Scarlett Musson: Wills and probate clinic - equity release

When advising clients on their mortgage requirements, the manner in which they own the property often needs to be considered - in other words, whether they do so as ‘joint tenants' or ‘tenants in common'. This is especially relevant for their estate-planning purposes, which may involve the intention to use equity release in later life. Equity release plans essentially allow the individual to borrow money against the value of their home, with the debt being repaid from the sale proceeds after their death. In later life, people who manage on a pension and limited savings may also be living...