If you have decided to proceed with either an equity release or home reversion plan, you will need to instruct a solicitor who will deal with the legal paperwork and who will represent you.
One of the benefits of Equity Release today, is that providers subscribe to SHIP, which stands for Safe Home Income Plans. SHIP requirements dictate that only a solicitor is allowed to deal with your legal work, and
- You must receive independent legal advice from a solicitor that is independent of the equity release plan provider.
- Your solicitor must sign a certificate. This certificate will be to confirm that you understand the implications of taking out your chosen equity release scheme, and you have been properly. Without a signed certificate from your solicitor, your equity release plan will not be able to complete…
With Equity Release, choosing the right solicitor is extremely important however.
Using your own Equity Release Solicitor?
When it comes to appointing your own solicitor, you should check that they are suitably qualified to handle equity release, as the last thing you want is to be paying for your solicitor’s learning curve.
Equity release conveyancing is a specialised area where the paperwork is different to the standard paperwork that most solicitors will be used to, and so choosing a solicitor conversant with equity release can save you both time and money in the long run. Another benefit of a suitably qualified solicitor is that they will be up to speed with any industry changes, whether in relation to products or changes in the law. More importantly though, is that their competence and understanding will mean you receive explanations in simple straightforward terms without all the industry jargon.
Who specialises in equity release schemes, and can you recommend anyone?
The Law Society will be able to advise you of all those solicitors in your area suitable qualified to provide an Equity Release conveyancing service. Your adviser may also be the right person to ask as well, as he/she will have experience of solicitors that have provided an excellent service in the past.
Bear in mind that equity release can also be dealt with by a solicitor that is not local to you, as they can manage your case through the post and over the telephone. Some of the larger specialist equity release solicitors such as EQUILAW do this and then simply arrange for a local solicitor who you can visit to complete the final documentary signatures.
Please note that the Law Society rules require that all solicitors have to work independently, so that no bias can ever be present when arranging a lifetime mortgage, equity release or home reversion plan. This means that there will never be a financial incentive available to anyone recommending a solicitor to you.