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Current Customers - FAQs
Why do I need to sign and return the Declaration of Occupancy Form?
Each year we need you to confirm that you are still living at the property and that you are observing the terms and conditions of the plan. Should anyone be living with you at the property who is not part of your plan, we will require their details as they will be required to sign an Occupants Deed.
How often do you visit me?
We’ll contact you to arrange for your property to be visited once every three years. The visit will be at a convenient time for both you and the representative acting on behalf of Bridgewater. After the visit we’ll produce an inspection report, detailing the condition of the property. If you’d like to see the report we’ll send you a copy.
Why do you need to inspect my property?
We inspect your property to ensure that it is being maintained to the standard at which it was when you entered into the home reversion plan.
What does the inspection entail?
The representative acting on behalf of Bridgewater will visit you at the time arranged and walk around the house (internal and external) viewing its condition. They will make notes during the visit, take photographs and produce a report after the visit.
How long should the inspection take?
The inspection should only take in the region of 20 minutes.
What happens if work is needed to my home?
If the report identifies that your property requires essential work, we’ll ask that this work is carried out within three months from the date of the report. If you think it will take longer please contact us to discuss.
Will you inspect my property at any other times?
Additionally, for accounting purposes we may from time to time carry out a sample review of all the properties we have a financial interest in. Your property may be selected in this sample. If so this involves an external only viewing of your property by our nominated representative who may need to take photographs. If so they should act responsibly so that your privacy and enjoyment of the property is not affected.
I pay for my buildings insurance why do you require a copy each year?
It is important that we ensure your property has the appropriate buildings insurance cover in place. We write to you each year requesting a copy for our records. Should you fail to provide a copy within 28 days of your current policy expiring, we will arrange for the property to be added to our block policy. You will be invoiced for the cover put in place and charged an administration fee of £50.00.
What happens to my plan when I die?
If you entered into the plan with a spouse or partner, upon the death of the first plan holder, we ask that you inform us and send us the original death certificate, so that we may update our records. We will return the original death certificate to you.
Upon death of the last surviving plan holder, the executors of your Estate need to notify us and provide us with details of the solicitor dealing with your Estate. We would then write to them requesting that the property is cleared and the keys are forwarded to us. We will arrange for the property to be valued and placed on the open market. Once a sale is completed the proceeds will be split in accordance to the percentages owned.
What happens should I need to move permanently into long term care?
If the choice is made for you to move into permanent care we will need written confirmation from you or your personal representative. If you are the sole occupant, arrangements will need to be made to clear your property and return the keys to us. We will then arrange for your property to be placed on the market for sale.
If you entered into the plan with a spouse or partner, and only one of you needs to move into long term care, the other plan holder can remain in the home for the rest of their lifetime or until they need to move into long term care.
Can I add or remove someone from my plan?
If there are two of you named on the plan and you wish to change the Lease of the property to only one of you because the other no longer lives at your property, you must ask for our consent. If this is possible a fee will be payable to us to make this change. Please contact us should you have any questions.
If you would like to add someone to the plan you will need to contact us to see if this would be possible. If so, you would be responsible for all associated costs.
What if a relative or carer wants to live with me?
We would allow a relative or carer to move into the property. You should notify us before they move into your property and they will be required to sign an Occupants Deed to confirm that they will vacate the property within 1 month of your death or moving into care.
Can I make alterations to my property?
If you require any alterations to your property you must firstly obtain our written consent. Any request must be sent in writing with full details of the works involved. We will then make a decision and notify you in writing.
If you are in any doubt feel free to call or email us and one of our team will be happy to help you.
How do I release more money from my home?
If you have not already sold 100% of the equity in your home you can apply to us to release further equity from your property.
The minimum amount you can release is £10,000 or the cash raised from selling 10% of the property, whichever is the lower. However, should you have less than 10% equity remaining in your home, for example already sold 95%, you can still apply to release the remaining equity.
We are not authorised to give advice, and therefore cannot recommend any adviser to you or take responsibility for any advice you subsequently receive. You would be responsible for paying any fees for legal or financial advice.
Am I Responsible for any charges relating to my Home Reversion Plan?
Depending on the action which needs to be taken, a charge may be payable. Please see our
Tariff of Charges
which shows all the administration fees.
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