Why do I need a solicitor to help me through the equity release process?

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.  If you do not have a solicitor, you can click here to find one who is used to dealing with equity release cases.

Once you have made your choice, your solicitor will send you an engagement letter and terms of business.  This letter will give you all the information you need about how much the legal process will cost, so that there are no nasty surprises at the end.  The costs that you are quoted will assume that your case is standard and straightforward, unless you have already advised your solicitor that they will need to carry out additional work for you.  Your solicitor will also give you an overview of what they will do for you in return for the fee and an estimate of how long they think it will take.