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					Norwich Union Home Reversion Plan Offer

Home Reversion:             [ ]

The Reversion               Homesafe Equity Release Limited Partnership
Provider:                   Registered at Citygate, St James' Boulevard, Newcastle upon Tyne, NE1 4JE


The Customer:               [ ]


The Property:               [     ]
Tenure:                     [     ]



This offer is made on the basis of the information set out in this document and the terms and conditions
detailed in the accompanying booklet, “Terms and Conditions of the Norwich Union Home Reversion Plan
– Edition 1" (the Conditions). By signing in the signature box on the back page of this offer, you agree to
be bound by all of these terms and conditions.

If you accept this offer you will not have the right to change your mind and withdraw from the contract
after the home reversion has commenced. However, you can buy back the share owned by the reversion
provider, as described in the Conditions.

If this offer is subject to any additional conditions, which are not set out in the booklet, then these will be
listed in the special conditions section on the back page of this offer. We will not complete the home
reversion until all these conditions have been satisfied.

If, before the completion date, we learn anything about the property, which we find unacceptable, we
reserve the right to cancel this offer. We assure you that we would only do this as a last resort. We will
always act reasonably and in good faith.

We are willing to hold open all the terms of this offer for 3 months from the date it is signed on our behalf.
If you do not take up this offer within this period we reserve the right to withdraw the offer.
1. About this offer document

   You are not bound by the terms of this offer document until we release the cash payment to
    your solicitor.

   You should compare this offer document with the personalised illustration given to you before
    you applied for the Norwich Union Home Reversion Plan, to see how the details may have
    changed.




2. Which service are we providing you with?

            We / IFA company name have recommended that you take out this Norwich Union Home
            Reversion Plan.


            We / IFA company name have not recommended a particular home reversion plan for you.
            You must make your own choice whether to accept this Norwich Union Home Reversion Plan
            offer.
3. What is a home reversion plan?

Important information about home reversion plans in general

   A home reversion plan allows you to sell some or all of your home to a reversion provider in
    exchange for a cash lump sum. The reversion provider will own your home, but you will have
    the right to live in it rent free or for a nominal rent.

   The cash lump sum you receive takes into account the value of your home and the
    percentage you wish to sell, your age(s), your right to live there for life, any guarantees
    included and the ongoing costs of administering the home reversion plan. The amount you will
    receive is less than the open market value of the share you are selling.

   When you die, or leave your home permanently, for example if you move into long-term care,
    the reversion provider will sell the property. If you have taken a home reversion plan jointly
    with someone else this will happen when neither of you live in the property permanently.

   After the property is sold the reversion provider will deduct all costs of selling the property
    before paying your share of the sale proceeds to you or to your estate. The reversion provider
    will keep their share of the sale proceeds, according to the agreed proportions. However, if
    you have sold all of your property to the reversion provider they will normally keep the entire
    sale proceeds.

   If you buy a new home you may be able to transfer your home reversion plan to your new
    home.

   If you decide you simply don‟t want a home reversion plan any more, you will need to buy
    back the reversion provider‟s share at the full open market value. This is likely to cost much
    more than you received as a cash payment for this share.

   Some home reversion plans are linked to an investment – this means you obtain a lump sum
    which is invested (for example in an annuity) to give you a regular income. If this happens the
    full details of the investment will be shown in a separate document and it is important to read
    both documents together.
4. Description of this Norwich Union Home Reversion Plan


This is a Norwich Union Home Reversion Plan offered by Norwich Union Equity Release Limited
on behalf of Grainger Trust plc and its subsidiaries.

Norwich Union Equity Release Limited will set up the Norwich Union Home Reversion Plan.
Grainger Trust plc or one of its subsidiaries will own the share of your property you have sold.

You will transfer full legal ownership of your property to Grainger Trust plc or one of its
subsidiaries. In this illustration Grainger Trust plc or its subsidiary will be referred to as the
„reversion provider‟.

You need to ensure you understand that:

   the amount of money you will receive at the start of the Norwich Union Home Reversion Plan
    depends upon your age(s), the value of your property and the percentage of your property
    being sold.

   the amount of money which you will receive when the Norwich Union Home Reversion Plan
    ends, will depend on the sale price of your home, the cost of selling it and the percentage of
    your home that you kept.

Further cash payments may be available in the future depending on the criteria at the time. The
availability of further cash payments is not guaranteed.

The reversion provider will own all of your home, so you will not be able to take a further cash
payment in future.



