Homewise life time lease plan for over 60’s

jettejjane

Ah, I see what you mean. I didn't think it through, assumed the person inheriting would just get the money and Homewise would no longer be in equation. I have had a re-think and this is not a road I want to go down. It seemed like a quick fix for my particular situation. Thanks for reply

Lynb0910

My mother and our estate have been completely fleeced by Homewise. She unknowingly,due to cognitive issues at the age of 68, signed up to the 'Help to Buy' contract and signed away 70% of the value of the freehold, which then turned her into a lifetime tenant. Unfortunately, we will have to buy her out of the contract, which is evil and onerous and only benefits Homewise and the freehold investors who are their clients. You are obliged to sign an occupancy certificate stating that the residence is occupied at least monthly and submit to property inspections and cannot sublet. If you want to move the house must be approved as an investment - worthy home for Homewise and the freehold investor. I would run screaming from them. My mother had the wherewithal to fund the extra £50k or so that she needed for the property she liked, but her lack of capacity meant she forgot to ask her trust fund for the funds. Homewise did not even enforce an Independent Financial Adviser signature before she signed, and the lawyer they gave her was THEIR lawyer. Disgusting. Stay away from them if you care about your estate. My mother paid £225k for a £275k property, and was left with a value of 30% of the property plus numerous fees to pay. These people are evil. Also, they aren't regulated by any ombudsman or by the FCA. I wonder why.