 |
 |
 |
 |
 |
Questions about our home reversion plan
At Home & Capital we aim to look after your needs throughout your plan. Through our Home Services team, we can answer any questions you have and help with any problems that may arise. We hope the following helps explain some of the issues you may face over the coming years.
- Who will be my main contact at Home & Capital?
-
Our area manager will normally visit you once every two years. This provides the opportunity to discuss any query you may have about your plan.
- Who is responsible for the maintenance and insurance of my home?
-
You must continue to maintain your home in good condition. Should you have questions on how to deal with a maintenance problem, please contact us and we will advise you. You can also discuss such matters during our regular visits.
You are also responsible for insuring your home. We will generally agree that you can choose whichever insurance company you prefer, as long as you tell us who they are. If you select the insurance company, we will require Home & Capital’s interest to be noted on the policy.
- What is confirmation of residence?
-
Every six months we will send a letter asking you to confirm that you are still living in the property and declare if anyone else is living there. You can do this by signing and returning the letter in the prepaid envelope provided.
- Can I move?
-
Yes, the plan gives you the freedom to move home. The plan also explains how the selling and purchasing costs are apportioned under various circumstances. Please let us know if you wish to move and we will help you throughout the process. Certain conditions apply to such moves, as your solicitor will explain to you
- What if I have to move into long-term care?
-
If you eventually need to move into long-term care, you will surrender the lease and the property will be sold. If you have retained an interest in your home you will receive the value of your part of the ownership. If you have sold all of your home you could receive an early leaving payment. If you are considering leaving your home under these circumstances, please contact us and we will help you throughout the process.
- What if I wish to move in with relatives?
-
If you eventually need to move in with a relative you will surrender the lease and the property will be sold. If you have retained an interest in your home you will receive the value of your part of the ownership. If you have sold all of your home you could receive an early leaving payment. If you are considering leaving your home under these circumstances, please contact us and we will help you throughout the process.
- Can relatives or a carer stay in my home?
-
If is perfectly acceptable for you to invite another person to live with you in your home. We will require them to sign a waiver and you will need to sign an indemnity.
- What happens when I die?
-
The Agreement will come to an end in the event of your death and the death of your surviving partner. The property will then be sold. If you have retained a part ownership of your home your estate will receive that proportion of the sale value of the property, net of the selling expenses.
- Who will value my home?
-
To ensure that your interests are fully protected, you must choose your own surveyor. We will then instruct the surveyor and meet his/her fees. If you do not want to choose your own surveyor, we have an approved list that you can choose from, or if you prefer, we can go ahead and arrange this on your behalf.
- Who actually buys my home?
-
Home & Capital Trustee Company Ltd, a group company, will be the registered owner or part owner of your property. Other investors may have a financial interest in this arrangement, but they do not have any rights to enforce the terms of the plan.
- Which solicitor do I use?
-
Your own solicitor. It is important that you receive independent legal advice. If you do not have a solicitor we may be able to provide names of solicitors in your area who have acted on behalf of other homeowners.
- How long does it take?
-
From the time that you decide to go ahead, having discussed our offer with your solicitor, and once we receive your solicitor’s signed certificate confirming this, our aim is to complete the transaction within 6-8 weeks providing all the conveyance requirements are met. We are unable to guarantee a specific completion date.
- Is there any tax to pay?
-
The cash you receive is tax-free, providing the property is your main residence.
- What if my life is already impaired?
-
Depending on your medical condition, we should be able to offer you improved rates.
- I am receiving certain state benefits - will any of these be affected?
-
You should consider the effect of the plan on means tested benefits. We recommend that you seek advice from your local Benefits Office. Attendance allowances, however, are not affected.
- Can I benefit from an increase in property prices?
-
If you have retained an interest in the value of your home, you (or your estate) will receive your share of the appreciated value when the property is sold. Equally, you are protected from any fall in the value of the part you have sold.
- How should I involve my family?
-
We recommend that you talk to your family and children and discuss all the options with them fully before reaching any decisions.
We are happy to answer any further questions you may have at any time. Please call us on 01234 340511 or our freephone number 0800 253657. If you are an existing client, you can call our Home Services team direct on 0845 4560821, on any queries regarding your property.