As soon as the application forms have been received by your provider, an independent valuation of your property will be arranged to establish its market value and condition.
The valuer will contact you to arrange a visit. It should be stressed that this is a valuation rather than a survey and should take around 30 minutes depending on the size of your property.
The valuer then sends the report to the provider. Additional specialist reports may subsequently be required but this will all be explained should the need arise.
Once the valuer’s report has been assessed by the provider you will be sent a formal written ‘offer’. Your solicitor will also receive a copy of the offer, together with a list of instructions.
Independent legal advice
Your decision to take out Equity Release is an important one and for this reason you must take independent legal advice.
You will need to instruct a solicitor to act for you. The solicitor must be familiar with ‘Equity Release conveyancing’ (the process of handling the legal aspects involved) and the ‘Equity Release Code of Conduct’.
Once you have accepted the offer your solicitor will proceed with the legal tasks required such as obtaining the title deeds, checking the ownership of the property and ensuring you fully understand the details of the Lifetime Mortgage transaction. Most cases complete in six to eight weeks from start to finish but your Private Client Adviser will be chasing all parties on a regular basis to ensure that completion takes place as quickly as possible.
The money will be paid direct to your solicitor who will distribute it in accordance with the terms of the plan and after deduction of fees.
Your opinion matters to us, so once your funds have been transferred we will send you a Customer Satisfaction Questionnaire which we please ask you to take a minute to complete. The confidential feedback you provide will be used to ensure we continue to deliver the highest level of customer service and can rectify any issues that are brought to our attention.
We will invite you to write a review on the feedback website Feefo for members of the public to read (this can be done anonymously). We are proud to be listed as a Platinum Trusted merchant, their highest rating.