How old must I/we be to apply?

60 years or over. In the case of couples you must both be 60 years or over

What types of property are considered?

Because the Lease for Life is so flexible most types of residential property can be considered, even retirement property, unlike many equity release schemes

Is there a price limit?

No. We will consider any property value

Will I own the property?

Legally the home is yours for the rest of your life (or lives if you’re a couple). Just like equity release you have complete security in your home for your lifetime

Am I safe and secure in the property?

Yes. You will be granted a rent-free lease for your lifetime

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Do I have to take my full entitlement?

No. You could take a proportion, for example 50%, therefore any remaining equity will go to your estate

Once I have entered into the Lease for Life can I move?

Yes. We understand your needs can change and guarantee you can move into another home of your choice, should you wish to do so. You would be responsible for all costs involved e.g. estate agent’s fees, both the Company’s and your solicitor fees and your removal costs. This type of flexibility is a feature not always offered by equity release schemes

Who is responsible for maintaining the property?

It’s your home for your lifetime and therefore you are responsible for ongoing repairs and maintenance, just as you are now

Are there any sets up costs or arrangement fees?

No. Unlike many equity release schemes there are no arrangement fees for you to pay. You will need to pay a valuation fee should you wish to proceed. Again, unlike many equity release schemes this fee is refundable as soon as you move in to your new home. It is only retained if you withdraw from your purchase

Who is responsible for insuring the property?

Content’s insurance is your responsibility. Building’s insurance will be advised on a case-by-case basis

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What happens if the Investment Company goes into liquidation?

In the unlikely event this takes place; you are fully protected by the lifetime leasee, so absolutely nothing can happen to you or your home

Do I need a solicitor?

Yes. It is important you take independent legal advice, confirming you (and your partner) have lifetime security in the property. Your solicitor will also be able to confirm you can move if you wish to do so. If you do not have a solicitor, we can provide a panel of independent, recommended solicitors, without obligation

How long would the purchase take?

We expect the purchase of your new home to take approximately 8-10 weeks. It could be faster if you used a solicitor from our panel, on the basis they are familiar with the legal documentation used in a purchase under the Lease for Life

How do you value the property?

An independent surveyor will be instructed by Dawn Charles to value the property. Should you wish to use a surveyor of your choice, you are free to do so

How do I know the Lease for Life is good value?

The discount/contribution you receive is based upon the property’s value, according to the independent surveyor’s report and also your (and your partner’s) life expectancy. The rates used for calculating your entitlement are similar to those used for equity release schemes. In fact the Lease for Life discounts/contributions are higher than the payouts offered by many equity release providers – meaning greater financial benefits than those offered by many equity release schemes

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Are friends and relatives allowed to stay?

Yes. Your new home is yours for your (and your partner’s) lifetime. All we ask is you let us know if somebody is going to live with you on a permanent basis and they will be asked to sign a disclaimer stating they will leave the property on your demise, or that of the surviving partner

I am in poor health. Can I enter in to the Lease for Life?

Yes. If your doctor or specialist believes you have a shorter than normal life expectancy, we may be able to improve your discount. Please refer to us with special cases, we can provide a health questionnaire for you to complete and return to us

Will I be disturbed once I have moved in to my new home?

The Investment Company will ask us to confirm your occupancy (that you are in fact living in your new home). They may also ask us to arrange an internal inspection, to assess the internal condition of your home. This would be at the most every two years and would be arranged in advance at a date and time that is at your convenience

Where does the Lease for Life operate?

We operate the Lease for Life throughout the United Kingdom

Are there any additional payments?

No. The Lease for Life is not a loan; unlike many equity release schemes there is no interest for you to pay. With a single one off payment you purchae a rent-free lease for your lifetime

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Should I discuss the Lease for Life with my family before going ahead?

Yes. We recommend you discuss your plans with your family before incurring any costs. If they have any questions relating to the Lease for Life, we will happily to discuss the matter with them