Conveyancing news: People can downsize and reduce debt

People have been advised that they could be helped to pay off debt if they downsize their property when they retire, which conveyancing solicitors could help them with.

Dr Ros Altmann, director general at Saga, said that those who are struggling financially when they give up work could release capital by doing this.

She said: "An increasing number of people in their 50s also have debt, which is obviously quite worrying because normally they would have been expected to pay things off while they are working. It's hard to see how they are going to be able to afford to repay debt while they are no longer working."

According to Ms Altmann, the most common form of this is mortgage debt, which is less worrying than other varieties, as there is an asset behind it.

In addition, those looking into conveyancing will be interested to hear that Aviva's fifth Real Retirement Report showed that 23 per cent of people think they will be 75-years-old or over before they are free from debt.

Published by Tessa Jones