What is Homewise's Home for Life Plan?

Homewise has helped thousands of people aged 60 and over to move forwards on their life's journey – and they could help you too. What's more, it's exclusive to Cubitt & West.  

Senior couple moving home

What is Homewise's Home for Life Plan? 

In short, Homewise's Home for Life Plan is where you'll make a single, one-off payment – which could be up to 59% less than the asking price of the property – to purchase a lifetime lease that enables you to live in your new home without any rent, mortgage or interest repayments for your lifetime. 

Which properties are eligible for Homewise's Home for Life Plan? 

The plan is a lifetime lease option which can be applied to pretty much any property on the open market, as long as it is in England or Wales and built of standard construction, that is, not a boat, park home, static caravan or chalet, etc... If you've seen a property you like, then speak to Homewise and find out how they may be able to help.

So, can you use the Home for Life Plan on your current home? Unfortunately, no. This option is open to movers only. However, the plan can be applied to almost any property on the open market being sold by any agent – including houses and flats which are both old and new – so you're sure to find a new home that you'll love and be able to benefit from using the Home for Life Plan to live there. 

Take a look at all of the current Cubitt & West properties for sale in Sussex, Surrey and Hampshire and discover the guide price if you were to choose a lifetime lease. 

Do I need to be aged 60 or over to benefit?

Yes – Homewise's Home for Life Plan is only available to individuals and couples aged 60 or over. You'll also need to be eligible to live in the UK. But that's it! 

If your partner, or the person you're going to move in with, is under 60 they won't be eligible to be a named occupant on the lifetime lease, so will have no legal right to live in the property without you. In these cases, it's always better to wait until you're both 60 or above to make the move, so you can both benefit from the security and are both protected to live in the property for your lifetimes. 

How does the plan work for buyers? 

When you choose your new home and a Home for Life Plan with Homewise, you'll essentially purchase a lifetime lease giving you the legal right to live in your new home for the rest of your life, or until you move into full-time care.

Your lifetime lease will require a single, one-off payment and will be legally-binding and fully protected. You will not pay any rent, mortgage or interest repayment to live in your new home at any time. On the Land Registry, you'll be listed as the Lifetime Occupant(s) of your home, so no one can make you leave.

How much will a lifetime lease will cost? 

Since every Home for Life Plan is tailored to the customer's situation, the exact amount that you'll pay will depend on a range of things. The property in question (location, freehold/ leasehold, size and so on) as well as your personal circumstances (your age and marital status, for example) will all be factors when calculating what you'll pay.

Discounts range from 8.5% and 59% off the market value of the new home, depending on these personal circumstances and property criteria. Whatever discount is agreed for you, Homewise or its investors will purchase the property at the agreed selling price from the vendor, and you will pay the one-off discounted price for the lifetime lease on that property.

Will I own the property, and can I leave an inheritance through Homewise? 

Whilst you will not own the property itself, you do have the option to protect and safeguard up to 50% of the property's future value for inheritance. When the plan ends, the property will be sold, and any safeguarded percentage of that sale price will go to your estate.

Find out about Homewise for buyers

So, to summarise, here are the benefits of choosing a Home for Life Plan…

  • Live in your new home for as long as you like - you'll never be made to move.

  • Your name will be listed on the Land Registry as your home's Lifetime Occupant.

  • You'll live in the property of your choice for a significantly reduced price - up to 59% less, in fact.

  • You pay a one-off payment to Homewise and will live securely in your new home without any rent, mortgage or interest repayments - ever.

  • Homewise's Home for Life Plan is entirely flexible - you're free to move as the plan can be easily transferred to another property if you wish.

  • Secure up to 50% of your home's future value and leave this to loved ones.

  • Use your own independent solicitor to manage your move.

How does Homewise help sellers? 

Pittis can offer sellers the exclusive opportunity to benefit from a free second online advert through Homewise. It means that you can advertise your property to two different markets at two different advertised prices, reaching a wider audience of prospective buyers.

You get two separate listings on Rightmove, Zoopla and On the Market, giving you twice the exposure. The second listing would show the property with the Homewise Home for Life Plan option and a discounted guide price for buyers who are over 60.

The best part? You'll still receive the full, agreed selling price for your property, not the discounted price.

Find out about Homewise for sellers

At a glance, the benefits of Homewise to sellers…

  • Free extra listing on Zoopla and Rightmove – maximising your chances of your property being seen and creating more opportunities to book viewings, increasing your chances of selling quickly.

  • Tap into a whole new audience of serious and motivated buyers.

  • Advertise your property to multiple markets while you still pocket the agreed selling price.

  • No obligation and no risk – you can change your mind at any time.

  • Pay no extra for the Homewise advert... it's completely free!

For more information about the Homewise Home for Life Plan pop in for a chat at your local branch or get in touch today.