiona is Head of our Private Client Department where she is involved in all aspects of property, asset protection, Powers of Attorney, Guardianship, Wills and winding up estates.  

Having joined TMC almost three decades ago in a support role, Thiona went on to graduate with a Bachelor of Law from the University of Strathclyde in 1999.  When embarking upon her Law degree, she was told by the late Professor Sinclair “My dear, you have the University of Life” and that as a bedrock equips Thiona to advise clients on the aspects of their affairs in which she is involved.

Thiona enjoys walking, yoga, travel and spending time with her husband and family, including her dog Molly.

Debbie Dunlop Partner View Debbie's Profile

Based in our Girvan office, Debbie is a Partner who is highly experienced in Private Client work, particularly in the agricultural and farming sectors. She used to enjoy travelling the world, but now married to a farmer, she spends her weekends in wellies, feeding cattle or on the back of a quad bike. Debbie is also a member of the Agricultural Law Association.

Having lived in Rome for a number of years, Debbie also studied Law at the Université d’Auvergne in Clermont-Ferrand – as a result, she is fluent in both Italian and French. She can also speak a bit of Spanish, thanks to travelling around various Central and South American countries, including walking the Inca trail. She has managed to convince her husband that the cattle in Argentina will be worth a look at some time soon!

A keen runner, Debbie has competed in 10Ks and half marathons, even completing the Rome Marathon. This now comes in handy during lambing time chasing after ewes.

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