There are a large number of people in their mid to late 50s who are living in properties which have significantly increased in value since they were first bought. This ‘locked up’ money is an important asset which can, in some circumstances, be released to provide you with a cash injection of funds to do anything you like as you enter retirement, from improving your standard of living or carrying out home improvements to giving your children the deposit they need to get on the property ladder.

The most common unlocking device is an equity release scheme, which is similar to a conventional mortgage expect that nothing has to be repaid until you die or enter long term care. There are various types of product available, including lifetime mortgages, drawdown lifetime mortgages and home reversion plans – all of which work slightly differently, but have the ultimate aim of providing you with the disposable cash you need to do the things that you want to do (tax free), without the risk of your home having to be sold until such time as it is no longer needed.

But there is a catch of course, because the money advanced to you will eventually have to be repaid, with interest, and this will inevitably impact on the provision you can make for your loved ones by way of inheritance.

Deciding whether an equity release plan is right for you is something that requires careful consideration and advice from both an independent financial advisor and a specialist equity release solicitor.

We are fortunate enough to have the expertise needed to advise on the legal implications of signing up to this type of arrangement and to attend to the legal formalities that will need to be complied with if you decide to proceed.

Equity release services

Working within our wider residential conveyancing team, our equity release lawyers can:

  • explain the terms on which an equity release product is being offered to you;
  • confirm the amount of money you can expect to receive and when;
  • clarify the amount of interest you will need to pay and the total amount that will therefore be owed assuming you were to die or enter long term care at 60, 70, 80 and so on;
  • explain what the implications of signing up to a particular product are and, importantly, whether your home will remain your own or whether ownership of your property will pass to the equity release provider, with you becoming a lifetime tenant; and
  • outline the implications for your family in terms of lost or reduced inheritance.

Assuming you decide that you still want to go ahead, we can obtain the necessary documentation from your chosen provider and attend to the legal formalities needed to ensure your later life mortgage goes through.

If the need arises, we can also support you in arranging the transfer of an equity release plan from one property to another – for example, if you elect to downsize and the property you are moving into is sufficient security for the debt owed.

Why choose Step Legal Solicitors?

Our equity release lawyers are not just here to process the paperwork involved in a later life mortgage. They are here to ensure that you understand what you are signing up to, that you have elected to go down this route through your own free will and not as a result of undue pressure, and that you have given proper consideration to the implications of what you are doing, both from your own point of view and that of your family. We do this by providing you with bespoke legal advice, tailored to your needs and circumstances.

That said, we are not here to cause undue delay where you are certain that you want to proceed and indeed the equity release service we offer is fast and efficient and delivered for a fixed fee, the amount of which you can gauge in advance by using our free online quote calculator.

We have a conveniently located office in Crewe, from where we serve clients throughout Cheshire and Staffordshire and even further afield into the counties of Shropshire, Derbyshire and Greater Manchester.

We also offer a free Polish translation service and regular updates by telephone and email so that you always understand what is going on.

All work is supervised by the head of our residential property department, Anees Khan, who is a qualified solicitor with over ten years’ conveyancing law experience and a wealth of knowledge about the equity release sector.

Want to find out more?

To discuss our equity release service, or any other residential conveyancing matter, you can call us for free on 0800 195 6412 or email us at