Warrington’s leading legal practice is launching an equity release legal service to help homeowners who are considering a lifetime mortgage scheme.
Forshaws Davies Ridgway is offering homeowners legal advice on a range of equity release schemes and lifetime mortgages designed to release the cash tied up in their property. They will also be able to pass clients on to equity release experts if they also require financial advice. Tim Jordan and Vicki Coulthurst, partners in Forshaws Davies Ridgway’s conveyancing department, said equity release schemes could take the pressure off cash-strapped homeowners, aged over 55, this winter with the right legal advice. “Equity release products have had a bad press and been somewhat contentious in the past but they are now much more regulated and controlled,” Tim said. “But clients should ensure they seek the best possible legal and financial advice to ensure that everything is done correctly as this could not only impact on them but also their families when they pass away.” Equity release enables people to free up the value of their home while they continue to live in it, and use the cash to look after their current needs. They have been criticised in the past for being expensive and inflexible but greater regulation by Safe Home Income Plans (SHIP) – the trade body for equity release – has vastly improved the security of the industry. “Equity release is now much more flexible and there are products that offer the security of fixed rates with little or no redemption penalties,” added Vicki. “This offers people options that they might not otherwise have considered, which could vastly improve the quality of their lives – especially in our current economic climate.” “It can feel like a daunting and complicated procedure for people unfamiliar with the ins and outs of equity release, but we can guide you through the legal process and make sure you are speaking to knowledgeable and experienced financial advisers in order to get the best equity deal to suit your circumstances.” Vicki added, “Anybody interested in such a scheme should contact us on 01925 230000 for further advice. We shall also shortly be hosting a seminar on equity release which they could be interested in attending and can ask us for further details.” Forshaws Davies Ridgway is the largest legal practice in Warrington and one of the top 20 in the north west with experts in conveyancing, commercial, criminal, family, litigation, wills and probate.