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Totally trapped

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My wife & I own a new-build apartment (no mortgage). Our only beneficiary has just died, leaving us sitting on a large slice of equity. Apparently, because of the service charge, nobody is willing to consider equity release schemes. Any ideas as the where we go from here, please?

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  • Edi81
    Edi81 Posts: 1,499 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    quickbrew8 said:
    My wife & I own a new-build apartment (no mortgage). Our only beneficiary has just died, leaving us sitting on a large slice of equity. Apparently, because of the service charge, nobody is willing to consider equity release schemes. Any ideas as the where we go from here, please?

    Sell the property, get the cash and down size and enjoy the cash. 
    Sell, buy a freehold and do equity release on that. 
  • Thank you for your reply.
     We have downsized, and that is why we find ourselves in our current situation. As we are both elderly we moved here for the security and peace of mind that this type of development offers.
  • ACG
    ACG Posts: 24,511 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Have you tried a second broker? No harm in getting another opinion. 

    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • MWT
    MWT Posts: 10,155 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    edited 2 February 2023 at 12:21PM
    As we are both elderly we moved here for the security and peace of mind that this type of development offers.
    When you say '...this type of development...' is the apartment in a purpose built retirement community with restrictions on the resale ?
    If so, then I do not think you will be able to obtain equity release easily, but there are I believe a very small number who would consider it, but there will be conditions...
    Things like a minimum property value of £200,000, no new builds, maximum LTV around 66% and resale fees less than 3% of the value.






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