Equity Release Solicitors Glasgow and Hamilton

Many retired people today find themselves asset rich but cash poor. After many years of working to pay off your mortgage, you may find you don’t have enough money to support yourself. In many cases, pensions are not providing the income in retirement that was expected, but the property owned by retired people has grown significantly in value over the years. Equity Release can be a useful means of freeing up cash without having to move home.

Equity Release allows you to release a tax-free cash sum from your property without having to sell, and that’s why many people are considering Equity Release as a means of providing supplementary income in retirement. Our expert Property Professionals can tell you whether Equity Release is the best option for you, and if so, we’ll guide you through the process of freeing up cash in your home.

Scullion LAW is an award-winning high street law firm, famous for Excellence in Client Care. It is our down to earth and dynamic approach that sets us apart from other firms. Regardless of the reason why you want to release equity from your property, whether you want to clear your debts, make home improvements, go on a trip overseas or help out family or friends, our Equity Release Specialists will provide a solution that you need, on time and in budget. Contact our friendly team today to find out how we can help you.

Your happiness is our priority

Equity Release is a specialist undertaking, which should be carried out with expert legal advice. We also recommend that you seek independent financial guidance before committing to an Equity Release product. We can put you in touch with a reputable financial advice firm if you need.

At Scullion LAW, our team will only ever act in your best interests, and you can take as much time as you need to consider whether Equity Release is the right option for your situation. We’re here and always happy to answer any questions you have. When you’re fully informed and ready to proceed, we’ll help you select the right Equity Release product for you and your circumstances.

An Overview of Equity Release

If you’ve just begun to think about Equity Release, there are many factors to consider when deciding whether it’s right for you, and which Equity Release product will best serve your needs. Here is our quick guide to Equity Release, which highlights some of the most important aspects to consider.

Reasons for releasing equity

There are many reasons why people choose to release equity from their home. The most common reasons for doing so include:

  • to improve or maintain a certain standard of living;
  • to make home improvements;
  • to repay debts;
  • to help family members, for example, to buy a property;
  • to visit family abroad; or
  • to fund care in your property where you don’t wish to move to a care home.

Whatever your reasons for looking to release equity from your home, specialist Equity Release Professionals and financial advisors can give you the information you need to ensure your Equity Release will help you achieve your financial ambitions. Our Equity Release Experts are committed to providing a highly professional and personal service. We’ll get to know your goals and needs well and offer you bespoke advice and solutions.

Equity Release – the process

Equity Release is only available to homeowners aged over 55 (although some plans are only available to those over 65). Both age and health help to determine the amount you’ll be able to borrow.

To qualify for Equity Release, you must own your property and any mortgage must be cleared as part of the loan. The value of your property will be the determining factor in the amount you can borrow, since your home’s value is what is being used as security for the loan.

Equity Release can be done in two different ways:

  • A lifetime mortgage – this is where a loan is secured against your property with no monthly repayments to make. Interest is added to the loan and the full amount is paid back when your property is eventually sold following death or if you move into long-term care.
  • A home reversion plan – this involves the sale of your property or part of it to a home reversion scheme company in exchange for a lump sum, but you remain living in your property until your death or until you move into long-term care. This money is not a loan, and you don’t pay interest on it. Where you’ve sold only part of the property then you and the home reversion scheme company share in any uplift in the value of your property when it’s sold.

Should I release equity from my home?

Releasing equity from your home is a big decision, and there are some important elements you should consider and discuss with Property Professionals before making this decision. Equity Release may be more expensive than taking out an ordinary mortgage, and you may be charged a larger interest rate if you take out a lifetime mortgage. There is also no ‘fixed term’ for lifetime mortgages and no date by which you’re expected to repay your loan, but the rate of interest will stay the same throughout the duration of your contract. Similarly, you should understand that home reversion Equity Release plans will usually not provide you with the same value as your home would fetch on the open market.

Equity Release schemes can be tricky to unravel if you change your mind, and that’s why we always want you to be sure it’s the right option for you. Our specialist Equity Release Professionals will explain everything to you clearly and concisely – we’ll never use legal jargon to confuse you. We want you to feel confident you’re making the right decision for your future. Our firm is known for its unfailing dedication to Client Care and for putting our clients’ best interests first. Your happiness is our priority.

Expert Equity Release Advice in Glasgow, Scotland

Scullion LAW’s Property Law team is made up of experts in Conveyancing, Remortgaging and Equity Release. So, we can advise clients on Equity Release, as well as all other Property Law matters. As a full-service firm, we can also help you with any additional legal needs you have at this time of your life, such as Wills and Future Planning, Estates and Family Law.

It is our aim to revolutionise the client experience so that you’ll work with us again in the future and recommend us to your family and friends too. Our clients are truly at the heart of everything we do. This means our advice is always easy to understand, down to earth and in your best interests. We’re friendly and understanding and want to help you make the most of your asset wealth, regardless of your circumstances.

Contact our Equity Release Lawyers in Glasgow, Scotland

Our Glasgow Property Solicitors have the legal expertise to expedite your Equity Release transaction smoothly and efficiently. Because we buy homes as well as sell them, we understand fully what’s happening in the Scottish property market and can give you expert advice on whether Equity Release is right for you.

We also fully understand hyper-local property markets, including Bothwell, UddingstonGiffnock, FinniestonNewton Mearns, the West end and Kelvinside. If you’re looking to release equity from your home in Glasgow or the surrounding areas, contact our Property Experts today to find out what we can do for you.

Contact our Property Professionals in Glasgow and Hamilton today to find out how we can help. Call our Glasgow office on 0141 413 9250 or Hamilton office on 01698 656 219.

Any feedback?

Have you recently bought or sold a house with us? Client Care is very important to our team and we want to ensure that our service is constantly improving and exceeding your expectations. If you’ve any feedback on your experience with Scullion LAW, please email Charmaine@scullionlaw.com our Client Care Manager. We would be delighted to hear from you.

Whenever your personal and financial circumstances change we strongly recommend that you update your Will. Our Private Client team will help through this process, please call for an appointment on 01698 283 265 or 0141 374 2121 or email info@scullionlaw.com. We also have a useful Wills Questionnaire, which you can find here.

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Contact us

Email: info@scullionlaw.com

130 Saltmarket
Glasgow
G1 5LB
01413742121

105 Cadzow St
Hamilton
ML3 6HG
01698283265

730 Dumbarton Road
Glasgow
G11 6RD
01414139076

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