Next Steps
- Go and see your Financial Advisor - the decision to go
ahead with a Home Reversion Plan must be carefully considered
to ensure it is the best solution for you. For this reason
Neville James deals exclusively through Financial Advisors
who are specially qualified to give advice on Equity Release.
Your advisor will look into your personal situation and
should provide you with a written report. Assuming a Home
Reversion Plan is the right solution for you, the report
will contain a personalised Key Facts Illustration showing
the amount you will receive, more information about the
plan, and an application form.
- Complete and return the application form to your Financial
Advisor along with a cheque for £95 (for properties
valued at less than £500,000) which represents a contribution
towards the valuation fee and is refundable on successful
completion of the Home Reversion Plan.
- We will arrange for an independent qualified surveyor
to visit and value your home. There is no obligation to
proceed at this point.
- Subject to a satisfactory valuation we will send your
Financial Advisor a formal offer, a copy of the valuation
and an example of the lease (or co-ownership agreement in
Scotland). To proceed you must sign the offer paperwork
and return it to us, after discussing it with your solicitor.
You will then be bound to enter into the plan.
- The legal work will then take place, transferring ownership
of the property (for Partial Home Reversions full title
to the property is transferred and the retained share is
held in trust) to the Home Reversion Provider and securing
your lease/occupancy. Your solicitor should ensure the lease
is registered at the Land Registry to protect your interests.
You will need to allow around £500 for legal fees
for an average case.
- Upon completion of the legal work, you will receive your
funds. At this point the transaction is complete.
Phased Release
It is entirely up to you to decide how to
release the cash in your home. You may wish to make significant
home improvements or visit relatives abroad, in which case
a one off lump sum might be suitable. Alternatively, you may
feel regular additional funds would make your day-to-day life
easier. If this is the case you may wish to consider Phased
Release.
With Phased Release, start with a Partial
Home Reversion and arrange to review your circumstances with
your Financial Advisor at regular intervals. If you find you
want to release more cash, simply release another portion
of the equity in your home. This can be an ideal way to supplement
retirement income and you do not need to commit to this ahead
of time. As rates generally improve the older you are, you
should also benefit from a better equivalent rate at the time
funds are actually required.
You should note that future releases cannot
be guaranteed at the time you take out the plan. Availability
will depend on the criteria of the Home Reversion Provider
in force at the time the further release is required and it
may be subject to a minimum release amount. There may also
be charges involved.
This is a Home Reversion Plan. To understand
the features and risks, ask for a personalised illustration.
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