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bigger textThe Lifetime Lease - frequently asked questions
A Home For Life Plan is fast becoming a popular alternative to home ownership for the over 60s. Here are some frequently asked questions and answers:
- Home For Life Plan Questions
- How much will my Home For Life cost?
- Once I have entered into the Home For Life Plan is it possible for me to move again?
- Are there any monthly payments to make?
- Who is responsible for maintaining the property?
- What happens if Homewise goes out of business?
- In the case of a couple, what happens when one of us dies?
- What happens if I need to move into long term care?
- How long does it take to arrange a Home For Life Plan on my new home?
Home For Life Plan Questions
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How much will my Home For Life cost?
The cost is dependent upon your age, marital status, gender and property criteria. Please call us on FREEPHONE 0800 043 33 66 for your "no obligation" personalised quote.
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Once I have entered into the Home For Life Plan is it possible for me to move again?
Yes. We understand your lifestyle needs may change at a later stage and we guarantee your ability to move into a more suitable home subject to meeting the company’s criteria at the time. You will be responsible for the costs involved.
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Are there any monthly payments to make?
No. Your purchase under the Home For Life Plan involves only a one-off payment. The Home For Life Plan is not loan based, therefore, there is no interest, rent or monthly payments to pay.
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Who is responsible for maintaining the property?
You will be responsible for the upkeep and maintenance of the property.
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What happens if Homewise goes out of business?
In the unlikely event that this should happen, you are fully protected in your home by your Home For Life Plan. Your solicitor can confirm the safe nature of the Home For Life Plan and that you are totally secure for your lifetime/s. We have been in business for nearly 35 years so please be assured that we are well established in our field.
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In the case of a couple, what happens when one of us dies?
The Home For Life Plan continues until the second person dies or goes into long term care.
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What happens if I need to move into long term care?
To fund your long term care the social services department will make an assessment of your care needs and assess your income or savings. If these are low, the local authority may pay in full, or part, for the costs of your long term care – this varies depending on the local authority. In regard to the property, it will be sold and any percentage of the proceeds you have retained will be paid on completion of sale, to you or any authorised nominated representative.
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How long does it take to arrange a Home For Life Plan on my new home?
We would normally expect the process to take 8-10 weeks. It may be quicker if your solicitor is familiar with the Home For Life Plan. If you decide to sell your home using our Part Exchange facility then this time can be reduced.