5. Benefits


The value of your property is


                                                £000,000

The percentage of your property you will sell                                           000%

The value of the percentage you will sell                                               £000,000

The total amount you will receive before fees                                           £00,0000

The fees to be deducted                                                                 £000
(Application fee and the reversion provider‟s legal fees)

The amount we will pay to your solicitor on completion                                  £00,000

You must also pay your own solicitor's fees and disbursements.

These benefits are based on your date of births; XX/XX/XX and XX/XX/XX, your property value of
£XXX,XXX and the percentage you wish to sell of XX%.
Other benefits

     Lifetime occupancy

      You can continue living in the property rent-free for as long as you like.

     Inheritance Protection Guarantee

      The Norwich Union Home Reversion Plan includes a built-in Inheritance Protection
      Guarantee. This guarantees a minimum payment to you or your estate if you die or leave the
      property because you need long-term care within the first 4 years.

      If the cash payment you received at the start of the plan was less than the guaranteed
      minimum payment, the reversion provider will pay the difference to you or your estate. This
      means the total amount paid to you by the reversion provider will be at least the guaranteed
      minimum amount.

      If the cash payment you received at the start of the plan was more than the guaranteed
      minimum payment, you will not receive an additional payment under the Inheritance Protection
      Guarantee.

      The guaranteed minimum payment is a percentage of the share of your home which you sold
      to the reversion provider at outset. The amount reduces as your plan continues. After four
      years you will not receive a payment under the Inheritance Protection Guarantee.

      The guaranteed minimum payment is calculated using the open market value of your home at
      the start of the plan or when it is sold at the end of the plan, whichever is the lower.

      The table shows the payment and the amounts you or your estate would receive based on the
      amount of your property you wish to sell of £000,000. It also shows the amounts you or your
      estate would receive if the property has fallen in value.

    Time since          Guaranteed              Guaranteed       Payment after            Payment if the
    commencement        minimum payment         minimum          deduction of initial     property value is 10%
                        % of property           payment £        cash payment             lower than it was at
                        value sold                                                        outset
    Months 0-6          90%                     £000,000         £000,000                 £000,000
    Months 7-12         80%                     £000,000         £000,000                 £000,000
    Year 2              75%                     £000,000         £000,000                 £000,000
    Year 3              65%                     £000,000         £000,000                 £000,000
    Year 4              55%                     £000,000         £000,000                 £000,000
    Year 5+             0%                      £0               £0                       £0

     House Price Inflation Guarantee

      The Norwich Union Home Reversion Plan includes a built-in House Price Inflation Guarantee.

      Normally, when your home is sold, the reversion provider will receive their share of the sale
      proceeds after deducting the cost of selling it. However, with our House Price Inflation
      Guarantee, if you die or leave the property because you need long-term care and the value of
      your home has increased by more than 7.5% per annum above inflation, you will receive some
      of the reversion provider's share of this growth. Inflation will be measured by the increase in
      the Retail Prices Index.

      If you die or leave the property because you need long-term care, in order to identify whether
      you qualify for a payment as a result of the House Price Inflation Guarantee we will do the
      following calculation. We will take the value of your home at the start of the plan and increase
      this by inflation for the period your plan has been running. We will then increase the result by
    7.5% per annum for the same period. If your home sells for more than this, you will receive
    half of the reversion provider's share of the sale proceeds above this amount.

    You will always receive your own share of the sale proceeds in addition to any payment made
    under this guarantee. If you move home after taking out the Norwich Union Home Reversion
    Plan, you will not receive a payment from the House Price Inflation Guarantee in respect of
    this property. However a new House Price Inflation Guarantee will apply to your new home
    starting on the day the purchase is completed.

    The table below gives examples of what you or your estate might receive from the House
    Price Inflation Guarantee if your home reversion plan ends after 5 or 10 years as a result of
    your death or your need to move into long-term care. These examples show what you would
    receive if inflation averages 3.5% per annum over the period while the value of your home
    increases by 15% per annum. Remember these are only examples and the value of your
    property could be more or less than shown here.

    Property value at commencement                                £000,000
    Reversion provider's share of the property                    000%
    Your share of the property                                    000%

                                                               After 5 Years      After 10 years

     Property value if it increases in value by an
     average of 15% per annum                                £000,000           £000,000

     Value of your share                                     £000,000           £000,000

     Additional payment from House Price Inflation
     Guarantee if retail prices inflation averages 3.5% per £000,000            £000,000
     annum

     Total amount you would receive                          £000,000           £000,000



   Further cash payments

    You can apply for further cash payments at any time. The availability of further cash payments
    is not guaranteed.

