Can I Sell My House If I Have Equity Release?

Selling your house or flat with equity release is usually possible but may have a few extra steps to take.

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Your top questions when selling property with equity release

✅ What is equity release?

If you’re the owner of a leasehold or freehold house or flat, equity release is a process through which you can borrow money against the amount that you have already paid your mortgage provider back, balanced against the value of your property. It can be a good way to free up some funds for your retirement, but certain conditions apply to qualifying for it.

✅ What are the requirements for equity release?

There are several criteria that you need to satisfy for obtaining equity release, including that your house or flat must have a value of at least £70,000, the property must be your primary place of residence, the house or flat needs to be in a fair condition, you are required to be the legal owner of the property and you must be aged at least 55 years old.

✅ What are the benefits of getting equity release?

Equity release can be a great way to obtain a large lump sum of cash that can help with a wide range of expenses that you might face in retirement, whether that’s paying for medical expenses, funding a holiday or any other reason. Another benefit of taking equity release for your property is that you can continue to live in the home until you decide to sell it.

✅ Are there any drawbacks of taking equity release?

Yes, the costs involved with equity release can be quite high as you might face a higher rate of interest compared to other types of borrowing. Equity release could also reduce the overall value of your leasehold or freehold property, and in turn that could result in you having to pass along a smaller value estate to whoever you might have named in your will.

✅ Can I sell my home after I have taken equity release?

Yes, there are no prohibitions on trying to find a buyer for your existing property even after you have taken equity release out on it. The specific conditions for selling such a home will depend on the legal agreement that you signed with the mortgage provider, but in many cases you should be able to transfer your current debt to the next property that you buy.

✅ How much will I pay in fees to sell my home with equity release?

This depends on the method that you choose for selling your property, because you will not pay any commission if you either sell your house or flat without any third party help, or you sell to a zero-fee quick buying company like LDN Properties. Selling via an auctioneer or estate agent will require that you pay fees, and these will be taken out of the eventual sale proceeds.

✅ What is considered the fastest way to sell a property with equity release?

Usually, selling to a quick buyer such as LDN Properties is the fastest option because they should be able to complete the entire process of purchasing your flat or house within a few weeks, and that includes the time it takes to exchange contracts. But selling on your own, through an estate agent or via an auctioneer could all take at least several months.

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