Equity release schemes are aimed at a growing number of people aged 55 or over who are ‘house rich but cash poor’ and are looking to free up funds without having to sell up — and without the need for any monthly repayments. As the name suggests, this type of scheme enables homeowners  in Blackpool to release equity in their property, typically by borrowing money against its value, while allowing them to live there rent-free for the rest of their lives.

There can be all kinds of reasons why someone would want to benefit from equity release. It could be because they are in need of additional income to help fund their retirement, to make home improvements, to go travelling or to generally improve their standard of living. It could even be a means of helping out grown-up children to get onto the property ladder.

Regardless of the reasons for releasing equity in a property, the net proceeds can be spent in whatever way the homeowner sees fit. There are two main types of equity release products: a lifetime mortgage, where ownership is retained and the loan repaid from the homeowner’s estate after they die; or a home reversion plan, where part or all of the property is purchased by the scheme provider in return for a lump sum or regular payments, plus a lifetime lease. If you are taking out a lifetime mortgage in Blackpool we can help.

How we have helped our clients

At Blackhurst Budd Solicitors we have a breadth of experience in helping homeowners tap safely into their property wealth. As lawyers, while we are not authorised to provide investment advice or to recommend specific scheme providers, we can step in to provide independent legal advice on the equity release process. In this way we can ensure that our clients understand the long-term nature of their preferred scheme, and that they proceed with full knowledge of both the risks and rewards, as well as their legal obligations.

With the benefit of our specialised team of equity release solicitors, we have helped hundreds of clients with the process of freeing up funds in their homes — allowing them to enjoy their retirement, enhance the quality of their lives, help out their children or otherwise cope with life’s financial challenges, without having to leave the property that they love.

How we can help you with equity release

For those of you who have much of your wealth tied up in your home, and would like to free up some extra money without having to sell up, equity release will enable you to benefit from both a cash injection and the comfort of your own home during your lifetime. You will be able to gain access to your wealth, without the expense and inconvenience of having to downsize.

Whatever the reasons for releasing equity in your property, the net proceeds will be yours to spend as you wish, without the worry of monthly repayments. Our specialist solicitors will assist you throughout the equity release process, ensuring that all the legalities are taken care of, and providing you with sound legal advice every step of the way.

Home appointments

On request we can meet at your home - in Blackpool, Fylde and Preston areas.

How to contact us for help

For expert, independent legal advice and assistance in relation to equity release schemes, call Blackhurst Budd Solicitors in Blackpool, Lancashire today on 01253 629300.