    The reversion provider will own all of your home, so you cannot take a further cash payment at
    any time.

   Moving Home

    The Norwich Union Home Reversion Plan is portable. You can move to any property which
    meets the reversion provider's suitability criteria and minimum property value at the time. The
    Norwich Union Home Reversion Plan will be transferred to your new home.

    If you move to a cheaper property the difference between the old property value and the new
    property value will be shared between you and the reversion provider in the agreed
    proportions. The reversion provider will own the same share of your new home.

    For example, if the reversion provider's share of your property is 000% and you move to a new
    home worth £40,000 less than your current home, you will receive £000,000 and the reversion
    provider will receive £000,000. The reversion provider would also retain a 000% share of your
    new, lower valued property.

    If you move to a more expensive property, the reversion provider will take a smaller share of
    your new home. This will have the same cash value as their share of your current home on the
    day you move.
   If you move home you will be responsible for a valuation fee for both properties, all legal fees
   incurred by you and the reversion provider and the normal costs of moving home such as
   estate agent‟s fees, Stamp Duty Land Tax and removal costs.



6. Risks – important things you must consider

1. How much you or your estate and the reversion provider will each receive when the Norwich
   Union Home Reversion Plan ends will depend on the value of the property when it is sold. If
   you sell only part of your home to the reversion provider, you will share the benefit of any
   increase in the property value with them. If you sell all of your home to the reversion provider,
   you will not benefit from any growth in the property value, unless a payment is made under the
   House Price Inflation Guarantee.

2. The cash payment you receive takes into account your life expectancy. If you die or move into
   long-term care sooner than expected, this home reversion plan may be an expensive way to
   release equity from your home.

3. Taking out the Norwich Union Home Reversion Plan will reduce the amount available for you
   to leave as an inheritance. We strongly recommend you talk through your plans with your
   family. You must seek independent legal advice.

4. The Norwich Union Home Reversion Plan is designed to last for as long as you are living in
   your home. If you want to buy back the reversion provider‟s share of your property, the cost to
   you could be substantial. You will have to pay the reversion provider the full open market
   value of their share of your property and all associated costs.

5. The Norwich Union Home Reversion Plan may affect your eligibility for social security benefits.
   It may also affect your tax position. Tax and welfare benefits can change. Further advice is
   available from the Inland Revenue, Benefits Agency or your local Citizens Advice Bureau.

6. If you wish to move to a new home in the future it must meet the suitability criteria applicable
   at the time, including minimum property value and construction type. You cannot move to a
   property which does not meet the criteria. You must pay all the costs associated with the
   move, including Stamp Duty Land Tax.

7. You must obtain consent from the reversion provider before anyone else moves in with you.

8. You cannot have another home reversion plan from a different provider or any mortgage
   secured on your home.

9. If you have kept a share of your home, you may be able to take a further cash payment in
   future by selling part or all of this share of your home to the reversion provider. However, the
   availability of further cash payments cannot be guaranteed.

10. You must keep your home in good repair. If you don‟t, the reversion provider has the right to
    enter your home to carry out any essential repairs. You will be responsible for paying for the
    repairs.

11. If you leave your home permanently, it will be sold.


These risks are more fully explained in the booklet “Terms and Conditions of the Norwich Union
Home Reversion Plan – Edition 1”
7. How the value of your share of the property could change

Property value                                          £000,000

The value of the percentage you will sell               £000,000
Cash payment (before fees and other costs)              £000,000
Reversion provider‟s share of the property              00%
Your share of the property                              00%


The table below shows how much the value of your share might change over time. Remember
that the Norwich Union Home Reversion Plan could last for a longer or shorter time and the value
of the property could be more or less than shown here. When your property is sold, the cost of
selling it will be deducted from the sale proceeds. The remaining amount will be shared between
you and the reversion provider in the agreed proportions.


                                                           After x Years     After y Years         After z years


Property value if it increases in value by an average
of 1% per annum                                       £000,000             £000,000           £000,000

Value of reversion provider‟s share                      £000,000          £000,000           £000,000

Value of your share                                      £000,000          £000,000           £000,000

Property value if it increases in value by an average
of 5% per annum                                       £000,000             £000,000           £000,000

Value of reversion provider‟s share                      £000,000          £000,000           £000,000

Value of your share                                      £000,000          £000,000           £000,000



                                                           After x Years     After y Years         After z years


Property value if it falls in value by an average of 1%
per annum                                               £000,000           £000,000           £000,000

Value of reversion provider‟s share                      £000,000          £000,000           £000,000

Value of your share                                      £000,000          £000,000           £000,000

Property value if it falls in value by an average of 5%
per annum                                               £000,000           £000,000           £000,000

Value of reversion provider‟s share                      £000,000          £000,000           £000,000

Value of your share                                      £000,000          £000,000           £000,000
8. What fees must you pay?


