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Equity release can be an opportunity to access the monetary value of your home without having to sell it or move out. Often, this process can be complicated, and there are many equity release schemes to consider and compare, each with its own strict deadlines and financial implications.
SMR Solicitors specialises in all matters of conveyancing and have been recognised by the Law Societies Conveyancing Quality Scheme for our impeccable standards of client support and legal services. Our dedicated conveyancing solicitors have extensive experience with equity release and can provide legal insight tailored to your circumstances.
Our equity release solicitors in West Sussex can help you with:
- Equity release schemes
- Contract reviews
- Land Registry
- Complex ownership arrangements
- Signing and completion
Speak to our equity release solicitors in West Sussex
To discuss your requirements and find out how we can help, please get in touch to speak to one of our expert equity release solicitors in West Sussex.
- BOGNOR REGIS - 01243 860323
- CHICHESTER - 01243 780211
- EAST WITTERING - 01243 671782
- SELSEY - 01243 602832
Our equity release services
Equity release schemes
If you’re considering equity release, there are a few different schemes that may be available to you, each with their own considerations. You may be considering a lifetime mortgage or a home reversion plan, or potentially, a sale-and-rent-back scheme.
When you’re ready to start the process, we can advise you on choosing the right scheme for you, making sure you pick the right pathway, fit the qualifications, and have everything that you need.
Contract reviews
Equity release contracts are complex, and having a specialist solicitor review them is essential to ensure fairness, transparency, and compliance with regulations such as those set by the Financial Conduct Authority (FCA) and the Equity Release Council.
A solicitor will assess the terms, highlight potential risks, and clarify any legal jargon, ensuring you fully understand your rights and obligations before committing.
An expert solicitor can also identify hidden costs, such as early repayment charges and compound interest, and explain how equity release may affect inheritance and future property decisions. By seeking legal advice early, you can proceed with confidence, knowing your interests are protected.
Land Registry
No matter which equity release scheme you choose, updating your property title with the Land Registry is a crucial legal step. SMR Solicitors ensure all necessary changes are processed accurately and without delay, preventing any administrative issues that could affect your property rights. This includes handling Stamp Duty Land Tax (if applicable) and ensuring all registration fees are correctly managed.
By overseeing the legal formalities, we help safeguard your interests, ensuring your property records accurately reflect your new financial arrangements. Our expertise ensures compliance with all regulatory requirements, giving you confidence that everything is handled correctly and efficiently.
Complex ownership arrangements
Transferring equity can become more complicated when dealing with joint ownership, trust-held properties, or legal restrictions on the title. In these cases, it’s essential to navigate the process carefully to ensure compliance with legal requirements while protecting your interests. SMR’s specialist equity release solicitors have extensive experience handling complex ownership arrangements, ensuring that all necessary legal steps are followed correctly.
Whether your property is co-owned, held in trust, or subject to specific restrictions, we will assess your situation, explain your options clearly, and help you achieve a smooth and legally sound transfer. Our expertise ensures that any agreements are structured to align with your long-term goals while remaining fully compliant with equity release regulations.
Signing and completion
Your equity release mortgage officially begins once all legal documents are signed, and the necessary legal requirements are met. This process involves reviewing, fulfilling, and exchanging several complex contracts to ensure everything is correctly executed. A specialist equity release solicitor will guide you through this stage, ensuring you fully understand each document before signing.
Once the paperwork is finalised, the funds transfer process begins, and your equity release request is completed. Your solicitor will oversee the final steps, ensuring a smooth transaction and that all financial and legal obligations are properly addressed, giving you peace of mind as you access the equity in your home.
FAQs about equity release
How does equity release work?
Home equity release allows homeowners aged 55 or over to free the value that’s tied into their property whilst keeping ownership and the rights to live in the home. This is typically done through a lifetime mortgage, which lets a homeowner borrow against their home whilst retaining ownership.
Another option is a home reversion plan, where a homeowner can release equity in the form of regular payments or a lump sum by selling a part of the property. Talking through the different equity release schemes available to you with a professional solicitor can help you make your decision confidently.
How much equity can I release?
The amount of equity that you can release will depend on several factors such as the property value, your age, and the type of equity release plan that you’re following. As a general rule, the older you are, the more equity you’ll be able to unlock. It can be as much as 50% of your home’s value.
Do you need a solicitor for equity release?
Yes, you do, because property equity release is a significant financial commitment with long-lasting effects on your financial status. The law, therefore, requires you to seek independent legal advice before proceeding, and it’s best to speak to equity release experts as they can advise on how the scheme you chose may affect your estate, financial portfolio, and inheritance.
Our equity release solicitors specialise in all aspects of equity release and will handle all of the legal aspects for you.
Can I sell my house if I have equity release?
Yes, but the terms of your plan can be a limiting factor. The majority of lifetime mortgages are portable, which means that you can transfer them to a new property so long as it meets the lender’s criteria. Alternatively, if you’d like to sell without transferring the loan, then you will probably need to repay the equity release in full, possibly including making early repayment charges.
How long does equity release take?
In most cases, the equity release process takes between 6-8 weeks, but the timeframe can vary depending on your lender and legal requirements. The timeline will include the following key stages:
- Initial consultation, 1-2 weeks – First, you’ll speak with a financial advisor in order to determine whether or not equity release is right for you. An assessment of your eligibility and financial portfolio will determine whether it’s a suitable option.
- Property valuation, 1-2 weeks – A surveyor will then visit your property to assess its market value, which will eventually determine how much equity you can release, and which schemes are available to you.
- Lender’s offer, 1-2 weeks – Once the valuation is complete, the lender will issue a formal equity release offer, which you can then bring to a solicitor.
- Legal process, 2-3 weeks – This is where you will need to seek professional equity release advice. Our solicitors at SMR will review the offer, explain the terms, ensure you understand your rights and obligations, and handle the necessary paperwork on your behalf.
- Completion and funds release, 1-2 weeks – Once all of the legal checks are completed and the documents have been signed, then the lender will release the funds to you, either as a lump sum or in instalments, as per your chosen scheme.
Unfortunately, there are opportunities for delays at every stage of the equity release process. SMR solicitors can help to anticipate and prevent most problems, and where delays arise, we can help you to act quickly and overcome them so as to limit the disruption. No matter what stage of the process you’ve reached, we can act quickly on your behalf.
How much does equity release cost?
Equity release costs will be dependent on the lender and valuation charges, as well as your legal fees. The lender’s arrangement fee is typically between £500 to £1500, and property valuation can cost between £200 to £500.
We’re happy to discuss your legal fees with you and help you to secure ideal financial circumstances for any extra costs, such as a financial advisor, to suit your needs. We offer transparent fee structures and competitive pricing.
Speak to our equity release solicitors in West Sussex
To discuss your requirements and find out how we can help, please get in touch to speak to one of our expert equity release solicitors in West Sussex.
