Most lenders will require your spouse to transfer onto the title. We can do this as part of the equity release transaction.
Alternatively, your spouse may be treated as an Occupier of the property, and they will be required to sign a waiver over their rights of occupancy. There are disadvantages to this, for example, if you were to pre-decease your spouse, they would not have a right to remain in the home thereafter.
We will advise you of your lender requirements at the outset.
More FAQs
Selling a Property with an Equity Release Mortgage: A Practical Guide There are several reasons why you may want to sell a property which has an equity release mortgage, whether this is because you wish to move house or because you have inherited a property that needs...
Mrs. V had been struggling with debilitating back pain for years. Frustrated by the NHS delays she decided to explore alternative options. This case study highlights the rapid Equity Release mortgage process that allowed her to swiftly book and undergo her life...
Equity release transactions can be more intricate compared to standard re-mortgages due to lender’s additional requirements because this is intended to be a lifelong financial commitment. Our expertise lies in anticipating and comprehending these lender requirements,...
Our process begins with a comprehensive fact-finding session with our solicitor who will ask you a series of questions about the property and your personal situation. This helps us determine if there are any potential complexities. Additionally, we conduct a thorough...
I have worked in the finance department of law firms for over 20 years starting as junior gaining experience and qualifications progressing through to my current role as the Head of Accounts. I have always felt a strong sense of responsibility towards our clients,...
Each case we handle is unique, and the timelines are contingent upon the details of the property title. Typically, when applicants hold a standard residential mortgage with a mainstream lender, and all parties are listed on the property title, the process can be...
Yes, with a lifetime mortgage you remain the registered property owners. If you have a home reversion plan, then you have sold some or all your property to the lender.
Yes, you can. All Equity Release Council approved plans provide for you to be able to move home, transferring the equity release charge to your new home. There are lender restrictions over which type of properties are acceptable, and you may be required to repay some...
There are many different products on the market and, depending on your circumstances and wishes your financial adviser will source the most suitable product for your needs. Some products do provide for monthly interest payments, which have the advantage of ensuring...
No, you cannot, unless you have a buy to let equity release. The terms and conditions are for the applicants’ sole use as their home (save for BTL/Holiday home specific equity release products). You can, with the lender’s prior agreement have permanent ‘Occupiers’ but...