Lifetime lease

Koblenzer

Hi everyone, I am over 60 and in the process of selecting a new house to settle down in retirement. Today I received an advertisement in the post from a firm called Homewise asking us to consider a Lifetime lease, with the option to retain up to 50% of the property's value. They also claim that there is no rent, mortgage or interest to pay. Does anyone know of the firm or the Lifetime lease? Any one been involoved with them who could share their experience?
In anticipation - thanks.

G_M

Never heard of them, or the scheme, but my first reaction is either ... scam.... or, like share schemes, not good value.

The 'useful information' section on their website is revealing:!!!

Useful information

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:rotfl:

Get professional advice from a financial advisor who understands the scheme and /or a solicitor.

oldone_2

A relative used Homewise several years ago and is very pleased. All she has to pay is to insure the house, nothing else to pay.

Jeffrey_Shaw

Take legal advice before committing to a 'lifetime lease' (equity-release) scheme. Reputable companies offering this type of arrangement ought to be members of SHIP (Safe Homes Income Plans): http://www.ship-ltd.org/

Koblenzer

Thanks to all those that replied. I have had an email from the company and it appears that we would qualify for a 20% discount on the price of a house. So, for instance, for the Life time lease on a £400,000 property we would need to pay £320,000. Then when we had passed away the property would revert to the company. Not for us I think.

G_M

Sounds like a really good way to spend a lot of money buying a house and then instead of leaving it to your kids in your will, just leaving it to some Ltd Company instead!

JB40

Homewise worked for my parents. They saved a lot more on their purchase but I presume they are older than you. I would rate this company - really helpful, family based company. Better than dealing with the large corporates. Solicitor has to advise you as well and they were happy with everything. Nothing to do with SHIP - thats for people doing equity release on thier own home - I checked all this out. Of course the company makes money but it worked for mum and dad as well.

hazyjo

Only two posts, both plugging this company... call me cynical, but...

Hmmm.

Jx

JB40

Only joined a couple of days ago and trying to give feedback on what I know - this happens to be something and is fresh for me.

Cynical you are but see what you say.

Will try commenting on other matters ASAP!

How about something on accountancy which is my profession. Probably too boring :rotfl: