People usually ask this for one of two reasons. Either there is something they need the money for, or they want to know how much of their life the process is going to take over.
The straight answer is that it depends on your case, and we would rather not give you a number that does not fit it. What we can do is show you every step, who does what, and what tends to move things along or hold them up.
The steps from first conversation to completion
There are eight steps, and you can stop at any of them before completion.
A first chat
You can start with Bruno, our AI assistant, who answers general questions and books your appointment. Or you can call us directly.
Initial consultation
Free, with no forms and no pressure. An honest conversation about your situation, your goals and what you are hoping to achieve.
Lender and product research
We are whole of market for lifetime mortgages, so we look across the market for a product that suits your circumstances, comparing rates, features and flexibility.
Suitability report
We prepare a written report setting out our recommendation, the product features, costs, risks, and how the plan fits your circumstances. You can take all the time you need to review it before deciding to proceed.
Application
Once you have chosen, we handle the application on your behalf and liaise with the lender to keep everything moving.
Property valuation
The lender arranges an independent valuation of your property. This confirms the maximum amount you can release and the final terms of your plan.
The solicitor's work
Your solicitor reviews the offer with you, advises on the terms, and registers everything correctly. We stay in touch with them throughout.
Completion
Once the legal work is finished, the funds are released to you and the plan goes live. Any mortgage still outstanding is repaid out of the money released, so what reaches you is what is left after that. We remain available afterwards if you have questions or want to review your options in future.
Do I need a solicitor for equity release?
Yes. Everyone taking out equity release must have independent legal advice before the plan goes ahead. It is a requirement, not an optional extra, and it is there to protect you.
It gives you a second professional set of eyes on the decision. Your adviser recommends the plan. Your solicitor explains the legal side of what you are agreeing to.
What the solicitor does
Your solicitor handles the legal side of the plan. In practice that means:
- reviewing the lender's offer with you and advising you on the terms,
- explaining the legal side of what you are agreeing to, including the impact on inheritance and on your future financial planning,
- registering everything correctly, including the lender's charge on your property. On a lifetime mortgage the lender secures the loan with a first legal charge on your home, which is standard mortgage practice.
With a lifetime mortgage, you keep ownership of your home throughout. We stay in contact with the solicitor to keep things moving.
Equity release solicitor fees
The solicitor's fee belongs to the solicitor, not to us, and it varies. Like the lender's costs, it is confirmed to you in writing before you commit, so you know what it is before you decide.
Our advice fee is separate. It is a maximum of £1,495, payable only if your case completes. If you decide not to go ahead at any point, you pay us nothing. What equity release costs sets out every cost in one place.
What can help things move smoothly
Several steps sit with other people: the lender, the valuer and the solicitor. You cannot hurry those, but you can avoid adding to them.
Have the details to hand. We will ask about your income and outgoings, your savings and other assets, any mortgage still outstanding, and your property. Having those ready makes the first meetings more useful.
Mention anything unusual about the property early. Non-standard construction, annexes, large amounts of land, properties held in trust and short leases all need checking with the lender. For a leasehold property, the lease generally needs more than 75 years remaining. Knowing early avoids surprises at valuation.
Bring family in at the start if you want them involved. We are happy to talk to anyone you give us authority to discuss your case with. It is easier to answer everyone's questions before the application than after.
Choose your solicitor early. The legal stage cannot start until you have one.
What can slow it down
- Property issues that come to light at valuation.
- A decision that needs more thought. That is not a problem. You can take all the time you need over the suitability report, and nobody should rush you.
- Questions about means-tested benefits that need checking properly before you proceed. Releasing money can affect entitlement, and it is better to find out first than afterwards.
Taking your time is part of the process
Speed is not the goal. The right decision is.
Equity release will reduce the value of your estate, and it could affect your entitlement to means-tested benefits. On a lifetime mortgage where you make no payments, the interest is added to the loan and compounds over time. There is also a cooling-off period, so you have time to reconsider before anything is finalised.
Sometimes the honest answer is that equity release is not right for you, and Craig will tell you. Alternatives such as downsizing may be better. Is equity release safe covers the protections and the risks side by side.
The process: common questions
How long does equity release take?
It depends on your case. Several of the steps sit with the lender, the valuer and the solicitor, and how long they take depends on your property and your circumstances. We liaise with the lender and stay in touch with the solicitor throughout to keep things moving.
Do I need a solicitor for equity release?
Yes. Independent legal advice is a requirement for everyone taking out equity release, and it is there to protect you. You will have your own legal advice before anything completes.
What does the solicitor do?
They review the lender's offer with you, advise you on the terms, explain the legal side including the impact on inheritance and your future financial planning, and register everything correctly. We stay in touch with them throughout.
How much are equity release solicitor fees?
They vary, and they are set by the solicitor, not by us. The fee is confirmed to you in writing before you commit, along with the lender's costs.
Can I change my mind during the process?
Yes. You can stop at any point before completion and, if you do, you pay us nothing. There is also a cooling-off period, so you have time to reconsider before anything is finalised.
Not sure how any of this applies to your own circumstances? Craig is happy to talk it through, free and with no obligation.
Talk it through with Craig
If you want to know what the process would look like for your own home, start with a conversation.
Book a call with Craig or call 0113 403 5584.
