Equity Release - Ex local authority leasehold property

Nu

Equity Release for over 60s on ex local authority property: 
I am trying to find out about Equity release  for over 55's on my flat which I bought from Lewisham council as leasehold. I am discovering it is very hard to find any lender who will do equity release on either: ex council (despite it being in zone 2 and very close to transport links and only having a small mortgage ) or on a lease that is about 93yrs.  I am speaking with financial advisers but any suggestions from anyone here would be most welcome.

jonesMUFCforever

How long ago did you buy it? How old are you?
Any restrictions on sale at the moment or have you lived there long enough for it not to matter?

Grumpy_chap

Assuming there are no restrictions on re-sale, the relatively short lease could be the issue.  Have you enquired on the costs to extend the lease?

acardus10

Grumpy_chap is right regarding the lease length. With a lease length of 93 years and based on the lenders which would consider an ex-local authority flat, the youngest person on the deeds would need to be at least 67. You can extend the lease if necessary as part of the process but I find that this can be an expensive task. The lease length isn't the only caveat based on the information you have provided as it also depends on how much your property is worth.

Onlooker2

The advice given by MSE Martin on the internet  is wait before getting involved in this mode of borrowing.Also in our opinion you should wait for the findings of the inquiry by the Fnancial Conduct Authority into this industry,look to their websight.The near future of house price inflation ,the only help against any borrowings,is unknown.Wait ,this industry cant wait before 9.00 am this morning they advertised 3 times There are cheaper alternative to raising monies at this difficult time.Consider.