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Unlocking equity

As the popularity of equity release schemes increases, there is a growing need for solicitors to be able to advise clients on the subject. Michael Wilson explains the basics

30 January 2004

The role of the solicitor in equity release schemes is crucial. Schemes for the older householder seem to be more in evidence than ever – and yet these are the very people who are vulnerable and in need of expert advice. Many solicitors are not consulted until the client has more or less resolved to go ahead anyway. Perhaps it would be helpful if solicitors found a way of publicising the availability of advice on such schemes to their older clients. This might encourage them to seek advice at an earlier stage. Used correctly, these schemes can be very useful indeed. But there are cases when good advice at an early stage would have highlighted some alternative courses of action. Before looking at other options, here is a review of the schemes currently available. Reversion schemes Under a reversion scheme your client actually sells all or part of the home to the company in exchange for capital or extra income fixed for life. Your clients are guaranteed the secu...

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