So you have decided to go ahead and fulfil your retirement plans by releasing equity from your home. Now what happens? What is the process? How long will it take?
Follow our helpful guide to get all the answers you need:
Step 1: Survey
Whether you choose a home reversion plan or lifetime mortgage, the first thing that will happen is your equity release adviser will arrange a survey of your home to establish its market value. The surveyor will send his findings to your equity release adviser once all checks and visits are completed.
Step 2: Offer
Once the valuation of your property has been established and agreed, your equity release adviser will provide you with a concrete home reversion or lifetime mortgage offer for you to consider based on the surveyor’s report and valuation.
Step 3: Legal Advice
In the equity release process, seeking legal advice is an important step. You will need to instruct a solicitor to act for you and this solicitor must be familiar with ‘Equity Release Conveyancing’ — the process of handling the legal aspects involved – and the SHIP Code of Conduct. Once the offer has been accepted, your solicitor will take care of a number of legal requirements that can take up to eight weeks to complete.
Step 4: Completion
On completion of the equity release application, your cash will be paid directly to your solicitor, who will distribute the money in accordance with the terms of your lifetime mortgage or home reversion plan.
Time limits can vary so be patient. This is a relatively simple process that will be explained to you in full by your equity release adviser.
Equity release may involve a lifetime mortgage or home reversion plan. To understand the features and risks, please ask for a personalised illustration.
Bower is an FCA regulated independent financial advice company that offers specialist advice on equity release throughout the UK. For more information email [email protected] or call 0800 4118668.