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Property legal services news
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B P Collins joins forces with Fairchild Dobbs
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'Clarity needed' over green property laws
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Call to extend stamp duty exemption
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Local authorities planning to enforce Article 4 of HMO legislation
28 October 2011
Popularity of equity release expected to soar
18 August 2010
Equity release is set to become a major growth area over the next few years, independent financial advisors (IFAs) believe. A study conducted by LV= shows 98 per cent of IFAs forecast a surge in customers using equity release, with 35 per cent revealing that this trend is already upon them.
Andrea Rozario, Director-General of equity release trade body Safe Home Income Plans, revealed that many people will plan their retirement around their properties, because they are such big assets. "Releasing the money locked in a home can, under the right circumstances, be a lifeline for cash poor, asset rich people in or at retirement," she explained.
Experts advise that the decision to release equity from a property should not be taken lightly. Of those questioned by LV=, 88 per cent of IFAs identified that equity release could be the preferable option for those in need of long-term care, but also emphasised that this should only be selected under the right conditions.
Posted by Jan Collis
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