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Equity Release

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. 

For a friendly, personal service contact our property solicitors on 0330 017 6309

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What is equity release?

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

  • It's tax-free
  • You can still live in your property
  • You can use the lump-sum amount to improve the home, fund retirement or help your children to buy their first house.

Why choose Banner Jones for equity release?

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, Mansfield, Nottingham and across England and Wales with their conveyancing needs.

For a friendly, personal service contact our property solicitors on 0330 017 6309

Reversion Scheme

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.

Lifetime Mortgage Equity Release Schemes

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.

Equity Release Advice

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.

I received excellent service for the purchase of my house

Mrs S,Sheffield

Thank 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 B, Matlock

Thank you for working so quickly and efficiently on our case. Everything has gone so smoothly and stress free because of you and we are very grateful. 

Miss E & Mr M, Chesterfield

House Sale & Purchase

Excellent Service

Mr P, Chesterfield

Great friendly service as usual

Mr & Mrs H, Mansfield

I would like to thank yourself and Claire for all your help, patience and understanding throuhgout the conveyancing process of our late father's property

Mr N, Dronfield

Dale and the whole team at Banner Jones were fantastic. Very knowledgeable and friendly. It was a pleasure to deal with such professionalism and positive attitude.

Mr & Miss, Chesterfield

Used Banner Jones twice now to move house, and have found them to be excellent in every aspect. Would highly recommend.

Mr & Mrs C, Grassmoor

Excellent, speedy, friendly service. Assisted with all my queries and very helpful regarding issues caused by the bank holding the money.

Mrs S, Chesterfield

Will always use Banner Jones for their personal approach, friendliness, expertise and to give you satisfaction

Mrs T, Chesterfield

House sale was completed without any problems and very professional.

Mr & Mrs S, Old Whittington

Banner 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.

Mrs M, Whittington

Buying a House

Good service.

Mr & Mrs W, Danesmoor

Everything went smoothly, no trouble at all. Thank you.

Mrs H, Mansfield

The service I received couldn't have been better!

Mrs C, Chesterfield

We’re really grateful for the work you did for us. 10 out of 10!

Mr & Mrs S, Bridlington

Very easy to make appointments, very personal service from all people at Banner Jones, my solicitor was very friendly and put me at ease. If I needed a solicitor again, Banner Jones would be the first on my list.

Mr C, Dronfield

Brilliant service, kept well informed all the way through the process. Would definitely recommend.

Miss H, Nottinghamshire

Cannot fault the service, efficient, prompt and cautious. Matters explained very well and clearly. Pleasantly surprised.

Mr & Mrs D, Mansfield

Service provided was excellent. All the staff were very helpful, considerate and professional. I would highly recommend to friends and family.

Mr W, Nottinghamshire

Josh was brilliant. Many thanks to you all.

D Gamble, Mansfield

Exceptional value for money compared to other solicitors. Direct contact with the solicitor and his assistant. Responses were quick. A very good service and would definitely recommend.

Mrs W, Mansfield

Used the firm before and will use again. Can't think of a better recommendation!

Mrs A, Chesterfield

Conveyancing services


We recently dealt with Jade Cody and her assistant Morgan in relation to the sale of our home and purchase of new property. The service we received was outstanding. Any questions we had were answered promptly and the whole process was made seem less and as stress free as possible by Jade and Morgan. At no point did we feel that they were too busy to deal with our matters and we were kept up to date regularly. We wouldn’t hesitate to recommend Banner Jones for conveyancing services.

(Conveyancing in Sheffield)

Mrs C, Sheffield

Fantastic service – Professional and personable

10/10 service. I always feel looked after when dealing with Mark Bilton and Dawn Wilford. They provide a fantastic service for a very reasonable price. They are always willing to help and are knowledgeable in all areas. I have recommended Mark and Dawn to many of my friends and colleagues and I have only received great feedback.

(conveyancing Solicitors in Mansfield)

Mr M, Mansfield

Efficient and helpful for the purchase of my first home

I used Jade Cody as my solicitor to purchase my first home. I received timely responses to all of my enquiries and was kept up to date on all matters. I would happily recommend Jade and the team at Banner Jones to people purchasing a property!

(Conveyancing Solicitors Sheffield)

Mrs L, Sheffield

First Time Buyer

Thanks again for all your work getting us into the new house. We feel extremely happy here already.

(Conveyancing Solicitors Sheffield)

Mr B, Sheffield

Many thanks again to you and Morgan for all your help with the purchase, you both made it very stress free which was very much appreciated!

(Conveyancing Solicitors Sheffield)

Mrs E, Sheffield

Auction Sale

I really do appreciate the efficiency, speed and professionalism with which you have worked. Especially given the sensitive circumstances.

I would have no hesitation in using your services again and indeed recommending you.

