Valuation is vital:
The valuation stage is necessary to find out the actual value of your home so you can receive it's entitled worth. They carry this process out within a week of your application.
Your dedicated equity release solicitor will handle all legal processes for you. They'll arbitrate with solicitors of the lender and complete a questionnaire about you and the home you want to use as leverage.
When the process completes, you'll receive a Solicitor's Certificate alongside an equity release offer from the lender.
Immediately the lender certifies that the valuation report rendered by the actuary is meeting the requirements you'll receive an offer for your equity release. They set the proposal to confirm the terms and conditions you must adhere to regarding the mortgage, the interest rate, charges and entire amount you will borrow.
Your solicitor will receive your offer because you must sign it in the solicitor's presence, in a face-to-face meeting.
The equity release go-ahead:
Once you receive the offer, approximately within two weeks after valuation, the broker will send a copy to your chosen solicitor. Only then will your solicitor contact you for a face-to-face appointment to complete the next step.
When your solicitor has completed all legal and regulatory processes with you, and it's up to your satisfaction; your solicitor will begin the conveyance process with the solicitor representing your provider. This is a process that they may complete within four weeks, regarding how complicated your title is.
#6. Completion of Paperwork
As soon as the lender's solicitors complete all necessary checks legally actualising the paperwork, they will put a stamp on the date of completion.
Finally, the money will get sent to your solicitor, who will deduct any charges you incurred. Then, depending upon your preferences, your solicitor will deposit your released equity into your given bank account, or post them through a cheque.
#7. Concluding the Equity Release Process
After the solicitor representing your equity release plan provider is okay with all the processes conducted by your solicitor, they'll set a completion date; the funds will legally get sent to your solicitor from your lender.
When the funds arrive, your solicitor will immediately deduct all advice and legal fees you owe from the equity release, and then transfer the balance into your bank account. Be sure to repay any other secured debt you may and any charges on your estate.
The moment your account receives the equity release funds, you are free to use them in whatever way you wish.