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Questions about our home reversion Plan
At Home & Capital we aim to look after your clients’ needs throughout their plan. Through our Home Services team, we are available to respond to any questions your clients may have and help them with problems that might arise. We hope the following will help to explain some of the issues your clients may face over the coming years.
- Who is my client's main contact at Home & Capital?
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Our area manager will normally visit the client once every two
years. This provides the opportunity to discuss any query they may
have about their plan.
- Who is responsible for the maintenance and insurance of my client’s home?
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The client must continue to maintain their home in good condition. Should they have questions on how to deal with a maintenance problem, they should contact us and we will advise them. They can also discuss such matters during our regular visits. Your client is also responsible for insuring their home. We will generally agree that the client can choose whichever insurance company they prefer, as long as they tell us who they are. If the client selects the insurance company, we will require Home & Capital’s interest to be noted on the policy.
- What is confirmation of residence?
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Every six months we will send a letter asking the client to confirm that they are still living in the property. They will do this by signing and returning the letter in the prepaid envelope provided.
- Can my client move?
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Yes, the plan gives the client 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 they wish to move and we will help them throughout the process. Certain conditions apply to such moves, as their solicitor will explain to them.
- What if my client has to move into long-term care?
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If the client eventually needs to move into long-term care, they will surrender the lease and the property will be sold. If they have retained an interest in the home they will receive the value of their part of the ownership. If they have sold all of the home, they could receive an early leaving payment. If your client is considering leaving their home under these circumstances, please ask them to contact us and we will help them throughout the process.
- What if my client wishes to move in with relatives?
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If the client eventually needs to move in with a relative, they will surrender the lease and the property will be sold. If they have retained an interest in the home, they will receive the value of their part of the ownership. If they have sold all of the home, they could receive an early leaving payment. If your client is considering leaving their home under these circumstances, please ask them to contact us and we will help them throughout the process.
- Can relatives or a carer stay in my client’s home?
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It is perfectly acceptable for the client to invite another person to live with them in their home. We will require that person to sign a waiver and the client will need to sign an indemnity.
- What happens when my client dies?
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The Agreement will come to an end in the event of the client’s death and the death of their surviving partner. The property will then be sold. If the client has retained a part ownership of the home their estate will receive that proportion of the sale value of the property, net of the selling expenses.
- Who will value my client’s home?
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To ensure that their interests are fully protected, the client must choose their own surveyor. We will then instruct the surveyor and meet his/her fees. However, if they do not want to choose their own surveyor, we have an approved list to choose from, or if they prefer, we can go ahead and arrange this on the client’s behalf.
- Who actually buys my client’s home?
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Home & Capital Trustee Company Ltd, a group company, will be the registered owner or part owner of your client’s 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 does my client use?
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Your client must use their own solicitor. It is important that your client receives independent legal advice. If your client does not have a solicitor we may be able to provide names of solicitors in their area who have acted on behalf of other homeowners.
- How long does it take?
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From the time that your client has decided to go ahead, having discussed our offer with their appointed solicitor, and once we receive their 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?
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The cash your client receives is tax-free, providing the property is your client’s main residence.
- What if my client’s life is already impaired?
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Depending on your client’s medical condition, we should be able to offer them improved rates.
- My client is receiving certain state benefits - will any of these be affected?
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You should consider the effect of the plan on means tested benefits. We recommend that your client seeks advice from the local Benefits Office. Attendance allowances, however, are not affected.
- Can my client benefit from an increase in property prices?
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If your client has retained an interest in the value of the home, they (or their estate) will receive their share of the appreciated value when the property is sold. Equally, they are protected from any fall in the value of the part they have sold.
- How should my client involve their family?
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We recommend that your client talk to their family and children and discuss all the options with them fully before reaching any decisions.
What our plan holders
say
We are happy to answer any further questions you or your client may
have at any time. Please call us on 01234 340511 or our local
rate number 0854 6013260. If you are acting on behalf of an
existing client of Home & Capital, please ask them to call our
Home Services team direct on 0845 4560821, on any queries regarding
their property.