Equity Release

Equity Release Solicitors / Lifetime Mortgages / Home Reversion Plans

Obtaining a lifetime mortgage can sometimes be a delicate matter as it isn’t something that people would want to be rushed into. Some borrowers find it quite daunting as sometimes it is a last resort for people over the age of 55/60 to raise finance. It can be used as a means to raise finance to be able to travel, buy a new car or make home improvements.

We are not the type of firm who believe in pushing our clients into something that they do not want to do just to please a lender or a mortgage broker, even if it means that some of our fees will be forfeited. We always work with you to ensure that everything that is carried out, all advice given and every decision that is made is in your best interests. A good mortgage broker / financial advisor will have the same stance.

Lifetime Mortgages

When obtaining a lifetime mortgage, the loan would be secured against your property. In the unfortunate event of your death and in other circumstances, the lender can sell your property to recoup the loan and the interest that has accrued. Lifetime mortgages allow you to either take the full mortgage advance when you complete or part of it and keep a cash reserve / drawdown. The draw down can then be withdrawn as and when you choose.

“Dear Ayesha, Thank you so much for all your help. You have been the embodiment of helpful efficiency and accuracy – J. Lewis, London – 12th February 2013

Home Reversion Plans

An alternative to a lifetime mortgage is a home reversion plan where part or all of your home is sold to the lender and in return they pay you the sale sum and allow you to continue to reside in the property for either a minimal rent or with no rent payable. This would mean that the bank will own all of part of your property.

We are Equity Release Specialists

Lifetime mortgage offers differ to standard mortgage offers and you would need a solicitor who is experienced in this field to act on your behalf to ensure that your transaction goes smoothly, efficiently and diligently.

Equity release is often a large part of planning for your retirement. As your circumstances will be changing you may need to update your will or make a new will. Ola Leslie Solicitors offer this service and can draft or update your will at a discount if we are acting for you on this type of matter.

Home visits for people with disabilities can be arranged to execute documents that need to be witnessed only by a solicitor and provide you with face to face advice if you reside within a reasonable distance of our offices. Some lifetime lenders insist on having a solicitor witness borrowers’ signatures on their documentation and some permit any independent individual to do this. It would be useful to query this with your lender when you make your application so that you can be prepared for any arrangements that you may have to make when choosing which solicitor to instruct.

As solicitors we are not authorised to provide financial advice. If you wish to apply for a lifetime mortgage or a home reversion plan please contact a financial advisor to discuss your options. If you have already reached this stage and need a reliable and proficient solicitor to carry out the legal equity release process at a reasonable fixed fee, please contact us on 0207 183 0084 or info@olaleslie.com