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Joshua
Joshua, Lawyer
Category: Law
Satisfied Customers: 26070
Experience:  LL.B (Hons), Higher Prof. Dip. Law & Practice
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When i husband was alive we went for the equity release on

Resolved Question:

When i husband was alive we went for the equity release on our home,my husband died 6 years ago.On the estate where i am living A Deal Greener is being offered,because i have a life time mortgage will this affect my chances of taking up this scheme
Submitted: 3 years ago.
Category: Law
Expert:  Joshua replied 3 years ago.

Joshua :

Hello and thank you for your question. I will be very pleased to assist you. I'm a practicing lawyer in England with over 10 years experience.

Joshua :

May I clarify with you that this is a "Green Deal" for efficiency improvements to the property please?

Customer:

yes

Customer:

I am still waiting for your assistance

Joshua :

Thanks. Sorry for the short delay. With your permission I will be with you in a few moments.

Customer:

ok

Joshua :

The Green deal loan is secured by way of a land charge registered by the local authority on the land charges register. Having a mortgage is in the form of an equity release products for a standard high-street loan does not preclude your eligibility for a Green Deal Loan

Joshua :

if you accept such a loan, and they will be registered against your property not on your title but at the local authority's land charges register and will be known by any buyers that potentially buy the property in the future.

Joshua :

the loan does not have to be paid off before the property is sold and can be taken on by any future owner of the property but it potentially may have an impact on the price

Joshua :

should be aware that the Green Deal is presently about to change not too distant future whereby Grants will be offered instead of loans. There is some discussion of the future offer may be better than the present incarnation and you may therefore wish to do some research on this respect before you accept alone under the present rules as you may prefer the proposed future of the grant which goes towards the cost of improvements

Joshua :

is there anything above I can clarify for you?

Customer:

You have helped me,i just would like to know that if i had the money will i be allowed to pay off this mortage

Joshua :

Pay off the equity release loan or pay off the green deal loan?

Customer:

sorry i did mean the equity release

Joshua :

thank you. Certainly. If you are able to repay the loan, it can be paid off at any time by simply asking the company to provide a redemption statement for the loan

Joshua :

if the loan can be repaid, then the charge would be removed from the title and the property would be mortgage free

Joshua :

is there anything above I can help you with any further?

Customer:

no ,Thanks

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