Equity Release
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Equity Release Solicitors in Stockport and Manchester
For many homeowners over 55, the value locked in their home can provide a vital financial boost in later life. Whether you’re looking to improve your retirement lifestyle, support your family, or cover unexpected expenses, equity release offers a way to access your home’s value without having to move. But while equity release can offer flexibility, it also carries long-term financial and legal implications, and that’s where expert advice is essential.
At Clifford Johnston & Co, our Equity Release Solicitors have over 30 years of experience advising clients across Stockport, Manchester and beyond. We provide clear, honest advice on lifetime mortgages and home reversion plans, ensuring that you fully understand your rights and obligations before proceeding. Our team is accredited by the Conveyancing Quality Scheme (CQS), and we have a longstanding reputation for delivering reliable, client-focused legal services in all areas of property and financial law.
We understand that deciding to release equity from your home is a significant decision, one that often affects your long-term finances and your family’s future. That’s why we offer a personal, face-to-face service, designed to provide you with absolute confidence and clarity at every stage.
Call us today for expert legal advice on equity release, or complete the enquiry form below to speak with one of our experienced Equity Release Solicitors.
How Can We Help?
At Clifford Johnston & Co, we know that equity release is about making a decision that supports your lifestyle, your wellbeing, and your long-term plans. That’s why we offer more than just legal sign-off. We provide a comprehensive legal service, focused on protecting your interests and guiding you through the process with care and clarity.
We will explain the terms of your equity release in clear terms, highlight any potential risks to you or your family, and answer all of your questions before you commit. Whether you’re taking out a lifetime mortgage or entering a home reversion scheme, we’ll ensure that your rights are safeguarded and that the arrangement reflects your best interests.
Our specialist Equity Release Solicitors will:
- Review and report to you on all legal documentation.
- Identify any issues in the lender’s requirements early to avoid delays.
- Offer personal advice during a face-to-face or virtual meeting, ensuring you fully understand the product and the implications for your estate.
- Coordinate with your financial adviser if you have one, or recommend an independent adviser if needed.
We also provide fixed fee pricing for peace of mind, so you’ll know exactly what to expect from the outset with no hidden costs or surprises.
With offices in Stockport and Manchester, we support clients across Cheshire and Greater Manchester, and are proud to be recognised for our professionalism, approachability, and clear, client-first communication.
To find out how we can help you take the next step with confidence, contact our team today.
What is Equity Release?
Equity release is a way for homeowners aged 55 or over to access the value tied up in their property, without the need to sell or move. It allows you to release a tax-free lump sum, or a series of payments, by taking out a secured loan against your home, usually with the agreement that repayment will be made when the property is sold, either after death or when moving into long-term care.
Equity release can be life-enhancing, giving you access to funds for home improvements, supplementing retirement income, or helping your children financially. But it’s a long-term financial commitment and not the right solution for everyone.
Before proceeding, it’s vital to consider how equity release might affect your entitlement to benefits, your inheritance plans, and your future housing needs.
That’s why having the right legal advice at an early stage is crucial. Our Equity Release & Lifetime Mortgage Solicitors are here to give you clear guidance, safeguard your interests, and ensure that your equity release arrangement works for you and your family.
What is the Process of an Equity Release?
Releasing equity from your home is a legal process with long-term consequences, which is why expert legal advice is not only recommended but essential. At Clifford Johnston & Co., we ensure the process is straightforward, transparent, and fully aligned with your interests from start to finish.
Once you’ve consulted a regulated financial adviser and chosen an equity release product, your lender will make a formal offer. At this point, our team will step in to manage the legal process on your behalf.
We begin by reviewing all of the documentation provided by your lender and preparing a clear written report that explains the legal terms and obligations of the equity release. This ensures you understand exactly how the arrangement will work and how it may affect your estate, your family, and any future plans.
We will then arrange a face-to-face or video meeting where you will have the opportunity to discuss the details of the offer, raise any concerns, and ask questions. During this appointment, we will also witness your signature on the necessary legal documentation, which is a key part of the formal legal requirements for equity release.
As part of the process, we will liaise with the lender’s solicitors, carry out property title checks, and deal with the redemption of any existing mortgage or secured loan. If any issues arise, for example, if the property is unregistered, leasehold, or subject to unusual covenants, we will address them promptly to avoid unnecessary delays.
Once all legal checks are complete and your lender is satisfied, the funds will be released. You will receive either a lump sum or an agreed drawdown facility, depending on your chosen product.
Throughout the process, we remain available to provide advice, answer your questions, and ensure that everything proceeds smoothly and on schedule. We aim to provide the clarity and confidence you need to move forward, knowing your decision is informed, secure, and legally protected.
Types of Equity Release
There are two main types of equity release schemes available in the UK: Lifetime Mortgages and Home Reversion Plans. Both allow you to access the wealth tied up in your home, but the legal and financial implications differ significantly which is why obtaining specialist legal advice is so important before proceeding.
Lifetime Mortgages
Lifetime Mortgages are the most commonly chosen option. With this type of equity release, you retain full ownership of your home and borrow money secured against its value. Interest on the loan can either be paid during your lifetime or added to the loan balance, meaning no monthly repayments are required. The full amount, including rolled-up interest, is usually repaid when the property is sold, either after your death or when you move into long-term care. Some lifetime mortgages allow for further drawdowns in the future, giving flexibility depending on your financial needs.
Home Reversion Plans
Home Reversion Plans involve selling part or all of your property to a reversion company in exchange for a tax-free lump sum or regular income. You have the legal right to remain in your home, rent-free, for the rest of your life, but you are no longer the full legal owner of the property. When the property is eventually sold, the provider receives a share of the proceeds based on the percentage of the home they purchased. This option may be suitable for those seeking maximum certainty in inheritance planning, but it offers less flexibility than a lifetime mortgage.
