About Equity Release
You need to appoint your own solicitor to represent your interests, once a financial adviser has recommended a suitable Equity Release plan to you.
A solicitor is required to ensure you receive completely independent legal advice about the risks, rewards and obligations attaching to an Equity Release plan. They will also carry out the conveyancing required to ensure that your new Equity Release lender is able to secure a first legal charge against your property and that any existing secured borrowing has been (or will be) repaid.
Your solicitor will not be able to tell you whether or not a particular product is suitable for you, as this is the role of your financial adviser.
The solicitor’s appointment is a key requirement of the Equity Release Council Code of Conduct and acts as a ‘safety net’ to ensure full comprehension of the consequences of the Equity Release and to guarantee your identity and address. A checklist and instructions are prepared for the solicitor, ensuring that they know what has required of them your appointment.
Legal Advice
Please note that only the Equity Release applicant(s) can be present for the solicitors’ appointment i.e. third parties such as children or other relatives are not permitted to be present during this meeting.
Before you sign up to any equity release product it is important to take legal advice so that you know what you are signing up to. You should consider the impact on arrangements made in your Will and also how the plan will affect your long term care and inheritance tax situation.
