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How do I find an adviser

Does my solicitor have to see me face to face and does he/ she have to be a Council member?

It is a requirement of the Council that customers receive in person, face to face, independent legal advice. If your solicitor is not able to see you himself (maybe because he is in a different part of the country), he may appoint an agent or notary to see you on his behalf. The Solicitor acting has to sign a certificate to confirm that this has been done and that you understand the contract which you are entering into. This certificate is provided by the Equity Release Council.

Much care is taken throughout the process to ensure that any vulnerable customers (eg. someone with a sight impairment, early onset dementia or whose first language is not English) are appropriately catered for and any concerns (such as coercion) addressed before the case proceeds.

The Solicitor acting for the customer does not have to be a member of the Equity Release Council.

Any person aged 17 or over who lives in the property will also need to take legal advice to confirm that they understand their position and rights once the mortgage is in place and, more particularly, when the property is sold and the loan repaid.

Do I need to take legal advice?

As with any other mortgage, there will be conveyancing work to be done. Consumers will need to take legal advice independently of the provider’s legal team. The Council’s requirement is that this advice must be face to face. .If your solicitor is not able to see you himself (maybe because he is in a different part of the country), he may appoint an agent or notary to see you on his behalf. The Solicitor acting has to sign a certificate to confirm that this has been done and that you understand the contract which you are entering into. This certificate is provided by the Equity Release Council.

Much care is taken throughout the process to ensure that any vulnerable customers (eg. someone with a sight impairment, early onset dementia or whose first language is not English) are appropriately catered for and any concerns (such as coercion) addressed before the case proceeds.

The Solicitor acting for the customer does not have to be a member of the Equity Release Council.

 Any person aged 17 or over who lives in the property will also need to take legal advice to confirm that they understand their position and rights once the mortgage is in place and, more particularly, when the property is sold and the loan repaid.

Can I deal directly with a provider?

Yes. At advice stage some providers have their own adviser teams however these will generally only be able to offer advice on their own products, rather than from the whole of the market.  Remember that under Financial Conduct Authority regulations all Equity Release transactions must be “advised sales”, meaning that you must receive advice from a suitably qualified and authorised adviser, who will also submit your application and liaise with yourself, the provider and other parties throughout the process.

Once you have completed on your mortgage you will receive an annual statement from your provider and you are at liberty to contact them direct for more information about your mortgage.

How do I find an adviser?

Under Financial Conduct Authority regulations all Equity Release transactions must be “advised sales”, meaning that you must receive advice from a suitably qualified and authorised adviser, who will also submit your application and liaise with you, the provider and other parties throughout the process.

You can check whether an adviser has the appropriate authorisation on the Financial Services Register  Home (fca.org.uk). You may also visit the “Find a Member” section of the Council’s website, where you will be able to locate an adviser (or solicitor) who is a Council member in your area.