Equity release

quickbrew8

Unable to get equity release as our apartment service charges are too high. Is there an answer or alternative , please?

fatbelly

I don't see why that should be an issue. Can you explain?

If the property is mortgageable you should be able to get some form of equity release from someone.

leosayer

Sell and buy somewhere cheaper that doesn't have a service charge?

What other assets and pension provision do you have?

Silvertabby

Looking at your previous posts, you appear to be living in a purpose built apartment for retirees (McCarthy and Stone or similar?).  From other queries on these boards, it seems that these properties are notoriously difficult to sell on, with many actually losing value, which may explain the equity release companies reluctance to offer you a loan.

What is your reason for wanting to release cash?  Is it because you are now struggling to pay the service charge on top of other bills?  If so, have you checked that you are receiving all and any benefits that you may be entitled to?

quickbrew8

Thank you for your reply. The sole beneficary to our joint estates (our daughter) has sadly died, leaving us sitting on a pile of equity and no obvious home for it. After both working hard all our lives we have no wish to leave it all to charities or the government. We want to change the car, have some expensive holidays etc.

Silvertabby

I'm so sorry.

Unfortunately, there appears to be very little scope for taking equity release from retirement properties. 

quickbrew8

Thank you for your reply.  Does `Very little scope` equate to `absolutely no chance`?  I am get the feeling that there is no point in persuing this .

Silvertabby

Saga don't rule it out completely, but it does appear to be difficult.  Seems it depends on the re-sale and other rules that apply to your own particular property.

Have you actually approached any equity release providers?  Even if they can't help, they may be able to steer you to a firm that can.