- Wed 13 Oct 2021
If you are thinking about moving and have begun researching the market, it’s likely you’ve seen properties advertised with an “Over 60s Lifetime Lease”, but do you know what this means?
Take a few minutes to sit back, grab a cup of tea, and watch a quick video from Homewise to explain...
Read on to discover exactly what a Lifetime Lease is and consider if it could be the right solution for you, or your loved ones.
What is a Lifetime Lease?
A Lifetime Lease can be purchased through Homewise, as part of their Home for Life Plan, and is exclusively for people aged 60 and older.
It’s an alternative option for people aged 60+ to secure their next home for significantly less than the market price; up to 59% less* in fact!
They pay a one-off sum to purchase the Lifetime Lease (the cost of which is always less than the full market value) on a property of their choice. Homewise purchase the property at the full agreed selling price, and the Lifetime Lease is registered at Land Registry; this means the customer is legally protected to live happily and securely in that property for their lifetime.
A Lifetime Lease is not a mortgage, loan, or equity release plan, and cannot be used in conjunction with a mortgage. It is a legally binding agreement which is applied to the purchase of a property; providing the Lifetime Lease Owner (the customer) with the right to live in their new chosen home without monthly rent or mortgage payments at any time.
Why do people choose a Lifetime Lease?
A Lifetime Lease provides a simple solution for people to boost their affordability and secure their dream home in the ideal location - and create financial security too!
It may not be the right choice for everyone, but for those it does help it can have a huge influence on the quality of their retirement.
With a one-off payment, customers can live in their perfect property and be free from financial burdens. They are secure for their lifetime in their chosen property and, if they wish to, can also secure a guaranteed inheritance for loved ones in the future.
Many people who Homewise help want to move to a more suitable home, wishing to be closer to loved ones or in a better location; they may have debts to clear, or are divorcing and their onward moving budget will be limited – whatever their moving goals or situation Homewise will try to help.
With a boosted budget, they could...
How can I find out more?
Did you know we have a quick “Budget Booster” available on our website? You can input your current budget and instantly see an estimated boost!
If you are interested to learn more, click to visit the Homewise website through the Budget Booster and get a tailored budget estimate in minutes.
Homewise will then get to know your goals and aspirations for moving and, if a Lifetime Lease is the right solution for your needs, help you to find the perfect property within your new boosted budget. Calculate your boost now!
*Savings on the property value range from 8.5% to 59% for freehold properties and depend on the customer’s age, personal circumstances, and property criteria. Only available to those aged sixty years old and over.
Find out more by visiting our over 60s budget booster page