Equity Release Solicitors

Equity Release Solicitors

Looking to release equity from your property? At Fitzhugh Gates Solicitors, we’re here to give you clear, straightforward advice to help you decide if it’s the right choice for you.

Types of Equity Release

There are two main types of equity release schemes:

1. Lifetime Mortgages
   • A loan is secured against your property.
   • The loan amount depends on your home’s value.
   • You can take the cash as a lump sum or in monthly payments.
   • You keep ownership of your home, which stays as part of your estate.
   • The loan is repaid when the house is sold (usually after you pass away or move into care).
2. Home Reversion Plans
   • You sell all or part of your property to an equity release provider.
   • You can stay in your home rent-free until you pass away or move into care.

Pros and Cons of Equity Release

Benefits:

• You’ll receive a tax-free cash lump sum.
• There are no monthly repayments.
• You can stay in your home and retain ownership (with a lifetime mortgage).
• It can help reduce inheritance tax.

Things to Consider:

• There may be early exit fees if you decide to end the plan.
• You can’t take out additional loans against your property.
• It might impact your eligibility for state benefits.
• Compound interest can significantly increase the total amount owed.
• The value of your Estate will reduce significantly. 

We’ll make sure you fully understand the pros and cons of equity release, so you can make an informed decision with confidence.

Am I Eligible for Equity Release?

To qualify for equity release, you generally need to:

• Be aged 55 or over.
• Own a home in the UK.

The amount you can release depends on your property’s market value and any existing mortgage. Providers often offer equity release calculators to give you an idea of how much you could borrow.

One key rule: if you have an outstanding mortgage, you’ll need to pay it off first with the funds you release. After that, the rest is yours—whether it’s for home improvements, helping family members, or something else.

Why Choose Fitzhugh Gates Solicitors?

Equity release can feel complicated, but we’re here to simplify the process.

Here’s what we offer:

• Specialist expertise: Our team focuses on equity release, so we know the ins and outs of every scheme.
• Clear advice: We’ll explain everything in plain English, so you feel confident at every stage.
• Support throughout: From start to finish, we’re by your side to guide you through the process.
• Fixed fees: No hidden costs—just clear, upfront pricing.

We’re also part of the Law Society’s Conveyancing Quality Scheme, so you can trust that we’re always up to date with the latest regulations.

Get in Touch

Ready to explore your equity release options? Our friendly team is here to help. Connect with us today.

For an estimate of your solicitors fees for buying, selling or remortgaging your property, use our instant quote tool.

We’ll provide straightforward advice tailored to your needs, so you can make the best decision for your future.