We know people look forward to retirement and yet for some close to retirement age, that dream may feel quite distant. At Banner Jones, we've helped many homeowners to generate a tax-free lump sum by releasing equity tied up in their property.
Talk to Banner Jones. We are ready to help you.
Equity release allows homeowners over 55 to extract cash from the value of their property by taking out a secured loan against their home.
You pay no immediate interest on the money you borrow. Instead, the interest is rolled up at a fixed rate, agreed at the beginning of the loan. Then the loan is paid in full when your property is sold.
Reasons why people choose to release equity include:
If you are considering releasing some of the equity in your home, please book an appointment and we will be happy to discuss your options. We can meet you with your financial adviser if you wish, to make sure the advice is integrated. If you do not already have a financial adviser, we would be happy to recommend a specialist, independent adviser who can discuss your circumstances in detail.
These equity release schemes involve you selling all or part of your home to a Reversion Company. In return, you receive a lump sum or a monthly income. You and your partner can stay in the home, usually rent free, for the rest of your lives. When the property is eventually sold (usually on the 2nd death), the Reversion Company receives a % of the sale proceeds equal to the % of the property that they bought from you.
This heading covers a variety of different equity release mortgage schemes, all of which involve you borrowing money secured on the value of your home. Again, you can receive either a lump sum or a monthly income. You continue to own all of your home and the loan is repaid to the lender when your home is sold. You can choose whether to make interest payments or whether the interest is “rolled up” and paid back when the property is sold.
When considering taking a loan against your home, it is critical to have the best expert advice. With a wealth of experience and a team of dedicated specialists, you can rest assured that Banner Jones can help.
As a Leading Legal 500 UK law firm, we've helped thousands of people in Sheffield, Chesterfield and Mansfield and across England and Wales with their conveyancing needs.
For a friendly, personal service contact our property solicitors on
To find out whether equity release is really for you, we have developed the following article outlining key information.
Mrs S,SheffieldI received excellent service for the purchase of my house
Talk to Banner Jones. We are ready to help you.
The current market and national economy is so uncertain that people may choose to wait and indeed remove their risk by pulling out of the transaction. Although there is no reason not to carry on as normal in terms of the legal process we have to consider slower transaction times or hesitant investors or buyers.
You can withdraw from a sale or purchase up until the point contracts have been exchanged. Any deposits paid after exchange of contract will then by non-refundable. After contracts are exchanged you are then responsible for the property you are buying and should arrange suitable insurance from this date.
There are all sorts of “hidden” costs including:
You should also consider the following:
To be eligible for any of the equity release schemes available, you must generally speaking:
A local authority search completed for a house purchase is valid for 3 months.
We usually say 8-12 weeks for an average sale or purchase. Queries and concerns can often come out of the local authority searches which need further investigation and sometimes this leads to re-approval from the Mortgage lender. This can add further time into the process.
It may be that you could consider other options as opposed to equity release, such as moving to a smaller property or cashing in other “nest eggs”, such as premium bonds or savings.
The schemes fall under 2 broad headings: “Reversion Schemes” and “Lifetime Mortgage Schemes”. Each type will have advantages and disadvantages.
You can indemnify the work by taking out an insurance policy. This means that you can not be held liable for any future fault on the work that was done. We can arrange this for you
Stamp Duty is a tax levied by HM Government on a transfer of property. For residential single property ownership this tax is calculated at 5% for the portion of the property value between £250,001 and £925,000, 10% for the portion between £925,001 and £1,500,000 and 12% for the portion £1,500,001 and over. Duty may also be chargeable on any rental charge (leases only) - this affects both residential and commercial leases where different thresholds are applied. There are different rates for First time buyers and "second homes/buy to let".
Tenants is Common is where two or more people are entitled to the proceeds of sale in distinct shares - on the death of one, his/her interest will not pass to the survivor(s) but will be part of his/her estate. Joint Tenants are on the other hand 50/50 Co-owners of land - when one of them dies, his/her rights of ownership pass to the survivor(s).
We know that moving house is often a very busy and stressful time. This may leave you more susceptible to falling victim to property fraud. This guide outlines useful advice on what you can do to help protect yourself.
The restrictions on overseas travel has seen a race for UK holiday accommodation. Where property owners look to make money from ‘staycations’ by offering their homes on sharing platforms such as Airbnb, the ease of letting does not take away the responsibility to understand and keep up with relevant rules and regulations.
There are several reasons why downsizing your home may become a serious consideration for you in the future.
To find out whether equity release is really for you, we have developed the following article outlining key information.
Mrs S,SheffieldI received excellent service for the purchase of my house
Mrs B, MatlockThank you for my Dad's house sale. We were really impressed with the service you gave. The whole process was fast, we never had to chase and you kept us up to date with everything very quickly.
Mrs S, ChesterfieldExcellent, speedy, friendly service. Assisted with all my queries and very helpful regarding issues caused by the bank holding the money.
Mrs T, ChesterfieldWill always use Banner Jones for their personal approach, friendliness, expertise and to give you satisfaction
Mr & Mrs S, Old WhittingtonHouse sale was completed without any problems and very professional.
Mrs M, WhittingtonBanner Jones was friendly, helpful, efficient and considerate. My cousin recommended them to me and I will not hesitate to use any of the services they offer when the need arises.
Mr & Mrs W, DanesmoorBuying a House
Good service.
Mrs H, MansfieldEverything went smoothly, no trouble at all. Thank you.
Mrs C, ChesterfieldThe service I received couldn't have been better!
Mr & Mrs S, BridlingtonWe’re really grateful for the work you did for us. 10 out of 10!