Online free quote
enquiries@fosters-solicitors.co.uk
01603 620508
For the majority of us our home is the biggest asset we will own, as well as being the largest financial commitment we will make. We appreciate that sometimes financial circumstances can change, or you wish to release maximum value out of your home to reinvest into your next step on the property ladder, or another life or business venture.
Whatever your circumstances, we can help you with your legal property needs.
An equity release mortgage (also known as a lifetime mortgage) is a special type of loan, which is regulated by the Financial Conduct Authority and is designed to run for the rest of your life. It allows you to borrow money secured against your home to give you a lump sum, or a regular income, whilst allowing you to retain the use of your home or property.
Many view equity release as an opportunity to have a more comfortable retirement, afford home improvements, pay off personal debt or help other family members financially.
We have helped our clients complete on their equity release scheme and navigate them through the terms and conditions of their agreement. You normally need to be at least 55 years old and it is important to understand what is involved, including the differences between the main types of scheme – lifetime mortgage and home reversion.
We will guide you through the terms of your equity release agreement and help you understand what it means for you, and for your family in the future.
A lifetime mortgage scheme usually provides for the cash sum or instalments, and any interest accrued, to be repaid from your estate after your death. Whilst a home reversion plan involves selling your home, or part of it, upfront to the scheme provider – who then allows you to stay in your property rent-free for the remainder of your lifetime or until you move into care.
We will help you understand what your obligations will be under the scheme you choose, and also the implications for your future estate and what you might have left available to pass on to your family or beneficiaries.
The national Help to Buy: Equity Loan scheme ended on 31st March 2023 and is no longer available. This initiative was one of a range of government schemes introduced to help first-time buyers and those struggling to compete financially in a vastly competitive housing market. Shared ownership continues to be an option available for first-time purchasers, or those with limited incomes.
For those who purchased their home through the Help to Buy scheme and are now looking to sell or remortgage their property, we have the experience and expertise to support you through the necessary legal process. This will involve you repaying all or part of your Help to Buy: Equity loan by undertaking a number of steps to complete the government’s repayment application process, full details of which are available on GOV.UK
Once this process is complete and an administration fee paid, the Help to Buy Customer Service team will issue a redemption (repayment) letter and the legal agreement can be formalised. Our Residential Property team are vastly experienced in helping our clients complete this process with the Help to Buy scheme and help you repay what’s required.
Our property experts have put together some frequently asked questions about Shared Ownership schemes.
If you are buying a property with others, you may wish for your respective financial contributions to be protected. It is important that such shares are clearly agreed in writing between all parties and the necessary protection for each person is registered on the legal title to the property. Up to four people can jointly be registered as legal co-owners of a property, with other individuals able to have an interest in a property which is often in the form of a financial contribution or share.
Fosters Solicitors can ensure that you are all adequately protected, recommending that you have a Declaration of Trust in place, and that your future wishes concerning your interest in the property are clearly stated in your will.
When you are purchasing a property with others we will discuss with you your ownership options and what is in your best interests.
In addition to being registered as a legal co-owner, you will be asked if you wish to be joint tenants or tenants in common – both ownership options provide that you will need the consent of the other owner(s) to sell or take a loan out against the property, unless a court order rules otherwise.
However, there are significant differences that can result in legal implications for any future sale or relationship breakdown.
Under joint tenancy, all ownership is treated as equal and in the event of an owner passing away, their share of the property will pass automatically to the remaining owner(s).
Tenancy in common allows for defined shares to be registered. The default ownership ratio is 50:50, but the property can be shared to reflect the number of owners (up to four) and whatever proportion they have contributed or invested. In this situation, if someone dies, their share is distributed as set out in their will and does not automatically pass to the other owner(s).
We work with our clients to decide on the best course of action for them and their circumstances.
Secure your wishes
Our Wills, Trusts & Probate team are specialists in helping you put into place future plans for you and your family. When you purchase or invest into a property, we would always advise that this interest is reflected in your will as soon as possible, making sure your investment is protected and your wishes concerning inheritance known.
Declarations of Trust
A Declaration of Trust is usually used when two or more people purchase a property together, but they or a third party have provided different sums towards the purchase price, and wish to safeguard their investment in the event that the property is sold.
A Declaration of Trust is recommended when:
A remortgage, also known as refinancing, is the process of paying off one mortgage with the proceeds from a new mortgage. There are various reasons for remortgaging, but the most common reasons are for the purpose of switching to secure a more favourable interest rate from a different lender or to release some equity from the property.
Often the expression remortgage is mis-used when used in the context of simply switching from one product to another with the same lender; this is not a remortgage and can be dealt with directly with the lender. If you are looking to find a new deal with a different lender because of a change in circumstances, or to realise the next step on your property journey, our specialists can help you.
We want to take as much of the stress out of your property transaction as possible.
At Fosters Solicitors, we have a dedicated team of professional and approachable experts who offer friendly and efficient advice. We have extensive experience in helping our clients remortgage their property, and want to match your commitment to the process by providing quality service.
A transfer of equity is a transaction where legal ownership of a property changes hands.
Our property experts can help you when a change of circumstances requires a person(s) to be added or removed from a title.
We are proud to hold national accreditation from both The Law Society and the Customer Service Excellence Quality Mark for our commitment to client care.
Across all our practice areas, we aim to provide high quality service to our clients and value their constructive feedback throughout our time working together, helping us to continually improve and maintain the high standards we set ourselves.
Our Residential Property team comprises seasoned experts dedicated to providing top-tier legal services tailored to your homeownership needs. With extensive experience in handling a wide range of residential property transactions, our team is equipped to support clients in every aspect of property law.
