Sometimes they're called Letters of Wishes, Side Letters or Expression of Wishes. Whatever you call them, they're not legally binding, but can serve a very useful purpose.
Image source/Rex Features
The idea of equity release has been around since house ownership existed. Freeholds became leaseholds as rich landowners found themselves asset rich and cash poor, and therefore needed to release equity for their working holidays in Jerusalem. A fair segment of our current land law derives from the time of the crusades, but luckily has become much less crude over the years.
Some of you may have heard about Lasting Powers of Attorney. Those of you who have heard about them, probably think they're a really good idea... for your parents!
If you've ever used the services of a decorator, paying them on a daily rate, you'll probably think twice about doing it again.
I'm not making a judgement about decorators, but I am, as a customer, aware that it's easy to read into a delay, a desire for more money. I also had the experience, once upon a time, of a decorator, not realising I was a potential customer, sharing his philosophy that when on a daily rate, he doesn't stress about the job overrunning.
I am a child of the fifties. I come from working class stock, my dad was a carpenter for Brighton. Council for forty nine years and I can honestly say he was better off when he retired than he had ever been during his working life.