Equity Release and Legal Advice
Think of equity release like any other mortgage. A lender is either buying a share of your property or lending you money against the value of the property.
Therefore, a legal adviser such as a solicitor or qualified property conveyancer will need to be involved.
It means there will be legal fees much in the same way as when you buy or sell a property.
Equity release is a big decision and in many cases is a "no going back" decision.
As such, rules are in place that you must be protected and have all the advantages and dis-advantages of equity release explained to you before you go ahead.
We as financial advisers will complete a comprehensive consultation and advice process to ensure you fully understand what you are entering into.
As equity release is a charge or sale of a share of a property, you will also need a solicitor.
Your solicitor is also required at length to explain the plus and minus points of equity release and then sign a certificate to confirm they are happy that you understand equity release and what you are doing.
Many solicitors do not offer equity release legal advice. We can help you find a solicitor that specialises in equity release.