The role of an equity release solicitor

 

If you have built up value in the property you own, perhaps because you are nearing or have already retired, you could release some of the value that is in your property by using what is called equity release.

Why use equity release solicitors?

This method of obtaining a lump sum of money can be useful to pay off any debts you have, or perhaps you want to take a holiday or improve your property in some way. You generally have a choice of two methods of equity release:

  • Lifetime mortgages
  • Home reversion plans

An equity release solicitor can assess your particular needs and help you choose which method of equity release is the most suitable for you.

To release the equity in your home you will need to draw up a contract of sale with the buyer. This is where equity release solicitors come into play. They have expert knowledge of property law, and can help you check any contract of sale you are offered to ensure it is legal and to your best advantage.

It is vitally important to ensure that the equity release solicitors you use are fully qualified before you engage their services. You can check the credentials of any equity release solicitors you are thinking of using on the Solicitors Regulation Authority website.

If you are in any doubt about how these schemes operate, particularly how much income your equity release company will be earning with your account, always seek the help and advice of an equity release solicitor. They have detailed knowledge of all equity release schemes that are currently on offer to homeowners.

Have you been mis-sold an equity release scheme?

As more equity release companies come onto the market, the Government will be providing more protection against rogue traders to protect the vulnerable. If you feel that you have been mis-sold an equity release plan, you should contact a reputable equity release solicitor as soon as you can, as you may have a case to recover all or part of the money you have lost.

You also have the right to complain about the service you have received from any equity release solicitors you have used. The initial complaint should be made directly to the law firm that employs them, as they should have a formal complaints procedure.

If this fails to give you a satisfactory outcome, you can contact the Legal Complaints Service, as they regulate all solicitors working in England and Wales. Take your time if you are thinking of releasing some equity in your home to find the right equity release solicitors to work with. This is where Contact Law comes in, as you can then be confident of a high level of service.

For basic information on how equity release works, see our page on equity release.

Are you considering freeing up capital from your property using an equity release scheme? Contact Law can put you in touch with specialist property lawyers in your area who deal in equity release advice. Please call us on 0800 1777 162 or complete the web-form above.

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