We know people look forward to retirement and yet for some close to retirement age, that dream may feel quite distant. At Banner Jones, we've helped many homeowners to generate a tax-free lump sum by releasing equity tied up in their property.
For a friendly, personal service contact our property solicitors on
Equity release allows homeowners over 55 to extract cash from the value of their property by taking out a secured loan against their home.
You pay no immediate interest on the money you borrow. Instead, the interest is rolled up at a fixed rate, agreed at the beginning of the loan. Then the loan is paid in full when your property is sold.
When considering taking a loan against your home, it is critical to have the best expert advice. With a wealth of experience and a team of dedicated specialists, you can rest assured that Banner Jones can help.
As a Leading Legal 500 UK law firm, we've helped thousands of people in Sheffield, Chesterfield, Mansfield, Nottingham and across England and Wales with their conveyancing needs.
For a friendly, personal service contact our property solicitors on
These equity release schemes involve you selling all or part of your home to a Reversion Company. In return, you receive a lump sum or a monthly income. You and your partner can stay in the home, usually rent free, for the rest of your lives. When the property is eventually sold (usually on the 2nd death), the Reversion Company receives a % of the sale proceeds equal to the % of the property that they bought from you.
This heading covers a variety of different equity release mortgage schemes, all of which involve you borrowing money secured on the value of your home. Again, you can receive either a lump sum or a monthly income. You continue to own all of your home and the loan is repaid to the lender when your home is sold. You can choose whether to make interest payments or whether the interest is “rolled up” and paid back when the property is sold.
If you are considering releasing some of the equity in your home, please book an appointment and we will be happy to discuss your options. We can meet you with your financial adviser if you wish, to make sure the advice is integrated. If you do not already have a financial adviser, we would be happy to recommend a specialist, independent adviser who can discuss your circumstances in detail.
Thank you for my Dad's house sale. We were really impressed with the service you gave. The whole process was fast, we never had to chase and you kept us up to date with everything very quickly.
Mrs B, Matlock
House sale was completed without any problems and very professional.
Mr & Mrs S, Old Whittington
Buying a House
Good service.
Mr & Mrs W, Danesmoor
The service I received couldn't have been better!
Mrs C, Chesterfield
We’re really grateful for the work you did for us. 10 out of 10!
Mr & Mrs S, Bridlington
Very easy to make appointments, very personal service from all people at Banner Jones, my solicitor was very friendly and put me at ease. If I needed a solicitor again, Banner Jones would be the first on my list.
Mr C, Dronfield
Brilliant service, kept well informed all the way through the process. Would definitely recommend.
Miss H, Nottinghamshire
Cannot fault the service, efficient, prompt and cautious. Matters explained very well and clearly. Pleasantly surprised.
Mr & Mrs D, Mansfield
Service provided was excellent. All the staff were very helpful, considerate and professional. I would highly recommend to friends and family.
Mr W, Nottinghamshire
Josh was brilliant. Many thanks to you all.
D Gamble, Mansfield
Exceptional value for money compared to other solicitors. Direct contact with the solicitor and his assistant. Responses were quick. A very good service and would definitely recommend.
Mrs W, Mansfield
Used the firm before and will use again. Can't think of a better recommendation!
Mrs A, Chesterfield
Conveyancing services
We recently dealt with Jade Cody in relation to the sale of our home and purchase of new property. The service we received was outstanding. Any questions we had were answered promptly and the whole process was made seem less and as stress free as possible by Jade. At no point did we feel that they were too busy to deal with our matters and we were kept up to date regularly. We wouldn’t hesitate to recommend Banner Jones for conveyancing services.(Conveyancing in Sheffield)
Mrs C, Sheffield
Efficient and helpful for the purchase of my first home
I used Jade Cody as my solicitor to purchase my first home. I received timely responses to all of my enquiries and was kept up to date on all matters. I would happily recommend Jade and the team at Banner Jones to people purchasing a property!
(Conveyancing Solicitors Sheffield)
Mrs L, Sheffield
Many thanks again to you for all your help with the purchase, you made it very stress free which was very much appreciated!
(Conveyancing Solicitors Sheffield)
Mrs E, Sheffield
Auction Sale
I really do appreciate the efficiency, speed and professionalism with which you have worked. Especially given the sensitive circumstances.
I would have no hesitation in using your services again and indeed recommending you.
(Solicitors in Mansfield)
Mrs C, Mansfield
Thank you very much for completing this assignment in the timeframe I requested. I appreciate it very much. You guys have been excellent throughout in your dealings with this. Megan has been professional perfection. I will be using you guys next time (if you'll have me).
(Conveyancing in Sheffield)
Mr C, Sheffield
Thanks Karen and Amber you have all been brilliant through this process!
Mrs H, Leicester
Recommended conveyance service
Cheryl Bradley at Banner Jones Mansfield has carried out conveyance work on 4 properties for me and the whole process has been highly professional.
(Conveyancing in Mansfield)
Mrs M, Mansfield
Relocation
Banner Jones provided an excellent service during our relocation. They always responded to any request and were polite and courteous at all times. Moving home is stressful but relocating is even more stressful. Banner Jones made the relocation work for us. Thank You.
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Mrs M, Mansfield
The current market and national economy is so uncertain that people may choose to wait and indeed remove their risk by pulling out of the transaction. Although there is no reason not to carry on as normal in terms of the legal process we have to consider slower transaction times or hesitant investors or buyers.
You can withdraw from a sale or purchase up until the point contracts have been exchanged. Any deposits paid after exchange of contract will then by non-refundable. After contracts are exchanged you are then responsible for the property you are buying and should arrange suitable insurance from this date.
There are all sorts of “hidden” costs including:
You should also consider the following:
To be eligible for any of the equity release schemes available, you must generally speaking:
A local authority search completed for a house purchase is valid for 3 months.
We usually say 8-12 weeks for an average sale or purchase. Queries and concerns can often come out of the local authority searches which need further investigation and sometimes this leads to re-approval from the Mortgage lender. This can add further time into the process.
It may be that you could consider other options as opposed to equity release, such as moving to a smaller property or cashing in other “nest eggs”, such as premium bonds or savings.
The schemes fall under 2 broad headings: “Reversion Schemes” and “Lifetime Mortgage Schemes”. Each type will have advantages and disadvantages.
You can indemnify the work by taking out an insurance policy. This means that you can not be held liable for any future fault on the work that was done. We can arrange this for you
Stamp Duty is a tax levied by HM Government on a transfer of property. For residential single property ownership this tax is calculated at 5% for the portion of the property value between £250,001 and £925,000, 10% for the portion between £925,001 and £1,500,000 and 12% for the portion £1,500,001 and over. Duty may also be chargeable on any rental charge (leases only) - this affects both residential and commercial leases where different thresholds are applied. There are different rates for First time buyers and "second homes/buy to let".
Tenants is Common is where two or more people are entitled to the proceeds of sale in distinct shares - on the death of one, his/her interest will not pass to the survivor(s) but will be part of his/her estate. Joint Tenants are on the other hand 50/50 Co-owners of land - when one of them dies, his/her rights of ownership pass to the survivor(s).
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We take data privacy very seriously, and we want you to understand and feel confident about how we collect, store and handle your personal data. If you’d like to find out more you can read our Privacy Policy.
We take data privacy very seriously, and we want you to understand and feel confident about how we collect, store and handle your personal data. If you’d like to find out more you can read our Privacy Policy.