Choosing the right type of equity release will depend on your age, property value, personal preferences, and financial goals. At Clifford Johnston & Co., we will ensure that you fully understand the implications of each option before making any commitments.
Who is Eligible for Equity Release?
Equity release is available to many homeowners in the UK, but not everyone will qualify. Lenders apply specific eligibility criteria, and it’s essential to understand whether your personal and property circumstances meet the required standards.
To be eligible for most equity release schemes, you must be at least 55 years old. Some providers set a higher age threshold, particularly for home reversion plans, which often require you to be 60 or over. If you are applying jointly with a partner or spouse, both of you must meet the minimum age requirement.
You must also own a residential property in the UK that serves as your main residence. The property must be in a good state of repair and typically valued at £70,000 or more. Certain types of homes, such as leasehold flats, non-standard constructions, or properties with agricultural ties, may require additional legal checks or fall outside lender criteria altogether.
If you have an existing mortgage or secured loan on the property, you may still qualify, but you will be required to pay off any outstanding balance either before or at the time of taking out the equity release. The new loan cannot be completed until the previous one is settled.
Lenders will also consider whether anyone else resides in the property. If there are adult children, dependents, or other individuals living with you who do not hold a legal interest in the home, additional documentation or waivers may be needed to confirm they understand they may not remain in the property after your death or move into care.
At Clifford Johnston & Co., our solicitors will assess your eligibility in the early stages of the process. We’ll guide you through the practical requirements and ensure that you receive advice tailored to your personal circumstances and including any concerns about dependents, joint ownership, or the future impact on your estate.
Why Choose Clifford Johnston & Co.?
With more than 30 years of experience providing expert legal advice in property and financial matters, Clifford Johnston & Co. is a trusted name for equity release across Stockport, Manchester and beyond. We understand that releasing equity is a significant decision, one that impacts not just your finances, but also your future and your family. That’s why our service is personal, thorough, and focused entirely on your needs.
We’re proud to be accredited under the Law Society Conveyancing Quality Scheme (CQS), reflecting our high standards in legal practice, client care, and risk management. Our solicitors are approachable, experienced, and always ready to explain things clearly, without jargon or pressure.
Unlike firms that treat equity release as a simple transaction, we take the time to understand your circumstances, assess any legal risks, and ensure that your arrangement is right for you. We offer fixed fees for equity release matters, giving you transparency and certainty from the outset.
Clients come to us because we offer confidence, clarity, and commitment at every stage of the process. With offices in both Stockport and Manchester, and a strong reputation throughout Cheshire and Greater Manchester, we are ideally placed to provide expert, local advice you can rely on.
Frequently Asked Questions for Equity Release & Lifetime Mortgages
Do I need a solicitor to release equity from my home?
Yes. It is a legal requirement to obtain independent legal advice before completing an equity release. Your solicitor must explain the terms of your mortgage or reversion plan and confirm that you understand the risks and obligations. At Clifford Johnston & Co, our Equity Release Solicitors provide written advice and a face-to-face or virtual meeting to ensure your interests are fully protected.
Will equity release affect what I can leave to my family?
Equity release reduces the value of your estate, as the loan and any rolled-up interest will be repaid from the proceeds of your property after your death or when you move into long-term care. However, some lifetime mortgages allow you to ring-fence a portion of your home’s value to preserve an inheritance. We will discuss all implications with you clearly before you proceed.
Can I still release equity if I have an existing mortgage?
Yes, but any existing mortgage must be repaid before or as part of the equity release process. The new loan will take priority over your home, and the amount you can borrow will be affected by the value of the remaining equity. We’ll ensure all legal and financial elements are handled correctly during your transaction.
How long does the equity release process take?
On average, the legal process takes between 6 to 8 weeks from the date the lender issues the formal offer. Timescales can vary depending on your circumstances, such as whether the property is leasehold or unregistered. Our team will keep you updated at every stage to ensure a smooth and efficient transaction.
Will equity release affect my entitlement to benefits?
It can. The lump sum or income you receive may impact your eligibility for means-tested benefits, including Pension Credit or Council Tax Reduction. It’s essential to speak with both a regulated financial adviser and an experienced solicitor before proceeding to understand the full implications.
Can I move house after taking out equity release?
Many equity release products allow you to move, provided the new property meets the lender’s criteria. In most cases, the equity release can be transferred to the new property. We will check the portability terms in your mortgage and advise you accordingly.
Can someone live with me after I take out equity release?
Yes, but they may be asked to sign a waiver confirming they have no legal right to stay in the property after your death or move into care. We will advise you on the legal impact if you have adult children, partners, or carers living with you.
Contact Clifford Johnston & Co
If you are considering releasing equity from your home, expert legal advice is essential. At Clifford Johnston & Co., our experienced Residential Property Solicitors are here to help you understand your options and make informed decisions with complete confidence.
We provide clear, practical legal advice and personal support throughout the equity release process, from reviewing your offer to completing the transaction. Whether you’re based in Stockport, Manchester or anywhere across Cheshire and Greater Manchester, our team is ready to assist.
We are proud to serve clients from our offices in Stockport and Manchester, and regularly act for homeowners across Didsbury, Sale, Wilmslow, Altrincham, Cheadle, Macclesfield and throughout the North West. We act quickly, keep you informed, and ensure that your equity release is handled with the care and attention it deserves.
Contact our Equity Release Solicitors today for a no-obligation discussion about how we can help. You can call us or complete the enquiry form below to arrange a consultation with one of our specialist property lawyers.
Need some professional advice?
Do you have any issues that you are worried about? Contact our professional team for a free, no-obligation informal discussion, where we can discuss your particular requirements in greater detail.