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In certain circumstances, clients contact us to assist them with equity release schemes that they are proceeding to adopt.
Before we can assist with such queries, we always advise clients to obtain independent financial advice ideally from a member of Safe Home Income Plans (SHIP) but certainly from an adviser who specialises in equity release schemes.
It is critical that you consider very carefully before you enter into an equity release scheme about whether it is appropriate for you. The benefit is that you can release capital in your property to allow you to live more comfortably in your retirement but the negative aspect is that it can mean that there is no money to pass on to your family or friends when you die.
We set out below some important considerations before you proceed with such a scheme:
Having considered the above points and spoken to a qualified financial adviser and deciding that you do wish to proceed with an equity release scheme, please do complete the form below and we will be able to provide you with a quote for our work.
Partner and Head of Residential Property
We offer a bespoke and personalised service to our clients, we are not a volume based practice.
Our lawyers are highly respected in the residential property market by clients and other professionals.
Our lawyers have great relationships with local, regional and national estate agents, surveyors, mortgage brokers, accountants and other solicitors and we work with them to ensure a smooth transaction for our clients.
Our lawyers are efficient and available (clients have direct dials and email addresses for the solicitor dealing) as a result the time we take to get from instruction to exchange of contracts is less than many firms in the industry.
We are members of The Law Society accredited Conveyancing Quality Scheme (CQS).
We have recently invested in a brand new case management system with increased efficiency in mind.
It will depend on the circumstances involved and the complexity of certain factors.
As a guide the average time frame from receipt of all necessary papers is 6 to 8 weeks for a freehold matter and 8 to 10 weeks for a leasehold. Leasehold properties have additional checks and usually involve third parties such as Managing Agents who can cause delays.
If substantive work has been carried out, then yes. We record the time spent on a matter and so the bill for our time will reflect the charges for that time spent, plus any disbursements incurred.
Some clients require or ask us to take a hit on costs if the matter becomes abortive.
We cannot operate a “no fee” basis. To do so would create an immediate conflict of interest which is abhorrent and flies in the face of Law Society rules and best practice. For example, if we came into information which would mean that the property in question had such flaws as to be unsaleable, our advice would immediately be compromised by the fee arrangement.
We are not permitted to place ourselves in that position. We must advise as we see fit – if the property has warts – we have to advise “warts and all”.
The Land Registry will require us to certify executed completion documents as true copies of the originals and so for this we need the wet ink originals.
There are different stages in a property transaction. Until exchange, either party is free to withdraw without any contractual penalty.
When “exchange” occurs, the parties are bound to complete on the completion date. If either withdraws, there will be financial consequences.
“Completion” is the date upon which the keys will change hands once the purchase price has been transferred.
Occasionally it is possible to exchange and complete on the same day, but it is more usual for there to be a gap of one or two weeks in between.
It is safest to book removals once there is a contractual commitment, i.e. once “exchange” has occurred. This is because removal companies will expect a deposit to hold the date.
If there is a shorter time between “exchange” and “completion”, or if there is a simultaneous exchange and completion, the removals should be booked in advance although the booking deposit may be at risk of being lost if the matter did not proceed on the day agreed in principle.
It is certainly advisable to obtain a survey in most cases.
Once you “exchange” you are deemed to accept the property condition as it is.
This depends on the type of the property and mortgage involved.
If leasehold, then the lease may regulate whether you can or cannot let your property – or you may need Landlord consent.
If you have a homeowner/occupier mortgage then it would be a breach of the mortgage terms to let the property without the consent or the mortgage lender.
Again – it depends.
Leasehold properties usually have restrictions in the lease regarding alterations and in those cases a formal Licence to Alter may be needed from the Landlord for the alterations you want to make.
Freehold properties may have restrictions in an old deed which determine whether you can erect further buildings/extensions.
Other factors:
• You may need planning permission
• You will certainly need Building Regulations approval – including obtaining a completion certificate
• You may need to serve Party Wall Act notices and enter into an award with your neighbours (a surveyor should be consulted).
Purchasing a property jointly will mean a trust of land arises and you will need to decide whether you wish to be joint tenants or tenants in common.
When two or more people hold a property as “joint tenants” it means that no-one has a specific share. On the death of the first person, the property automatically passes to the survivor(s) irrespective of what their will says.
Yes, but you have to serve notice.
NB, if A and B held as joint tenants and A served B with notice of severance, the presumption is that A and B will become tenants in common in equal shares.
B does not have to consent to the severance.
This means that the owners hold the property and have a definitive share in the proceeds of sale.
If one person contributes 75% and the other 25% then a tenancy in common is the recommended option.
You can dispose of such a share by will. If you do not have a will, your share would pass to the person who inherits your estate under the laws of intestacy.
Please click here to view details of our Residential Property Pricing Information.
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Thank you for contacting TWM Solicitors, your completed form has been sent successfully. If this is an enquiry we are able to assist with, one of our team will be in contact with you as soon as possible. Please note, this may not be until the next working day, and during business hours. If you require urgent assistance, please call: 0330 555 0440.
