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Ipswich: 01473 226231 Felixstowe: 01394 242805
At Smith & Co Solicitors, we specialise in equity release transactions and can provide legal advice in a face to face meeting while observing social distancing recommendations. We are also able to answer your questions over the telephone or using online tools such as Skype, Zoom or other virtual options.
To find out whether equity release is right for you, here’s some helpful information for you…
If you own your own home, equity release is a way of turning some of the equity in your house into cash.
Yes!
Generally, the schemes are available to people aged 55 and over.
There are 2 main types of equity release: –
For many people having access to a cash sum and staying in their own home is an attractive offer. And even better, with some plans, there are no regular payments to make.
No.
Yes, once you have received your cash lump sum, it’s your choice to spend it as you please.
No! The ‘no-negative equity guarantee’ means that you’ll never repay more than the value of your home. Your estate will never owe more than the property is worth when it’s sold.
All financial decisions must be given your full attention before making a decision. We recommend you discuss the equity release scheme with your family. It could be you want to provide them with some or all of the cash lump sum. However, you must also consider that releasing equity now will reduce the equity in your property on your death.
Also, if you receive any means-tested benefits, this could have an effect on your entitlement to receive the benefits.
For more information on equity release, call Helen Hendry at Smith & Co Solicitors on 01473 228019.
This guide explains the key steps involved in buying a home and how your solicitor supports you at each stage.
Before engaging a solicitor, most buyers begin with a mortgage in principle. This is a statement from a lender saying how much they are likely to lend you, which helps you understand your budget.
Once you have a mortgage in principle, you can begin your property search. When you make an offer on a home and it’s accepted, the legal process — conveyancing — officially begins.
Your first legal step is to instruct a solicitor or a licensed conveyancer. Both are qualified to handle property transactions, including more complex legal matters, such as shared ownership or leasehold issues.
Your solicitor will:
Choosing a solicitor with experience in first-time buyer transactions and good communication practices is crucial — they will be your key advisor during the process.
The seller’s solicitor will provide a draft contract and a set of documents, including:
Your solicitor will review these documents to ensure there are no red flags, such as disputes over boundaries, unapproved building work, or planning restrictions.
Your solicitor will carry out a series of legal searches to uncover any hidden issues. These typically include:
Additional searches may be recommended depending on location, such as mining searches in former coal areas.
Once all documents and searches are received, your solicitor will raise pre-contract enquiries with the seller’s solicitor. These are detailed legal questions about the property, aiming to clarify or resolve any concerns from the search results or contract documents.
Common enquiries include:
Your solicitor will also:
Your solicitor will also receive a copy of your mortgage offer from your lender. They’ll check:
If you’re using a Help to Buy ISA, Lifetime ISA, or another first-time buyer scheme, your solicitor will also manage the application and drawdown of funds.
Once all enquiries are resolved and your mortgage offer is in place, your solicitor will provide you with:
You’ll also arrange to transfer your deposit to your solicitor (typically 5–10%).
This is the point where the transaction becomes legally binding.
Your solicitor will exchange contracts with the seller’s solicitor, meaning:
You’ll also need to arrange buildings insurance from the date of exchange, as you now have a financial interest in the property.
Between exchange and completion, your solicitor will:
On completion day, your solicitor:
This is moving day — you can collect the keys and begin life in your new home!
Even after completion, your solicitor’s work isn’t done. They will:
This process can take several weeks depending on Land Registry processing times.
Having a solicitor is more than a legal requirement — it’s your protection throughout the process. They help:
Solicitors also offer peace of mind in a process that can be fast-paced and emotionally charged. When delays or legal complications arise (which they often do), a good solicitor can manage expectations and find practical solutions.
Here are some typical challenges your solicitor can help navigate:
First-time buyers are also often using help-to-buy schemes, gifted deposits, or family assistance — all of which your solicitor must verify and record properly.
Buying your first home in England or Wales is exciting, but the legal process can be complex. A solicitor ensures your purchase is smooth, legally sound, and in your best interests. Don’t underestimate their role — they’re not just “paper pushers”, but expert guides helping you make one of the most important financial decisions of your life.
At Smith & Co Solicitors, we believe in delivering excellent client care and full transparency when it comes to pricing. We provide a fixed fee quote and a client care letter that itemises all costs and an estimated timeline.
We are regulated by the Solicitors Regulation Authority (SRA), and have outstanding reviews on Review Solicitors:
482 Reviews of Smith & Co Solicitors rated 4.9/5 in Ipswich | ReviewSolicitors
With the right professional by your side, you can move into your new home with confidence and clarity.
Call 01473 226231 for more information or for a quote.
