Equity Release in the TRNC?

squashmad · Post by **squashmad** » Wed 07 Aug 2013 6:40 pm

Does anyone know if Equity Release (or something similar) is available in the TRNC?

If so, could you please 'pm' me with any information or contact details.

Thank you.

Philoz · Post by **Philoz** » Wed 07 Aug 2013 7:47 pm

As an ex IFA in the UK, and working within a heavily regulated environment there ,It's really not something you would want to consider here given the lack of consumer protection,even if such a thing may exist here.
The best you could consider ,in my opinion,and assuming you need to raise cash for whatever reason, would be to strike some sort of sale and long term leaseback deal-supervised all along the way by a good lawyer.
Hope this helps.

squashmad · Post by **squashmad** » Thu 08 Aug 2013 11:31 am

Appreciate your comments but it is still something I need to find out about.

Do you know if what you are suggesting available in the TRNC?

chelwood · Post by **chelwood** » Sat 10 Aug 2013 1:04 pm

sqashmad , sale and leaseback is available anywhee where a purchaser of your property is prepared to lease it back to your , this would raise the full property value leaving you with a rental agreement , there are plus and minuses , and this is where good legal advice comes in , if you are not concerned about staying in your current property you could just sell and then rent a property of your choice , this to me would be your best choice as it is far easier to sell without a leaseback , as well as asking a lawyer for legal guidance it may be worth speaking to a couple of estate agents for their opinion giving you as much information as possible to help you make a decision .