                                                                                            Fee
                                                  Amount


Valuation fee                                                                               £000.00
Paid on application and not refundable.
The valuation fee includes an administration fee of                                         £55.00

Revaluation fee                                                                             £000.00
Paid on application and not refundable.

Re-inspection fee                                                                           £000.00
Paid on application and not refundable.
The re-inspection fee includes an administration fee of                                     £15.00

Application fee                                                                             £000.00
This will be deducted from the cash payment on completion and is not refundable.

The reversion provider’s estimated legal fees (inc VAT)
       £000.00

Payable to the reversion provider‟s solicitors when the cash payment is released.
This amount does not include disbursements. The fee is not refundable.
You must also pay your own solicitor's fees and disbursements.


Financial adviser fee                                                                       £000.00

(Financial Adviser fee – Full Refund) If the Norwich Union Home Reversion Plan does not go
ahead you will receive a full refund from your Financial Adviser. Please refer to section 5 of your
Financial Adviser‟s Initial Disclosure Document for details.

(Financial Adviser fee – Partial Refund) If the Norwich Union Home Reversion Plan does not go
ahead you will receive a partial refund from your Financial Adviser. Please refer to section 5 of
your Financial Adviser‟s Initial Disclosure Document for details.

(Financial Adviser fee – No Refund) If the Norwich Union Home Reversion Plan does not go
ahead you will not receive a refund from your Financial Adviser. Please refer to section 5 of your
Financial Adviser‟s Initial Disclosure Document for details.

You may have to pay other costs in addition to any fees shown here.


9. Insurance

You must have buildings insurance for your home for at least £xxx,xxx as required by our valuer.

You do not have to take out insurance through Norwich Union.


10. What happens if you do not want the Norwich Union Home Reversion Plan any more?

The Norwich Union Home Reversion Plan is designed to last for as long as you are living in your
home. If you want to buy back the reversion provider‟s share of your property, the cost to you
could be substantial. You will have to pay the reversion provider the full open market value of their
share of your property and all associated costs. Costs will include two valuation fees, legal fees
and any Stamp Duty Land Tax.
11. Using an intermediary

Norwich Union Equity Release Limited will pay IFA company name an amount of £000.00 in cash
and benefits if you take out the Norwich Union Home Reversion Plan.

Contact details

If you wish to discuss the Norwich Union Home Reversion Plan offer please contact us in writing
at Norwich Union Equity Release Limited, P.O Box 520, Surrey Street, Norwich, NR1 3NG or
telephone 0845 3020111.

Complaints information

If you wish to make a complaint about the Norwich Union Home Reversion Plan please contact us
in writing at Norwich Union Equity Release Limited, P.O Box 520, Surrey Street, Norwich, NR1
3NG or telephone 0845 3020111.

If you wish to make a complaint about the advice you received, please contact your intermediary
at IFA company name / IFA address details.

If you wish to make a complaint about the advice you received, please contact us in writing at
Compliance Dept. (Complaints), Albion Wharf, Norwich Union, 2 Rougier Street, York, YO90 1ZY
or telephone 01904 756516.

If you cannot settle your complaint, you are entitled to refer it to the Reversions Complaints Board
at Safe Home Income Plans (SHIP), PO Box 516, Preston Central, PR2 2XQ.

The Reversions Complaints Board is a specific body, established by SHIP but independently run,
to resolve complaints in respect of Home Reversion Plans. It is a self-regulatory body designed to
offer further protection to plan holders in the interim period prior to home reversions plans
becoming fully regulated by the Financial Services Authority.

As home reversion plans are not currently regulated by the Financial Services Authority you are
not entitled to refer a complaint to the Financial Ombudsman Service.
Special Conditions

There are no Special Conditions attached to your offer.

OR

Special Conditions

The following Special Conditions form part of your offer. We will not release the funds on your home
reversion until they are satisfied.


SIGNED on behalf of NORWICH UNION EQUITY RELEASE LIMITED:


.……………………………………………………………….. Date…………………



Signature of Customer: ……………….…………………………………………………….

Date of Signature:          ……………………………….

				
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