Home Move

Portability

Wanting to move within your plan


As time goes by, your housing requirements may change.  As part of your plan it may be possible to downsize, move area or move property to be closer to family or friends. Please contact us on 0800 0322118 to discuss further.

If your plan allows you to move to a substitute property, we recommend that you seek independent financial and legal advice before proceeding.  Depending on the terms of your plan, you may be required to appoint a solicitor to act for you. 

All associated legal fees will be your responsibility, including our legal fees.  You will need to pay the costs of selling your current property and pay for a survey in respect of the property you want to move to. Please see our Tariff of Charges

Once you make an initial enquiry, we will send you an information pack which contains guidance notes and the process you must follow during this transaction. 

Things you need to know:

  • The new property must meet our property suitability criteria. 
  • Should the purchase price of the new property exceed the sale price of the current property, you will be responsible for paying any differential in capital. The percentage ownership may need to be adjusted.
  • The purchase price of the new property shall be met out of the gross proceeds of the sale of your existing property.
  • You will enter into a new agreement in respect of the new property; there will be no change to your current Terms and Conditions or obligations.
  • You or your financial adviser will need to complete a Home Move application form.
  • We will arrange estate agent apprasials for your property and discuss with you prior to marketing.
  • A sale must be agreed on your current property before we would look to offer on another.
  • Our solicitors will be instructed to act on our behalf for the sale and purchase of both properties. 

What if I decide I want to move home?

You can transfer your Home Reversion Plan to a new property, providing the property meets our lending criteria at that time.
If the property you are looking to move to is eligible but is higher in value that your current property, you will have to pay the difference.   You may need to seek independent advice and will be liable for all fees associated with moving home, including our legal fees.


How quick can I move properties?

There is a process to follow when choosing to move within the plan.  Your current property must have a sale agreed before we can place an offer on the new property.  Both the sale and purchase must complete simultaneously, so this can sometimes be a lengthy process. 

  

Can we release further funds to help fund a house move within plan?

Yes, if you still own a percentage in your home.  You will need seek independent financial advice as required by the FCA, when taking out a further release.   We will provide the documents required to your financial adviser so they can discuss with you the financial implications.   
If you don't have a financial adviser, the following sites can help you find advisers in your local area who are fully qualified, equity release specialists.   They are
www.equityreleasecouncil.com/member-directory  or  www.unbiased.co.uk