Equity Attorney

Attorneys Real Estate Group

We Handle Real Estate Contracts, Builder Disputes, Failure To Disclose & More..

“In equity law, courts can apply justice following natural law, which stems from ancient English common law. In a conflict between equity law and common law, and neither can render the correct verdict, equity law prevails.”

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Equity Attorney

In response to rigid legal procedures, equity law emerged. When plaintiffs could not get the result they needed to continue living, they turned to the King. To deal with Equity law, the King established the Court of Chancery.

A major difference between law and equity in modern practice is the remedies each provides. Equity may be awarded if monetary damages are inadequate to compensate for the loss in a civil lawsuit.

In this instance, if someone infringes on your trademark, you may be able to recover monetary damages, but your business could be ruined. Equity is how a court can order someone to stop doing something through an injunction.

Equity is another area where the judge makes all the decisions. Nowadays, most federal and state courts combine equity law and common law into a court with general jurisdiction.

Many people distrusted courts of equity when they existed because they were obscure and governed by obscure rules. Because equity law relies on precedent, it contradicts the institution of law.

As of 1938, the Federal Rules of Civil Procedure abolished law/equity separation in federal courts. Law and equity courts are still separate in only three states today. The Court of Chancery in Delaware is a major reason for Delaware’s incorporation practices.

Typically, the Chancery Court handles corporate law, trusts, wons, probates, marriages, and divorces. Any area of law can enjoy an Equity Attorney who understands equity law’s history, where it is applied, and where it applies.

 

Why do we need an equity release attorney?

To process equity releases, we need independent legal advice. You get legal and financial advice on equity release if you hire an equity release attorney. This protects you from ‘rogue’ equity release advisers or third parties who may exert undue influence.

You deserve to have a lawyer who works for you. Advisors, lenders, or anyone else cannot force you to hire a particular lawyer. Choosing an attorney is entirely up to you.

There will also be an attorney representing your equity release lender.

The attorneys for equity release providers are primarily accountable for ensuring that we can take the first legal charge on the property upon which the loan is based.

To find the best equity release plan, you must receive impartial financial advice from an expert. Contact us or fill out our online form for a free consultation about equity release options.

If you decide to proceed following discussions with a financial adviser, your attorney must provide independent legal advice.

 

How does equity release work?

Equity release can be a means to boost the worth of your house. If you’re age 55 or older, you may cash out tax-free. It’s possible to do this without paying off your current mortgage, but it must be paid out of the cash you take out, and you aren’t required to leave the home. The loan is paid back using the proceeds from your home’s sale following the time the final borrower dies or is placed in long-term care.

With equity release, you don’t have to be concerned about the need to pay monthly installments. It could fund things like making retirement plans, helping family members, or improving your house.

Equity can be released by releasing it in one large lump sum or smaller portions over a duration. The amount you can remove will depend on how old you are as well as the worth that your house is worth.

Does equity release show on land registry? Suppose you accept a lifetime mortgage in which you take out a loan against the worth of your property. This allows you to transfer an untaxed portion of the equity in the home while you are still the owner.

The name suggests that life-long mortgages will last for your life. Interest accrues throughout the loan and is included in the total amount you took out. If you plan to pass on any inheritance to relatives or beneficiaries, this could be an issue.

 

Can You Get an Equity Release With Joint Ownership?

Yes, you can definitely obtain an Equity release on jointly owned property. Most people who qualify to get equity release can be joint owners. You must apply with an equity release loan lender and notify them that you and your spouse are the property owners. This will enable you to share identical rights regarding the equity release.

If you want to release equity but your partner doesn’t, you can submit an individual application for equity release. But, your partner must accept this, knowing that their experience with equity release will differ from that of someone who has made joint applications.

Many are concerned that their partner’s poor credit or income might reduce their chances of acceptance in an equity release plan. It is something to take into consideration.

However, many equity release lenders don’t conduct affordability checks since they do not just want customers with a good income and an excellent credit score. Instead, they look for homeowners with homes worth their weight regardless of how much cash they can access.

A fantastic credit score can allow you to qualify for bonuses through equity release. This implies that your application might be more favorable if the partner you are working with has a high credit score or is in reverse.

If you passed in the absence of your partner or moved into long-term care before your birth, they must leave the house, and they will not be eligible to receive the rest of the equity loan.

 

Circumstances which need a Transfer of Equity:

Marriage: If two people own two houses, they often choose one house for their marital home, so transferring it into joint names makes sense. Transfer of equity is what this refers to.

This transfer of deeds or equity is generally viewed as a gift by the law since the person adding their name to the deeds does not have to pay the total price. An undervalued transaction is also called this.

Divorce and separation: When divorced, spouses may have to transfer their shares of jointly owned properties back to one of them to keep ownership. Alternatively, a Transfer of Equity can qualify as a gift by the law.

It is possible, however, to have the law not view this transfer of equity as a gift if there was a court order.

Tax – Many accountants recommend property owners transfer equity to their children or relatives. Shared financial obligations can be more tax efficient, and they can also be referred to as transfers of equity, and in law, they may also be considered gifts.

On the surface, equity transfers seem simple, but they are legal processes. Transferring equity legally can be complex, so consult an attorney qualified to provide legal advice.

 

How do we choose an equity release attorney?

Your adviser must know about any regular attorney you use. Your adviser can speak to the lender to determine if your attorney is on the equity release lender’s panel and meets their requirements.

Lenders typically need at least 3 or 4 actual lawyers/partners in any law firm used for equity release applications. Using your usual local attorney to meet this requirement may be challenging. Equity release is not the only mortgage rule that applies; it is often also true of standard mortgages.

 

How much will my equity release attorney cost?

