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Yes. You will receive a life-time rent-free lease,
as well as a cash sum.
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No. You can sell a proportion now, say 50%, and sell
some more if you choose at a later date.
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Yes. You may move whenever and wherever you wish.
All we ask is that the property you move to costs less than the one you move
from.
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As it is still your home, you are responsible for
repairs and maintenance -just as you are now.
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We require you to insure the fabric of the building
or, if you live in a flat, to provide evidence that the whole building is
insured. Contents insurance is also your responsibility, although it is not a
condition of the equity-release plan that you carry it.
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No. However, the investor in your property will ask
you to confirm your occupancy [that you are in fact living in it?]. They may
also ask you to let them check on the condition of your home every 2 years.
This visit is by prior arrangement and will last only a few minutes.
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Our investors are very substantial companies.
However, if this should occur, you are fully protected by your lease, so
absolutely nothing can happen to you.
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Yes. It is important that you are reassured by your
own legal adviser that you and your partner have life-time security of tenure.
Your solicitor will also be able to confirm that you are legally entitled to
move if you wish to do so.
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We would normally expect a conveyance to take 10
weeks. It may be done more quickly if a panel solicitor - who is familiar with
the documentation - is used.
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An independent surveyor will put a market value on
the property. We prefer you to nominate the surveyor of your choice, whom we
then appoint. Our own in-house surveyor will then send you a copy of the
surveyor's report along with a formal offer.
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The value you get out of your property depends on
its market valuation and you and your partner's life expectancy. The actuarial
rates used for calculating the cash value to you are the same as those used for
calculating life insurance premiums, annuities and pensions. And remember,
you'll be occupying your home rent-free for life.
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Currently, the capital sum you receive from our
investors is free of capital gains tax. However if you are taking out a plan to
supplement your income or as part of a tax mitigation programme, you should
consult your own professional adviser.
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Yes. Indeed, our investors may pay larger overall
sums if you choose to take payment over a number of annual instalments.
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No. You should consult your solicitor or tax
adviser, as Crown Equity Release only deals with your home.
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Naturally, your home remains very much your home.
All we ask is that you let the investing company know if someone is living with
you permanently, and they will be asked to sign a disclaimer saying they will
leave the property on the death of the surviving partner.
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No. We are writing equity-release plans for clients
from the age of 60.
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Yes. We have several investors who will take an
interest. Consult us if you have a flat in a converted house (rather than a
purpose-built property) or if you have a lease of less than 80 years. We can
normally help.
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Almost certainly. Just let us know the third party's
age and we will be able to make a proposal to you.
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If your doctor or specialist believes that you have
a shorter than normal life expectancy, we may be able to offer improved pay out
rates. This would also apply if one of you is in poor health. Please refer to
us with specific cases.
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In most instances we would be pleased to help.
Call us to find out.
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The equity remaining becomes part of the final
surviving partner's estate in the usual way.
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