(Solicitors in Mansfield)

Mrs C, Mansfield

Hello Ben/Kate, thank you very much for all your efforts in helping us purchase our house so promptly and completely everything within our timeframe. We will definitely be in touch for any future investments. Thank you once again and hope you enjoy your weekend. 

(Conveyancing Solicitors in Sheffield)

Miss R, Sheffield

Thank you very much for completing this assignment in the timeframe I requested.  I appreciate it very much.  You guys have been excellent throughout in your dealings with this.  Megan has been professional perfection.  I will be using you guys next time (if you'll have me).

(Conveyancing in Sheffield)

Mr C, Sheffield

Thanks Karen and Amber you have all been brilliant through this process!

Mrs H, Leicester

I have been really impressed with Ben the last couple of days.  From my perspective he has been working incredibly hard and has been proactive rather than simply reactive. He has persevered and achieved an outcome that works for us. He has been very responsive, and when I have spoken to him he has been completely honest and very reassuring as well as fully understanding the impact the last few days are having on us!

(Conveyancing Solicitors in Sheffield)

 

 

Mr B, Sheffield

Recommended conveyance service


Cheryl Bradley at Banner Jones Mansfield has carried out conveyance work on 4 properties for me and the whole process has been highly professional.

 

(Conveyancing in Mansfield)

Mrs M, Mansfield

First time property investor


Tim Barley and his team, have been excellent throughout. The entire process has gone seamlessly. We were particularly impressed with how Banner Jones gave us a weekly update and communicated with our estate agents and mortgage broker. We never felt out the loop and we didn't have to chase for information. There is no doubt that we will use Tim at Banner Jones for our next investment. We have already recommended Banner Jones (Tim) to another investor for their next purchase.

 

(Conveyancing Solicitors Sheffield)

Mr & Mrs T, Sheffield

Relocation

Banner Jones provided an excellent service during our relocation. They always responded to any request and were polite and courteous at all times. Moving home is stressful but relocating is even more stressful. Banner Jones made the relocation work for us. Thank You.

(conveyancing solicitors mansfield)

Mrs M, Mansfield

Frequently Asked Questions

An investor has pulled out causing our chain to collapse, what can we do?

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.

At what point in the process is it legally binding?

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.

Equity Release costs?

There are all sorts of “hidden” costs including:

  • Completion
  • Arrangement or application fees
  • Valuation fees
  • Insurance
  • Early repayment charges
  • Legal fees


You should also consider the following:

  • If your circumstances change in the future, will you be able to move home? Any equity release scheme will affect the inheritance you are able to leave to your children or grandchildren
  • There could be implications for your entitlement to social security benefits
  • Who will be responsible for repairs and maintenance of the property?
  • Tax implications
How does Equity Release work?

To be eligible for any of the equity release schemes available, you must generally speaking:

  • Be aged at least 60, own your own home, have paid off all or almost all of any existing mortgage over the property.
  • Own a property worth at least £40,000.
  • Own a property built out of brick or stone.
How long are local searches valid for?

A local authority search completed for a house purchase is valid for 3 months.

How long does the conveyancing process take on average?

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.

Is Equity Release right for me?

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.

What different Equity Release Schemes are available?

The schemes fall under 2 broad headings: “Reversion Schemes” and “Lifetime Mortgage Schemes”. Each type will have advantages and disadvantages.

What happens if there are disruption to banking services due to coronavirus?

If banks or mortgage lenders are unable to move funds around due to staffing shortages then this will disrupt your completion, however, be reassured that they will be doing everything they can to prevent this scenario.

What happens if we can’t produce certificates for work we’ve had done on the house we’re selling?

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

What is Stamp Duty and how much will I have to pay?

Stamp Duty is a tax levied by HM Government on a transfer of property. For residential property this tax is calculated at 1% for property values between £125,001 and £250,000, 3% for values between £250,001 and £500,000 and 4% for those of £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.

What is the difference between Joint Tenants and Tenants in Common?

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).

Will a surveyor/valuer attend the house I want to purchase or are they not carrying out surveys currently due to coronavirus?

Each company will be following their own policies and procedures as well as the government guidelines, which may result in a slower service or more precautions being put in place, or indeed surveys being cancelled.

Will removal companies be happy to enter properties during the coronavirus measures?

As things stand, it will be down to the individual companies who will have their own policies in place so the best thing is to contact our remover and discuss their policy with them.

Will the search providers be able to carry out searches during the coronavirus measures?

The majority of the searches are automated through computer systems and will therefore not be affected, however, the local authority searches are done by visiting the council offices.  Please therefore expect lengthy delays on the return of those searches as some council offices are not allowing visitors.

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We take data privacy very seriously, and we want you to understand and feel confident about how we collect, store and handle your personal data. If you’d like to find out more you can read our Privacy Policy.

Talk to our team

We take data privacy very seriously, and we want you to understand and feel confident about how we collect, store and handle your personal data. If you’d like to find out more you can read our Privacy Policy.