To get a quote on equity release fees, it’s advisable to consult with a few attorneys before choosing one. We recommend allowing £995 for your attorney fees, including VAT.

Ensure your fee covers legal advice, money laundering checks, charges for bank transfers, and VAT. You may also need additional legal services as part of your application process. At Attorney Real Estate Group, we offer services in the following areas:

  • In divorce and title transfer cases, third-party lawyers often assist;
  • Changes in name deeds – such as if your title deeds are still in your maiden or married name;
  • Title deed restrictions and CCJs;
  • Third-party lawyers and bankruptcy issues;
  • Third-party lawyers & lease extensions;
  • Third-party lawyers & property sales/purchases;
  • Splitting the freehold title;
  • A breach of trust;
  • Property transfer (into a joint or single name);
  • Letting solar panels at a different rate.

An attorney will charge extra fees in these cases, so please check with them before instructing them. Providing our clients with the best deals and value for money is extremely important. For this reason, we do not charge upfront fees for our advice or to begin an application.

Our clients also benefit from our ‘No-Completion, No-Fee’ agreement. You only have to pay our attorneys once your equity release application is complete.

 

What does my attorney do during the equity release process?

Equity release applications need you to hire an equity property attorney at the start.

 

What does my attorney do during the equity release process?

 

 

There may be slight differences in practices between attorneys, but their service will likely follow a similar path.

 

Case opening

Upon opening your case, your attorney will give you a unique reference number. Any time you need to provide them with information or updates, you will need it.

 

Welcome pack

You will receive an introductory package with information about their service and some forms to fill out:

 

Equity Release Questionnaire

By signing this form, you accept the firm’s terms and conditions. You may feel as if there are a lot of questions. You can apply for equity release under each of them, however. You will also receive better service from your attorney as a result.

 

Confirmation of bank details

Please complete and return this form and your bank statement to the attorney. The lawyer will be able to check the final funds for fraud and ensure they reach your bank account safely when they are sent to you.

 

Title deeds check

You’ll receive a copy of your title deeds from HM Land Registry through your attorney. You can provide them with details about your property, including mortgage and secured loan information.

Additionally, they will review the deeds to determine if anything else needs attention to prevent delays. Later in this article, we will discuss some of these examples.

 

Offer

The lender will send you and your attorney separate copies of the offer as soon as it becomes available. In this stage, the legal team reviews the offer and prepares its legal advice.

 

Signing meeting

When witnessing the mortgage deed, you must have a physical meeting regardless of how you receive legal advice. You will have the opportunity to ask any legal questions at this meeting.

It will be time for you and your attorney to sign the mortgage deed once you are both happy. Equity releases are formally accepted when the mortgage deed is signed.

 

Identity checks

To comply with Money Laundering Regulations, your Equity Attorney must verify your identity. To witness the mortgage deed signing, they must meet with you face-to-face. When you meet with your attorney face-to-face, your attorney usually checks your ID documents.

As soon as you and your attorney have received your offer, you and your attorney will schedule your meeting. As well as proof of your identity and address, your attorney may need the following documents:

 

ID and Age

  • Having a valid passport
  • Driver’s license with a photo card
  • Non-UK national identity card
  • License for shotguns or firearms
  • Electoral Office of Northern Ireland identity card

Having any of the above photo IDs is fine. Suppose you have a valid old-style paper driving license. In that case, you can show evidence of state or local government-funded benefits (for example, proof of housing benefit, council tax benefit, tax credit documentation, pension payments, or educational grants).

  • You must show your full legal name on your ID documentation.
  • Proof of Address
  • The last three months’ bank/building society/credit card statement
  • In the last three months, a bill for household or domestic utilities.
  • Current year’s council tax bill

For the lender’s attorney to review the signed documents, your equity property attorney will send them.

 

Requisitions

An equity property attorney from the lender’s firm will review the case once the signed mortgage deed arrives. We must ensure all documents are ready to complete the case successfully (and receive your money).

Both lawyers will liaise if any questions or additional requirements arise to ensure all is in place for completion.

Completing this part of the process can take as little as a few minutes or as long as several days. Also, you must hire a lawyer who has previously dealt with equity release issues. Having an understanding of what lenders need is even more beneficial!

 

Completion

Equity release funds can help you to pay off your existing mortgage, which your attorneys will handle. If instructed at the end of your case, your attorney will also pay any due fees. In the next few days, you’ll receive the remaining funds.

 

Attorneys and my title deeds

During your attorney’s review of your title deeds, they will determine if anything delays or obstructs the equity release process. Upon highlighting anything, their advice will be provided.

They may look out for the following:

  • To proceed with equity release, there need to be no restrictions, including a Trust in place;
  • Tenants in Common restrictions – our related article explains how you can release equity for tenants in common;
  • Exploring any land restrictions that may exist;
  • Leasing solar panels;
  • Removing a deceased partner from the title deeds during equity release is necessary.

As soon as anything should arise, the Equity Attorney will contact you and us and let us know what action needs to be taken.

 

Bottom Line 

It may be necessary to hire an Equity Property Attorney in certain circumstances. You will likely need to get the signatures of any additional occupants over 17 years old who are permanently residing at your property.

Families or lodgers may be included. The occupiers will probably need a witness and legal advice from an equity release lawyer to sign the documents. No legal representation will be necessary for another occupier who is also a party.

A divorce settlement that includes equity release will need both parties to have attorneys. If you apply for equity release, the freeholder must agree to the lease extension.

The landlord will instruct a lawyer to communicate with the equity release attorney once the lease has been extended. Both parties will need separate attorneys if a property title changes from joint ownership to single ownership or from single ownership to joint ownership.

Additional charges and up-front payments may apply in such cases. Get in touch if you have questions about how your circumstances might impact equity release costs.

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