Home Reversion Plan
This involves the reversion company purchasing or arranging for someone else to purchase some or all of your property. You get the sale proceeds as a cash lump sum, although with some schemes the lump sum is invested to generate a regular income. Since the reversion company cannot re-sell the property until the earlier of your death or you move out, you will receive less than the market value for the percentage being purchased - typically 35% - 60%.
Generally speaking, the older you are when you start the scheme, the higher the percentage of the actual market value you'll receive for the portion of the property you are selling. When the property is sold, the reversion company receives the same percentage of the sale proceeds as that which they originally purchased. Your estate benefits from any rise in the value of any part of the property you may have retained.
For mortgage advice; a flat fee of £295.00 is payable upon application to the Mortgage Lender, the Practice will also receive a procuration fee from the Mortgage Lender, details of the level of this payment will be given to you, prior to you making any decision to proceed.
Alternatively;
You can elect to pay an hourly Fee rate of between £175.00* and £200.00 per hour, any procuration fee payable from the Mortgage Lender will be refunded to you. A minimum fee of 4 hours of chargeable time is applicable with this option, this would equate to between £700 and £1000, based on 4* hours of chargeable time. An average of 4 to 10 hours of chargeable time is usually applicable in most cases dependent on the level and complexity of advice required.
This is a Home Reversion Plan. To understand the features and risks, ask for a personalised illustration