By admin 2020-10-15 11:36:54

Home Reversion, Can I Sell My House And Still live in it?

Can I sell my house and still live in it? Yes you can, a home reversion allows you too. To sell a part of your home in exchange of a lump sum amount payable to you cash or in installments, and even both. You can still live in your home, rent-free after it being sold using home reversion. You will be able to sell 30% to 60% of the market value of your home or 25% to 100% depending on your circumstances.

How much does it cost?

These are the following fees that you might have to pay for applying for your home reversion:
  • Legal fees - these are fees payable to the independent advice from your solicitor, not your reversion provider.
  • Payment for maintaining your property.
  • Valuation fees from an independent valuator to help determine the value of your property. Fees payable to your advisor for assistance in setting up your scheme and giving out their advice.
  • Payment fees for your provider for arrangement and product.
  • According to terms of the lease, you are liable for cost such as ground rent.

Is This Plan Right For You Or Not

Home reversion plans are usually best suited for older people from the ages of 70 and above, however, they are a high-risk product. they can have an affect on your inheritance, retirement benefits, tax, or long- term financial investments.

Hence it is important to check with your financial advisor before signing up for any equity release scheme or home reversion plan. A financial advisor will help you figure out what's best suited for you according to your financial and/or personal needs.

A home reversion might be best when you need a lump sum amount of cash for various needs such as t going on a holiday, helping out your family, or renovation of your home. Bear in mind that once your home reversion is set, you will only own a part of your home while the maintenance of your home is still due at your expense as you still will be living in it.

Ask Important Questions

The importance of getting your own solicitor to check the lease and give your advice cannot be overemphasized. Asking important questions as well as from your advisor will help you clear out what you misinterpreted or misunderstood.

Go to SmartMortgagesUK and speak to an expert on home reversion or request a quote today.

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