SHIP

Safe Home Income Plans (SHIP) is a company dedicated to the promotion of safe home income plans.



It was launched in 1991 as a result of a collective initiative by the main 'specialist' providers of these schemes in Great Britain. Surrey Financial Advice will only recommend providers who are active supporters of the SHIP Code of practice. Participating companies are pledged to observe the SHIP Code of Practice and to display the SHIP logo in their promotional literature.
 
The SHIP Code binds these companies to provide a fair, simple and complete presentation of their Plans and any scheme endorsed with SHIP logo will be properly explained and entirely safe.
 
As a further safeguard, your own solicitor, who will oversee the transaction on your behalf, must sign a certificate before proceeding, to acknowledge that the essential features and implications to your chosen SHIP Plan have been brought to your attention.

If in doubt what should you do?

There are a number of prudent and effective ways of unlocking all or some of the capital tied up in your house to provide extra income as you grow older.

To identify them, start by looking for the SHIP logo.
 
SHIP Code of Practice

Participating companies agree to provide fair, simple and complete presentation of their Plans. The benefits, obligations, variables and limitations must be clearly set out in their literature including all costs which the applicant has to bear in setting up the scheme, the position on moving, the tax situation, the effect , if any, of changes in house values.
 
The client's legal work will always be performed by the solicitor of his or her choice. In all cases, prior to the completion of the Plan, the solicitor will be provided with full details of the benefits receivable by the client; the solicitor will be required to sign a certificate to the effect that the scheme has been explained to the client.
 
The certificate will clearly state the main cost to the householder's assets and estate e.g. the loan amount repayable on death or, for reversion-based plans, whether part or all of the property is being sold.