The Equity Release Council exist to promote both High Standards of conduct and practice in the provision of Advice and Product on Equity Release. One of those requirements is that clients who are looking to enter into an Equity Release Mortgage should be provided Independent Legal Advice.
Independent Legal Advice
You may choose your own solicitor to carry out the legal work in connection with your plan. Before the plan is completed, your solicitor will be provided with full details of the plan, including the rights and obligations of both parties (you and your Equity Release Provider) under the contract, should you choose to go ahead.
Both you and your solicitor will be required to sign a certificate confirming that these rights and obligations have been explained to you and that you wish to enter into the plan.
Information about and explanation of your Equity Release Plan
You will be provided with a fair, simple and complete presentation and explanation of your Equity Release plan. The benefits and limitations of the plan will be clearly set out, together with your obligations under the terms of the contract. You will be given information about:
- All the costs that you will have to bear in setting up the plan;
- Tax implications;
- What will happen if you wish to move to another property; and
- How changes in house values may affect your plan.
Need Help Finding a Solicitor?
Your chosen Solicitors should have a working knowledge of the Equity Release market, so please ensure that you ask if they can help specifically with this – not all Solicitors will be able to help.
If you would like us to recommend a suitable Solicitor firm, either in the local Essex area or from across the UK, we would be delighted to introduce you. Please ask for details and we can arrange for a quote and details of our recommended partners.