Solicitors and Legal Practitioners

We have been involved in an increasing number of "Silver Divorce" settlements over the years.

How can we help you and your clients?

Where a couple are separating, we can help fund the settlement.  Not always in full, but in part.  By using equity release as a method of raising capital from the matrimonial home, the funds released can be paid to the client that's moving out of the home.

While it's fair to say this doesn't always work for all, as there will be a debt secured against the property, where there are strong emotional ties to the property for one party, it can offer them a way to remain in the home they love.

For those clients that are having to move out of the home, as part of an agreement, equity release can allow them to fund the purchase of the new property they now need to buy.  

Often there won't be sufficient capital available from a settlement to purchase the standard of property they are used to.  In this instance we can use equity release to bridge the gap between capital in the bank and the purchase price of a new property.  So for example...

Mr and Mrs Wilkinson (both aged 70) are separating and own a property worth £500,000.

Mr Wilkinson is due to receive £250,000 in settlement and with which he now needs to purchase a new home, but he knows he'll struggle to buy somewhere he'd be happy in for that amount.

So he has two choices:

Find a home worth £250,000 to live in and not enjoy living there so much

or

He could use equity release as a mortgage to fund the purchase of a property he'll be far more comfortable in for £310,000. (£250,000 deposit and £60,000 raised using a lifetime mortgage against the new property).

A far better outcome and he can live happily in his new home for the remainder of his days.

So if you'd like to help secure your clients financially for the future, let's have a conversation about how The Equity Release Partnership can help.