Do I Need A Solicitor For Equity Release?

Equity release is an increasingly popular way for homeowners aged 55 and over to get money out of their property. Though the entire process varies for each individual based on their unique circumstances, there are a number of stages that you must follow to successfully release equity from your home. One of the requirements of the process is legal advice, meaning you must have a solicitor for equity release.

Why Do I Need A Solicitor For Equity Release?

The Equity Release Council are the group responsible for promoting best practice within the equity release industry. They have a list of standards that aim to help customers get the best outcomes and make informed decisions when releasing equity, including the requirement that you must receive independent legal advice. 

You are required to have a solicitor for equity release because the process has a number of legal obligations for both now and in the future and you must understand these before going ahead. A solicitor will explain the terms of your offer to give you the knowledge you need and will carry out a compulsory title deeds check before you sign the mortgage deed. 

Having a solicitor will also give you confidence that you are dealing with a reputable financial adviser or broker. Your solicitor works on your behalf and can spot any wrongdoing or conflict of interest.

Other Equity Release Requirements

Before you seek legal advice about equity release, you must make sure that you have received regulated advice from a qualified expert. A Financial Adviser will make sure that you understand the benefits and risks of equity release and recommend the most suitable products for your circumstances and goals.

Do remember that equity release will have future implications, as it will reduce the value of your estate and could affect any means-tested benefits you are entitled to. Your Financial Adviser can explain this in more detail before you meet with your solicitor.

Equity Release Solicitor Costs

All equity release processes differ depending on the individual and it is important to speak to your solicitor directly to get an exact cost for equity release legal advice. However, you can expect to spend somewhere between £650 (including VAT) to £1200 (including VAT) for your equity release solicitor. At Barton Law, the average fee charged is £840 (including VAT).

Bear in mind that there may be additional fees incurred for certain types of work, including bankruptcy issues, dealing with third-party lawyers and transfer of ownership cases. 

Where Can I Find An Equity Release Solicitor?

Many homeowners choose to use their regular solicitor for equity release, though the lender may require that they meet certain criteria. It is also recommended that you select a solicitor that is a member of the Equity Release Council and their directory of members is a good place to start. 

Whether you are looking for an equity release solicitor for yourself, or are a Financial Adviser wanting to recommend legal advice to a client, Barton Law can help. We have an experienced team of equity release solicitors, led by Equity Release Council Standards Board member Peter Barton.

All of the Barton Law team provide the same level of high-quality, efficient and impartial guidance to homeowners who have received independent financial advice and successfully hold an equity release offer. 

Don’t hesitate to request a quick quote online today or give us a call on 01392 241 277 to discuss your equity release solicitor needs further.