Equity Release

Many retired people manage on small pensions and limited savings but live in properties which, have soared in value.

An Equity Release scheme is open to homeowners over the age of 55 years.  It will allow you to remain in your home by generating an income or a lump sum from the property.

The plan will be secured against your property.  No monthly repayments are required during the term of the plan. It will be repaid on your death or if you enter long term care or sheltered accommodation.

In my experience, people have found that Equity Release can be a great way of generating capital from their home during retirement. It allows them more flexibility to enjoy retirement and do things they might normally be unable to afford.

Equity Release may not be a solution for everybody.  However, in some instances it can be life changing.

Advantages of Schemes

  • It allows you to release your money locked up in your home for household improvements, weddings, holidays, etc, or to pay off existing personal debts.
  • It allows you stay in your home whilst having access to your money.
  • It is a way of paying off your existing mortgage.
  • It could possibly reduce your inheritance tax bill by reducing the value of your estate on your death.
  • No repayments are required until your home is eventually sold when you die or move into long term care.
  • A majority of plans have a "no negative equity" guarantee.

Before deciding to take out an Equity Release Plan you MUST first obtain the appropriate independent financial advice to ensure it is suitable for you. 

I have set out some basic information on the two types of schemes, although this is not a substitute for independent financial advice.  

Lifetime Mortgages: The most popular method of releasing cash against your property. It is a loan which enables you to release money that is tied up in your home in the form of a cash lump sum. No repayments are required during the loan and it is paid off when your home is sold, or when you enter into long term care or at the time of your death.

Home reversion plans: This involves selling a percentage of your home and being granted a lifetime Lease allowing you to remain in your property rent free for the rest of your life and in turn you will receive a tax free cash lump sum. When the property is sold at the time of your death the proceeds of the sale are divided between the plan provider and your estate in the percentage that each party owns.

A solicitor's role in Equity Release

A solicitor cannot give you financial advice.  However, I will help you understand the legal aspects of the plan and deal with the legal requirements.

I am an expert in equity release and will ensure the process is made simple and stress free.  

Before you decide to release equity from your home, you must understand the following factors:

  • Your eligibility for means tested benefits may be affected
  • It will reduce your estate on your death and therefore you may wish to discuss it with your family before proceeding. (Depending on the size and length of your loan the entire equity in your property may be exhausted).
  • Early repayment charges may apply if the loan is repaid early.

Contact us

Find out more about how the Clough & Willis team can help by getting in touch today. Call us on 0800 083 0815 or complete the online enquiry form on the side of this page. We have offices in both Bury and Bolton. 

Property News

Stamp Duty on Second Homes

September 28th

From 1st April 2016 the purchase of a second residential property is liable to a surcharge Stamp Duty payment. Anyone buying a property who already own one or more existing properties, will… Read More

The rise of the "divorce mortgage"

June 3rd

Lenders are considering the offer of a product aimed at those having to cope with divorce and buying out the other spouses interest in the family home. Under the proposed plan, the lender wo… Read More

Changes to Debtor Bankruptcy Petitions

April 5th

Bankruptcy is an insolvency process which applies just to individuals and is something which you can apply for yourself which is generally referred to as a debtors petition , or something wh… Read More

Read all Property news

What Our Clients Say

Many thanks to Shefali for her hard work in making our move go well. Thank you.

Mr & Mrs Scott

Made what could have been a difficult matter, easy, fast and in a very friendly manner.

Mr Gillett

An excellent service highly recommended. Can't thank Miss Talukdar enough for her help and personal attention to our move.

Mr Webster

Thank you for dealing with our house sale in such a courteous and speedy manner.

Mr & Mrs Beetson

Very professional. Kept us up to date at all times. Miss Talukdar was extremely helpful and kept us updated when there were any problems.

Mr & Mrs Fitton

I received excellent service throughout the process, including being offered invaluable advice. I would recommend Clough & Willis to others.

Ms Lone

The efficiency of your service had much to do with the successful sale of our property. Your extensive knowledge meant the quick resolution of one potential stumbling point. We were very happy.

Ms Georghiou

Legal difficulties were overcome to enable us to complete both our sale and purchase. Without Clough & Willis advice and assured professionalism we would have floundered.

Client Satisfaction Comment

Shefali was first class I can't speak highly enough of her.

Mr Smith

Dominique has been fantastic throughout, extremely professional, helpful and thorough. Thank you so much.

Ms Procter

Very impressed with the prompt, professional and friendly service I received from beginning to end. Offered great value for money and took some of the stress away from buying a house. Clough & Willis will be my first choice in future and highly recommend to friends and family.

Mr Smith

Dominique was very professional when handling the purchase of my house and kept me up to date with information at every opportunity. The purchase and completion all went smoothly and I believe this was down to the professionalism and support from Clough & Willis.

Ms Budziosz

I found Dominique to be professional, diligent and a no jargon approach.

Mr Price

I was very pleased with the service Dominique provided. She was always fully up to date on my case whenever I called.

Ms Jones

Dominique was absolutely brilliant, kept me well informed and had me moved in very quickly. The whole process was very smooth and fast.

Ms Todd

Looked after our interests at all times and offered relevant advice and explanations.

Mr Brotherton

I was extremely pleased with the service provided to me throughout. Everyone I spoke to at the practice was very kind and professional. I felt that Dominique made every effort to help get my mortgage completed as quickly as possible.

Ms Krupa

“Dominique was great, sorted out all the problems and made buying our first home together a little less hectic!”

Mr Talbot & Miss Farnworth

Thank you so much for completing the legal work on the sale of my home. Your team and yourself are very helpful and professional. I can now get on with my life. I will recommend Clough & Willis to my friends and family.

Mr Price

We found Lorraine to be very understanding and dealt with us very professionally going the extra miles whilst we were out of the UK.

Ms Park-Wesley

Very happy with Lorraine and her team. They kept us informed at all times and advised us appropriately. We felt really valued as clients and would be happy to recommend Clough & Willis to family and friends.

Mr & Mrs Lloyd

Everyone I dealt with was polite and efficient. Emails and phone calls were replied to quickly. Made a good impression on me I would certainly recommend Lorraine to other would be sellers.

Ms Rhodes

I have been thoroughly impressed with Lorraine’s attention to details, which has ensured my interests have been looked after and protected. Lorraine is a professional, efficient and friendly partner at Clough & Willis and a true credit to the firm.

Mr Willis

Lorraine Stratton-Webb dealt with me in a professional manner, she kept me informed and made the move more easy than I had envisaged.

Ms Crowshaw

I have complete faith in your company and all of the staff. I have been confidently aware that you do the job in hand and keep me updated along the way. I have never had to chase up anything at all from any members of your team - you just do it regardless! Very refreshing. Thank you.

Ms Hawly

We found Clough & Willis experienced as to put us at ease during our house sale and purchase which is stressful most of the time, so it’s good to have a firm like Clough & Willis to support you through it from start to finish.

Mr & Mrs Tate

Lorraine Stratton-Webb – “Strength in the face of adversity” - 4 days after I thought I would lose the house of my dreams she completed the purchase. Thank You.

Ms Dix

Thanks for a very professional approach during my house purchase. Buying for my first house I had complete faith in Lorraine Stratton-Webb leaving no stone unturned during property searches.

Mr Jones

I would have no hesitation in using Clough & Willis; the team offered a very fast and efficient service and I am delighted with the service received. Thank you very much to Lorraine and her team for another fast and trouble free turn around.

Ms Whitter

Read all testimonials