Covid 19: Our website and phone lines are operating as normal and our teams are on hand to deal with all enquiries. Meetings can be conducted via phone & video conferencing.

Equity Release Solicitors

If you are looking for legal advice on releasing equity from your home, the property law experts at Clough & Willis can provide a professional and highly educated service that will help you decide on the best course of action. 

Equity release is a specialised area of conveyancing law that allows homeowners to convert equity tied up in their property into disposable income. It can be highly beneficial, but comes with numerous financial and legal implications and considerations that must be taken into account before committing to any specific financial scheme. 

The team at Clough & Willis, led by Partner and Head of Residential Property Lorraine Stratton-Webb, will work to help you understand the legal aspects of your chosen equity release plan and deal with the legal requirements, ensuring the process is made simple and stress-free as possible. 

To find out more about our equity release advisory service, contact us by calling 0800 083 0815, or fill out our online enquiry form to request a call back at your convenience. 

How we can help

The team at Clough & Willis has considerable experience in the field of property law, and solicitors specialising in equity release who can advise you on all of the legal implications of the various equity release plans available on the market. 

Although solicitors cannot provide financial advice, we are able to work alongside financial advisers to talk clients through all aspects of the legal process, as well as advising on the requirements and timescales involved in an equity release scheme. 

Before deciding to take out an equity release plan, it is essential to first obtain appropriate independent financial advice to ensure it is suitable for you. Consulting a solicitor should not be seen as a replacement for speaking to a qualified financial adviser, but it can help to ensure the equity release process is completed as quickly and efficiently as possible. 

What is equity release?

Equity release schemes are open to homeowners over the age of 55, and provides a way for you to generate a lump sum or regular income from your property, which will often have soared in value since they were first purchased. 

The plan will be secured against your property, with no monthly repayments required during the term of the plan, which will instead be repaid on your death or if you enter long-term care or sheltered accommodation. These schemes also have the advantage of allowing you to remain in your home, even as it generates capital to help fund your retirement. 

What are the main types of equity release plan?

Lifetime mortgages

Lifetime mortgages are the most popular method of releasing cash against a property, offering a loan against the value of the home in the form of a cash lump sum. 

Home reversion plans

Home reversion plans are another alternative method, involving the sale of a certain percentage of the property in exchange for a lump sum and a lifetime lease, allowing you to remain in your home rent-free for the rest of your lives. 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. 

What are the advantages and requirements of equity release?

Equity release schemes are not appropriate for every set of circumstances, but can offer life-changing benefits in many instances: 

  • Money locked up in the home can be used for household improvements, weddings, holidays, etc, or to pay off existing personal debts.
  • It allows you to remain in your home while also having access to your money.
  • The money can be used to pay off an existing mortgage.
  • It could possibly reduce inheritance tax bills by lessening the value of the your estate upon your death.
  • No repayments are required until the home is eventually sold when you die, or move into long-term care.
  • A majority of plans have a "no negative equity" guarantee. 

Before you decide to release equity from your home, you must bear the following factors in mind: 

  • Your eligibility for means-tested benefits may be affected.
  • The value of your estate will be reduced, and depending on the size and length of the loan, the entire equity in the property may be exhausted. As such, it may be necessary to discuss the possibility with your family before proceeding.
  • Early repayment charges may apply if the loan is repaid early. 

Get in touch

Find out more about our equity release legal advice service by getting in touch with the Clough & Willis team today. We have easily accessible offices in both Bury and Bolton, and can answer any questions you might have. 

Call us on 0800 083 0815, or fill in an online enquiry form to request a call back at your convenience.

Property News

Strong Housing Market

The House Market Re-Opens!

Japanese Knotweed – What you need to know when buying or selling property.

Read all Property news

What Our Clients Say

I am so pleased with how Mr Macwilliam handled my case. He was extremely helpful and patient with us. I would recommend him 100% to anyone who needed a solicitor.

Mr Ashfaq

We used Clough & Willis because we believe Chris Macwilliam is the best solicitor in his field within the Bury area possibly within the Manchester / North West area. We would highly recommend Clough & Willis to family and friends.

Mr Smith

I would like to say I am extremely grateful to all at Clough & Willis. I enjoyed the fact that I could ring at any point and speak to Mr Macwilliam and always be given his full co-operation and time. I was never rushed to finish the call! I would also like to add, Mr Macwilliam kept me so up to date with my case, I always felt in the loop, I almost felt like I was the only client and felt the service was very personnel! Thank you and all the best!

Ms Broadbent-Davies

I greatly appreciated Mr Macwilliam's handling of my claim. His expertise made the whole process so easy for me and I am highly satisfied with the outcome. Many thanks.

Mr Addy

Christopher Macwilliam was excellent throughout my claim. He listened carefully and always kept me up to date. Everything was handled in a highly professional manner and I cannot speak highly enough of Chris and the company as a whole.

Mr Saunders

Mr Macwilliam has been very patient as my husband is dyslexic, some things needed explaining a few times and in other ways so Alan could understand. The interim payments were a huge help while the claim was going through.

Mrs Bonney

I was pleased with the professional and efficient manner with which my claim was dealt with. It was an unusual claim / incident but Mr Macwilliam put time and effort into understanding the dental side of the issue. I am very pleased with the outcome.

Mrs Johnson

Mr Macwilliam dealt with my case exactly how I had hoped. He was extremely professional throughout and always kept me up to date with the progress that was being made.

Mr Leech

I am writing to express our gratitude for all your hard work in securing a very good payment for the accident.

Mrs Plaskett

This was the second occasion that Chris Macwilliam has helped me to settle a problem. I have always found him to be very professional, patient and an extremely good listener. If I require the services of a solicitor in the future I would definitely contact Clough & Willis. I have recommended the firm on numerous occasions.

Client Satisfaction Comment

I was very happy with the service I received at Clough & Willis. Everything was explained clearly and patiently and each request I made was dealt with efficiently. I am happy with my outcome and would definitely recommend them to friends.

Client Satisfaction Comment

Read all testimonials