Legal News
Millions of Over-50s Will Use Property to Fund Retirement (3 October 2011)
Date: 03/10/2011
A recent study has revealed that two million over-50s plan to use their property to fund their retirement plans. The survey, conducted by investment firm LV, unveiled that almost a third of over-50s plan to use their property to pay for all, or a portion of, of their retirement. Experts claim that it is a sign that many people have failed to save into a pension, or have paid into a pension only to be disappointed at the amount that it is worth. The majority of over-50s intend to put their family home on the market and downside to a smaller home, using the remainder of their cash to fund their retirement. Some claim that they will relocate to a cheaper area in order to release the money tied up in their current home. Others intend to remain in their current property but will use an equity release product to fund their retirement.
Vanessa Owen, who heads equity release at LV, believes that many over-50s have been left feeling “vulnerable” in the current economic climate. Miss Owens added that for the majority of over-50s, their home is their greatest asset and this means that an increasing number are considering releasing equity from their property at a later date. Many claim that due to their lack of savings, their retirement will have to be delayed, as they cannot afford to retire at the age at which they previously hoped.
The residential property conveyancing department at Duncan Lewis can aid their clients in achieving a stress-free move. The team of conveyancing solicitors can ease clients through the process of selling a family home.