Equity Release Purchases

Many people would like to move to their forever home – maybe near the beach, national park or even closer to family, but it is out of their budget. Using equity release for purchasing allows you to clear your outstanding mortgage (if any) while also obtaining additional funds with which to purchase your new property…

The property sale, mortgage repayment and new property purchase are all finalised at the same time. Cash from your current property along with the equity you release from the new home will give you enough to purchase your new home. What’s more, this is without having to make any monthly payments if you do not wish to.

Once you have found the property you wish to buy, you sell your old property, clear the mortgage and move into your new home. It will be your new home that will then have the equity release mortgage on it. The process is very similar to a property purchase without equity release, but it can take a little bit longer to complete as the lenders also have solicitors that have to be satisfied. You will be required to complete surveys and searches on the property to. This is to ensure that the investment for the lender is sound with no risk.

How we work?

With the growth in purchase cases using equity release, we have established a recognised department to deal solely with these instructions. Our team are experienced conveyancers with vast knowledge in equity release too. Our conveyancers accept the instructions to deal with the equity release, the purchase of a new property and, on most occasions, the sale of an existing property.

If you have a case that you wish to instruct on, please either use our quote or online chat facility or, if preferred, please give our team a call and we will provide a personalised quote so that you can return to your client with figures that can be factored into your financial advice.