Equity Release
Equity release lets you take cash out of a home you own, usually if you’re 55 or older. These mortgages involve more steps than a standard one, so they take a little longer, and we’ll make sure you understand what’s involved before anything is signed.
What will it cost?
We usually charge a flat fee of £1,700 plus VAT for acting on an equity release mortgage. If the particulars of your matter mean that flat fee isn’t appropriate, the lawyer acting for you will tell you in writing at the outset, before you confirm your instructions.
Are there any hidden costs or disbursements?
We’ll always be upfront about our fees at the start. Disbursements aren’t always known at the outset. For example, your lender may charge specific fees, the exact cost of which isn’t known early on. There may also be disbursements such as Land Registry official copies and searches, and a bank transfer fee with ID checks.
What work is included?
Every transaction is different, but the typical work involved includes:
- Obtaining and reviewing title deeds
- Carrying out searches against the property (if required)
- Reporting to the lender and meeting their requirements
- Applying for the release of mortgage funds
- Redeeming the current mortgage and receiving the new mortgage funds
- Sending any balance to you
- Applying to discharge the old mortgage and register the new mortgage at HM Land Registry
Is there anything not included?
Our costs cover the work usually needed to complete an equity release mortgage. Other elements, such as updating your Will, aren’t included. If you need extra legal services, we’ll charge for those separately. You can read about the other residential property services we offer on our Residential Conveyancing page.
How long will it take?
Plenty of things affect the speed, especially a lender’s requirements and how long they take to respond. If a lender requires a local authority search, that can add time depending on the local authority. On average, we’d expect a straightforward equity release mortgage to take 5 to 10 weeks to complete, though we can’t promise it.
We’ll take the time to explain what releasing equity means for you and your home, before anything is signed.
Some people release equity to help family with a deposit or a gift. Others use it to fund retirement or make changes to their home. Whatever you have in mind, we’ll deal with the legal side carefully and at a pace that suits you.
If you’re not sure which of these fits your situation, call us, and we’ll point you in the right direction.
