Home/ Equity Release

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What is equity release

Equity release is a type of mortgage that allows you to release money from your home without having to move. The loan is typically repaid only when you pass away or move into long-term care.

Your lender will require you to receive independent legal advice before proceeding. While we can’t advise on whether the product is the best financial fit for you (that’s your mortgage broker’s role), we will ensure you understand:

The legal terms and conditions
Your rights and responsibilities
The long-term impact on your estate and finances

Types of equity release

There are two main types of equity release schemes:

1. Lifetime Mortgage

You borrow money secured against your home
You retain full ownership of the property
Interest is usually fixed and compounded monthly
No repayments are required during your lifetime
The loan is repaid when you die or move into care

2. Home Revision Plan

You sell all or part of your home to a reversion company
In return, you receive a lump sum, income, or both
You can stay in your home rent-free or pay a nominal rent
When the property is sold, the reversion company receives its share of the proceeds

Pros of equity release

Stay in your home for life
Access a tax-free lump sum or income
No monthly repayments required
May help reduce inheritance tax liability

Things to consider

Early repayment charges may apply
Could affect your state benefits
You can’t take out another loan against your home
Reduces the value of your estate and potential inheritance
Compound interest can significantly increase the total amount owed

How we can help

Our equity release solicitors will:

Explain the legal implications in plain English

Ensure your lender’s requirements are met

Work closely with your mortgage broker and financial advisor

Support you from instruction to completion

Very professional service from beginning to end. My husband and I felt very reassured that our wishes were met and our Wills have been written with the utmost care and consideration.

Private Client

Ellice ran the process smoothly and efficiently and everything was explained clearly to us.

Private Client

Reena and Beckie communicated promptly and effectively with both the progress and problems during the house sale, enabling the process to keep moving. The sale proceeded in a timely and organised manner. A highly professional team. Thank you both.

Mercer

Porter Dodson Solicitors have been a great help to us for the past 12 years. We have recently been very lucky to have Reena Raval from the Sherborne branch helping us with a property. Reena kept us updated at every step, explained everything very clearly with great communication and made the whole process feel completely manageable for us to understand. Reena dealt with our paperwork very swiftly and kept us updated with clear costings. Highly recommended!

Residential Client