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What You Need To Know About Equity Release

As you enter retirement years in life, you may be thinking about equity release. Having heard about it briefly either on an advert or through one of your friends, you might be looking to find out more about it in-depth, before deciding whether it’s the right decision for you. Fortunately, we have compiled everything you need to know about equity release, so you can make an informed decision.

What Is Equity Release?

Ultimately, equity release is a way of turning the value of your property into cash. There are a number of policies which will enable you to access the money that is currently tied up in your home. What’s more, you don’t even have to have fully paid off your mortgage. So, do you have to release the money in one large sum?

No. There are a number of different ways that you can release the money that is tied to your property. You can either take it out in:

  • One Large Sum
  • Smaller Amounts (you will have to pay interest on this)
  • Combination Of Both

It’s important that you speak to a professional about which way is better for your money, otherwise, you could end up with a lot of interest and owing more back than you originally thought.

How Does Equity Release Work?

When it comes to equity release, there are a couple of routes for you to take.

If you don’t have anyone who can inherit your assets, it may be worthwhile choosing lifetime mortgage. This is a popular option amongst those aged 55 years or older. It means that you can borrow some of the value of your house at a fixed or sometimes, capped interest rate.

The other type of equity release that you can opt for is Home Revision Plan and for this you need to be 60 years of age or older. The provider you choose will pay you a tax-free lump of money for just a portion of your house. Choosing this option means that you are able to live in your property until you no longer need to live there, without having to pay rent.

Is Equity Release Safe?

When deciding whether equity release is right for you, one of the biggest questions you probably have on your mind is; is it safe? You can rest assured that equity release is incredibly safe. In fact, it’s fully regulated by the Financial Conduct Authority. Additionally, there are many advisers and providers that are members of the Equity Release Council are, so they must obey the code of conduct, which was put in place to protect customers.

Plus, due to the ‘no negative equity guarantee’, you won’t ever owe more money than the worth of your property and because of the ‘security of tenure’, you are entitled to the right to live in your house for the rest of your life.

What To Do If You’ve Decided That Equity Release Is Right For You

If you have decided that equity release is the right choice for you, we have an expert and respectable team at Preuveneers who can give you professional advice in regard to Equity Release. If you would like more information about our services, get in touch with a member of our specialist team and we will help you and advise you in any way that we can.

All You Need To Know For Selling A Property

Selling a property can be stressful, no matter how many times you do it. Sometimes it’s easy to feel overwhelmed, especially if you don’t know where to begin. Luckily, by following these simple steps, you’ll be well on your way to enjoying an efficient and successful sale.

Think About Your Finances

If you have a mortgage on your property, you’ll need to notify your lender of your planned sale. It’s important to find out what you have left to pay and whether you’ll incur redemption penalties. Next, you’ll need to have your property valued. You should ideally use a professional service for this to get the most accurate quote, so that you can easily calculate how much money you’ll have leftover.
If you’re planning to buy a property after this one has sold, then you’ll also need to contact mortgage lenders to see how much you can borrow. It’s important to remember that selling your home will cost you money as well, so you’ll need to think about whether you have the finances to sell your home at this time.

Pick An Estate Agent

Although you do have the option to sell your own home, most people opt to use an estate agent. These can be traditionally found on the high street or exclusively online. The route you choose is up to you, but online-only estate agents can cost less. Make sure you shop around and compare and contrast services, you may not need everything a particular company offers, so make sure you’re not paying the higher price for it.

Make Sure Your House Is Ready

Although there’s no need to do any major renovations unless you want to, it’s important to make sure your property looks as presentable as possible. Any changes you decide to make will likely increase the property’s value, so it’s well worth the extra time. Removing clutter and tidying up are the obvious steps, but giving the walls a fresh coat of paint in white or cream can really brighten and freshen up the rooms.

Enlist The Help Of A Solicitor

When it comes to the legalities of selling a property, nobody is better qualified to help you than a solicitor. They’ll be able to make sure the sale goes through smoothly with all the legal boxes ticked. Contacting a solicitor at the earliest possible stage is never a bad idea, as they can advise you every step of the way on mortgages, deeds, and transferring ownership.

Get in touch with Preuveneers LLP for more advice on how to best sell a property. Our team of experts is more than happy to help you with any questions you might have, so give us a call, today.