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The Equity Release Process

 

    Wonder How Long does the Equity Release Process Take?

    Are you a homeowner that is over 55 and still struggling to keep up with the needs of your lifestyle needs? Perhaps you need some more funding to cater for your desires? Then you must engage with your financial adviser immediately to make plans towards how you can take out a profitable equity release.

    Equity release permits you as a homeowner to attain your future financial desires by enabling you to unlock the equity value that’s accumulated in your property.

    It’s a more sustainable means to gain money that you’ll only repay after you die or move into residential care.

    The process is to comprehend and aboveboard. This article will be your all-encompassing guide on the process you will undergo as you apply for equity release.

    What’s the Equity Release Application Process?

    First, you must get a transparent and customised service in which experienced friendly advisers must lead you through the entire process of application—starting from initial research until you get a successful release of funds and complete the process.

    A Guide that Explains the Process for Equity Release:

    #1. Finding an Equity Release an Advisor

    Your equity release process will begin with an initial free consultation with a professional adviser who will provide you with a tailored report reviewing your suitability, considering all your standing circumstances and the products available within the market.

    Take serious precaution

    Whenever you are dealing with financial issues of any form and exchanging personal information, you must select your adviser with serious precaution. Here, as you seek equity release advice, you mustn’t make any vital decision over the phone and end up giving sensitive personal information to a stranger.

    Instead, you must make sure you choose a firm with a national reach locally, where the adviser can visit you at your convenience when the time’s right.

    #2. Choosing a Plan and Submitting Your Application

    Your advisor will recommend a plan that suits your individual needs and will provide documentation that emphasises all necessary associated risks and benefits, and any fees and expenses related to the program.

    After you sit down with your advisor and choose an equity release scheme, make sure you’ve considered all alternatives and fact-checked all aspects of the procedure.

    You are ready!

    After your clear understanding and agreement with the recommendation, your professional equity release consultant will then complete an application form, and collect documentation and identification to support.

    Then the team will forward your profile to the equity release broker.

    #3. The Valuation Report

    As soon as your application arrives, the lender will commit an independent actuary to contact you for arrangements on a mutually convenient valuation of your home. The actuary will carry an appraisal of the market and advise on the current value and its condition for security. What comes out of this report will underline the total amount of equity you can release.

    A necessary step

    The valuation process by your lender is necessary to find out the actual value of your home, to get your entitled worth, a process they carry out within a week of your application.

    #4. Legal Conveyance

    Your committed equity release solicitor will handle the legal process for you. They’ll arbitrate with the lender’s solicitors and complete a questionnaire initially about you and the property you want to leverage.

    Afterwards, you receive a Solicitor’s Certificate alongside your offer from the lender.

    #5. The Offer Comes

    The moment the lender finds the valuation report provided by the actuary meets the requirements, you will receive an offer for equity release. The proposal makes a confirmation on the terms and conditions to e adhered to with the mortgage, the rate, charges and total amount you will borrow.

    Initially, the offer gets sent to your canvasser, because you will have to sign whilst the solicitor is present during a face-to-face meeting.

    Accepting to go ahead with your plan

    Once you get the offer, usually two weeks after valuation, a copy gets sent to your chosen adviser and solicitor. Only after then will your solicitor contact you to schedule a face-to-face meeting and complete the next step.

    When your solicitor has gone through the legal and regulatory processes with you, and they satisfy you, the solicitor will begin the conveyance process with the solicitor representing your plan provider. A process that they can complete within four weeks, depending on how complicated your title is.

    #6. Completion of Paperwork

    As soon as the solicitors from the lender complete all the checks actualising the legal paperwork, they will put a stamp on a completion date.

    The funds will initially get sent to your solicitor, who will deduct any charges. Then, depending upon your preferences, your solicitor will forward the funds to your nominated bank account or post them through a cheque.

    #7. Concluding the Process

    When your plan provider’s solicitor is happy with all the legal processes carried out by your solicitor, they will set a completion date – so the fees will legally get sent to your solicitor from the lender.

    Upon the arrival of the funds, the solicitor will directly deduct any advice and legal fees from the equity release and then transfer the remaining balance to your account.

    Any other secured debt you may have must get paid first, and you must remove any charges on your estate.

    Enjoy the Proceeds

    As soon as the equity release funds reach you, you are free to spend them in whatever way you desire.

    Getting The Most Out of Your Estate

    An equity release plan is a beautiful way to turn the equity accumulated in your home into something tangible and usable. However, it has its risks, and before you release any equity from your house; you ensure speaking to your solicitor and financial adviser and evaluate if it’s your most ideal option.

    The rigorous but straightforward process for equity release will present to you the opportunity to contemplate very well about whether the equity release plan is the best option. Choosing a skilled solicitor that’s knowledgeable will make the process effortless and straightforward to execute.


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