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Lawyers relying on property for retirement

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Lawyers are increasingly banking on property to fund some or all of their retirement with 29 per cent planning to use funds from their home or buy-to-let, according to new research from high net worth retirement lending adviser Bower Private Clients. 

The research found that 14 per cent of lawyers plan on renting out property to fund some of their retirement.
 
However nearly a third (31 per cent) are not confident about their retirement planning with 14 per cent admitting  to be ‘very unconfident’ their retirement plans will work out, the study found.
 
Bower Private Client’s research showed that on average more than half (52 per cent) of lawyers retirement funds will come from pensions and 44 per cent will come from property and lawyers keep a regular eye on their plans. More than two fifths (43 per cent) of lawyers have reviewed their retirement plans within the last 12 months.
 
Andrea Rozario (pictured), Chief Corporate Officer at Bower Private Clients, says: “Lawyers can be amongst the top earners and can tend to have greater spending power for assets such as property.
 
“The wealth tied up in homes is a potential source of retirement funding but people who want to remain in their own properties can struggle to access the money efficiently which is driving increasing demand for retirement lending solutions.
 
“The continuing squeeze on pension and investment income could lead to more lawyers  considering how best to maximise what will easily be their biggest asset and look at solutions such as lifetime mortgages.”
 
Bower Private Clients is anticipating a surge in demand for more specialist advice and bespoke solutions for retired homeowners who need to maximise their property assets.
 
It has recruited specialist advisers from private banks and those with high net worth experience and delivers a bespoke service with solutions tailored for each individual client with the initial focus on London and the South East.
 
Bower is working with private banks, accountants and law firms and offers specialist underwriting for high net worth clients as more expensive properties can be freeholds or leaseholds and may need specialist surveys.
 
Advisers are able to provide an individual and personalised service structured to meet client needs.
 

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