Every equity release customer takes independent legal advice, in person, from a solicitor they appoint themselves. The solicitor is not there to say whether the plan suits you, which is the adviser's job. They are there to make sure you understand what you are signing, and to do the conveyancing. One detail catches people out: anyone aged 17 or over living in the property needs advice of their own.
Every equity release customer takes independent legal advice, in person. The solicitor is not there to tell you whether the plan is a good idea. That is a different job, done by a different person.
Equity release may involve a lifetime mortgage, secured against your property, or a home reversion plan. It will reduce the value of your estate and impact funding long-term care.
The Equity Release Council publish that all customers who take out equity release need to receive independent legal advice. You appoint your own solicitor to represent your interests, once an adviser has recommended a plan to you, and they give you independent legal advice about the risks, rewards and obligations attaching to it.
They also state the boundary plainly: 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. So the adviser tests whether the plan fits your circumstances. The solicitor tests whether you understand what you are signing. Going to either one for the other question wastes an appointment.
The Council require that customers receive in person, face to face, independent legal advice. Where your solicitor cannot see you themselves, they may appoint an agent or notary to see you on their behalf.
What the adviser does instead →They act for you, not for the lender and not for the adviser. The Council state the solicitor does not have to be a member of the Equity Release Council, so a firm used to these cases is what matters rather than a badge.
How to check who you are dealing with →The Council describe an engagement letter and terms of business setting out how much the legal process will cost, what the solicitor will do for the fee, and how long they expect it to take. The quote assumes a standard case unless you have flagged extra work.
The other fees involved →The solicitor carries out the work to ensure the lender can secure a first legal charge against your property, and that any existing secured borrowing has been or will be repaid. That is why an outstanding mortgage has to be dealt with.
How a valuation works →The solicitor signs a certificate confirming the meeting happened and that you understand the contract you are entering into. The Council provide that certificate. You are asked to confirm your rights and obligations have been explained and that you wish to proceed.
This is the part that catches people out, and it is worth reading twice. The Council publish that 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.
That is not only a spouse. It can be an adult son or daughter living at home, a partner who is not on the deeds, a lodger, or a relative who moved in to help. Each of them has a position to understand, and the point at which it matters most is when the property is sold.
The Council describe care being taken throughout the process to ensure that vulnerable customers are appropriately catered for, giving sight impairment, early onset dementia and English not being a first language as examples, and that any concerns such as coercion are addressed before the case proceeds.
It is worth knowing that the solicitor meeting is a place where that can be raised. If somebody is pushing you towards this, whether a family member or anybody else, saying so to the solicitor is a normal and expected use of the appointment.
Which solicitor to use, or what yours will charge. Fees are quoted case by case and the Council describe them as assuming a standard, straightforward matter.
What your solicitor will conclude, or how any occupier will be advised about their own position. Those are legal judgements about specific people and specific facts, and no page can make them.
Anything about your own legal position. Independent legal advice is the whole point of this stage and it is given by a solicitor you appoint, who has read your paperwork and met you. We are not solicitors, we are not advisers, and this page describes the process rather than telling you what it will conclude.
Equity release may involve a lifetime mortgage, secured against your property, or a home reversion plan. It will reduce the value of your estate and impact funding long-term care.
All of it can be worked out in advance, and all of it removes delay later.
Questions worth putting to the solicitor when you appoint them.
How many equity release cases do you handle?
They need not be a Council member, but familiarity with these cases is the thing that actually helps.
What is the fee, and what would make it higher?
The quote assumes a standard case. Ask what counts as non-standard before the work starts.
Who else in my household needs to take advice, and from whom?
Anyone aged 17 or over living there does. Settling this early is what avoids a delay at the end.
Can you see me in person, or will an agent attend?
Face to face is required. Both are allowed, and it is reasonable to know which you are getting.
What happens if I change my mind after this meeting?
The certificate confirms you wish to proceed. Knowing the position before you sign is better than after.
Short answers to the things that come up most. None of it is advice, and every figure on this page carries its source.
Yes. The Equity Release Council publish that all customers who take out equity release need to receive independent legal advice, and that it must be received in person, face to face. Where your own solicitor cannot see you themselves, they may appoint an agent or notary to see you on their behalf.
No, and the Council are explicit about it: 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 adviser tests whether the plan fits your circumstances. The solicitor makes sure you understand the contract and the obligations attached to it.
Very likely. The Council publish that 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. That can include an adult child, a partner not named on the deeds, or a lodger.
No. The Council state that the solicitor acting for the customer does not have to be a member. What tends to matter more in practice is whether the firm is used to handling equity release cases, which is a fair thing to ask them directly before you appoint anybody.
It is a document provided by the Equity Release Council which your solicitor signs to confirm the face-to-face meeting took place and that you understand the contract you are entering into. You are asked to sign to confirm that your rights and obligations have been explained to you and that you wish to proceed.
Equity release may involve a lifetime mortgage, secured against your property, or a home reversion plan. It will reduce the value of your estate and impact funding long-term care.
One qualified equity release adviser. They will go through your figures and tell you if there is a better answer. It costs nothing and commits you to nothing.
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