Legal advice

A key factor in ensuring that equity release is right for you, is to ensure you receive advice from specialists who are well qualified and experienced in equity release. This applies just as much to finding a solicitor or licensed conveyancer as it does to finding a specialist financial adviser.

Why is it necessary to involve a solicitor during the equity release process?

They will be responsible for dealing with all the legal aspects or releasing equity and liasing with the providers appointed solicitors.

It will be a requirement of any SHIP (Safe Home Income Plan) approved equity release plan that you receive legal advice before proceeding with an equity release plan and that the person who advises you must be independent from the equity release providers legal team.

They will:

Advise you on the effect releasing equity will have on your beneficiaries, or entitlement to means tested state benefits such as Pension Credit or Council Tax.
Explain the impact equity release would have on anyone who lives with you if they are not part of the equity release application.
Check the offer and other documents that come from the equity release provider.
Ensure you understand what you are proposing and that you are under no undue influence to take out an equity release plan such as from a son or daughter and that your interests are protected.
Check that your title to the property is fine and that there are no restrictions on how you can use the land (known as restricted covenants).
Check that you have adequate buildings insurance in place and that the lender is registered on the insurance.
Have to sign a SHIP certificate stating that they have explained the main points of the equity release plan and the implications it has on beneficiaries to you and confirm that you understand what you have applied for.
Obtain redemption values of any existing secured loans or mortgages and liase with any lenders regarding settling these once the funds are received.
Finally pass all completed paperwork to the lenders solicitors, ask for the money and settle any outstanding loans.

Finding and choosing a solicitor?

As you can see, your solicitor will be a vital part of your safeguards so its important that you choose the right one. Before your financial adviser can submit any application they will need the name address and contact details of your preferred solicitor who will be acting for you.

Whilst you may have dealt with a solicitor during your last house move, equity release is a specialist area of conveyancing and they may not be suitably qualified or experienced in equity release. If you want to avoid unnecessary delays, it is important that you choose a solicitor who is well versed in equity release.

How do you find the right one?

To find a suitably qualified and experienced solicitor/licensed conveyancer who specialises in equity release in your area, simply type in your postcode and any essential requirements such as those which offer a home visit or at least have offices on the ground floor and press search. A list of the nearest ones will come up showing their details, enabling you to contact them to find one which suits you best.

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"Equity Release" includes home reversion plans and lifetime mortgages. To understand the features and risks ask for a personalised illustration from your adviser. The information on this website is not intended provide equity release advice or to promote any specific equity release product. This site is intended solely as a guide to the process of releasing equity from your home. We are neither financial services company nor an independent financial adviser and, as such, are unable to offer financial advice.

While every realistic effort is made to ensure that all content on this web site is 100% accurate we cannot guarantee this. Some of this site's content is provided by it's users, the content is regularly checked by our experienced staff, if you find any errors or problems then do please let us know. We are committed to assisting both customers and financial advisers (potential or existing) with clear & concise - up to date - information on equity release and related subjects.