Court of Protection
If someone has lost the Mental Capacity to deal with their affairs and does not have an Enduring or Lasting Power of attorney someone will have to apply to the Court of Protection for a court order appointing them to act on behalf of that person. We can help you through this formal procedure by completing the detailed forms required and filing the application for you. When the order is made we can advise you on what you need to do and with the annual returns that have to be made to the Court.
Applications require completion of several detailed forms and specific procedures have to be followed. This can be difficult confusing and bewildering to anyone not familiar with court proceedings. We have the expertise to do this for you and to make it as painless as possible.
Equity Release Guidance
You may be asset rich and income poor. Perhaps you would like to draw money out of your home.
If so you might want to look at equity release.
You will need to be at least 55 although people a good deal older than that will usually get more out of the schemes.
What Equity Release May do for you
- You don't have the upheaval and stress of moving house to unlock equity and raise cash.
- Equity release can also be used to pay for care bills without having to sell up. Equity release may release a lump sum, a regular income or both.
- Providing you are raising money from your main home it is free of tax, although if you then invest the cash there may be tax to pay on any income or growth.
- If your estate has to pay Inheritance Tax raising funds on an equity release and giving it away or spending it may reduce tax, but Inheritance Tax is complicated and you should contact us for specific advice. Other ways of saving tax may be more suitable or might be used as well.
- Various variations of equity release exist. The main schemes are, home reversion schemes, Home Income plans, Interest only mortgages and Life time mortgages .If you would like us to outline the various schemes and /or arrange a no obligation consultation with our financial advisor please contact us.
- These arrangements can be great but they are complicated and are a major, and possibly irreversible, step. Your home is probably the most expensive asset you own; it is also where you want to stay on living. Expert advice on the legal side from Irvings Solicitors and financial advice from our selected regulated financial advisors is therefore vital.