Our clients had spent many wonderful years in their magnificent Georgian manor house nestled in the picturesque Brecon Beacons, where they raised their family. As the children grew and moved on, it became clear that their beloved home had become more spacious than they needed. They faced a dilemma: they cherished their location, desired to downsize, yet also wished to maintain space for visiting family and friends. The perfect solution emerged: converting the outbuildings into unique dwellings and selling the main house and gatehouse.
Over several years, the clients executed their downsizing plan. They divided parcels of land from the main title, navigated the conversion process with architects, secured planning permission, and adhered to building regulations.
The outcome led to a complex web of titles with intertwined covenants and rights spanning the land. Additionally, being a rural property, it featured its own private drainage system, resulting in an extensive trail of documentation.
For over 18 months, the clients pursued an equity release as the final step in their retirement downsizing strategy, encountering numerous obstacles. Their initial solicitors, lacking experience in equity release, failed to anticipate potential lender requirements, leading to a cycle of document submissions to lender solicitors, reactive query handling, and repeated offer expirations while queries were resolved. Unfortunately, their timing coincided with rising interest rates and lower loan-to-value ratios, necessitating alternative products with varying lender requirements, often resetting their progress.
This ordeal took a significant toll on the clients, causing mounting stress and anxiety about securing the equity release they needed. In a moment of desperation, they confided in a friend who had heard about Tivoli Legal and suggested they reach out.
We took immediate action and meticulously dissected and mapped the rights and covenants across the multiple titles, resembling a matryoshka doll. Then we identified, gathered, and analysed the relevant documentary evidence, coordinated inspections, collaborated with third parties, drafted deeds of covenant, and aligned every detail to meet the lender’s stringent requirements. Remarkably, they achieved completion within a mere six weeks of instruction.
While not every case is as intricate as this one, with its multitude of facets and extensive history to unravel, this case study serves as a testament. Until titles are scrutinised, documents identified, gathered, and analysed, predicting lender requirements remains elusive.
Our clients learned this lesson the hard way, discovering the distinction between equity release and residential conveyancing. This difference is defined by the expertise and experience of the legal team involved.
With the weight of uncertainty lifted, our clients can now enjoy their well-deserved retirement without financial worries. May their golden years be long and stress-free!