How Does Equity Release Work?
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What’s the equity release application process?
At Equity Release Supermarket, we provide a transparent and customised service which sees our experienced and friendly advisers guide you through the whole application process. From initial research to the successful release of funds at completion, you can rely on our team to explain everything in a language that’s easy to understand.
Here is a guide to explain the equity release application process:
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1 Advice and recommendation
The first part in the equity release process is to have a free initial consultation with one of our advisers. They will provide you with a personalised suitability report based on your circumstances and products currently available in the market.
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2 Application
Following acceptance of our recommendation, your equity release adviser will complete an application form, collecting supporting documentation and identification. Our new business team will then forward your file onto the equity release provider.
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3 Valuation report
Upon receipt of your application, the lender will instruct a local independent surveyor to contact you and arrange a mutually convenient valuation of your property. The surveyor will conduct a market appraisal, advising its current value and condition for security purposes. The outcome of this report will determine how much equity can be released.
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4 Conveyancing and legal
Your appointed equity release solicitor will be responsible for dealing with the legal process. They will liaise with the lenders’ solicitor and fill out an initial questionnaire about you and your property. You will then receive an offer from the lender, along with a Solicitor's Certificate. Why not download our free factsheet?
5
5 Offer made
Once the lender deems the surveyor’s valuation report satisfactory, you will be sent an equity release offer. This confirms the terms and conditions of the mortgage, including the rate, charges and amount borrowed. The original offer is sent to your solicitor, requiring a signature in the presence of your solicitor during a face-to-face meeting.
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6 Completion
Finally, when the lender’s solicitors have completed their final checks of all the legal paperwork, they will set a completion date. The funds released are sent to your solicitor initially with any charges deducted. Dependent upon your preferences, the net amount will then be forwarded to your nominated bank account or posted via cheque.
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7 Enjoy the proceeds!
With the funds released, you are now free to spend the equity release proceeds in whatever way you wish. Equity Release Supermarket prides itself on service, so we will always try to check-in on an annual basis to make sure the plan remains competitive.
What our happy customers
have to say
Mr & Mrs C - Beckenham, Kent
"Nothing is 100%, but boy this was close! This is a first class professional unit. They explained, outlined & covered all..." Read More
Mrs B - Newport, East Riding of Yorkshire
"Our adviser Will was really helpful and explained everything really clearly."
Mr & Mrs C - Newcastle
"Guy was our Lifetime Mortgage Advisor, we cannot speak highly enough of him, he helped us through the whole process step..." Read More
Mr J - London
"Very good experience. Found a solution to a situation that another firm said could not be resolved."
Mr W - Darwen, Lancashire
"Made to feel very comfortable and at ease with the advice given by Dan Pedder at a very difficult decision in our later stages..." Read More
Mr & Mrs R - Coventry, West Midlands
"Really good to talk with people who are understanding and not pressurising."
Mr & Mrs S - Hull
"A huge thank you to Paul and Collete for their hard work, patience, and regular contact during the process of obtaining equity..." Read More
Mr & Mrs M - Margate, Kent
"The adviser was supportive of our intent to discuss with our children, one who was living abroad. Kept in touch by email..." Read More
Mr C - Rochdale
"Anna was empathetic to our requirements and her advice and recommendations helped to clarify our decision."
Mrs M - Somerset
"I would highly recommend Mr Neil Morris as he was exceptional in dealing with my circumstances. He was highly professional..." Read More
Mr & Mrs S - Bradford, West Yorkshire
"Service was very quick, well explained, well carried out and Michael Filewood was very very good."
Mr C - Leominster, Herefordshire
"The adviser, David Robinson was both pleasant & efficient & he made the whole process very easy to understand. When we felt..." Read More
Mr & Mrs Barrett - East Sussex
"‘John’s patience and clear explanations provided us with the reassurance that we had made the right decisions’ "
Mrs P - Merseyside
"I had an excellent experience using Gareth as he explained everything in easy to understand manner. Gareth & his online..." Read More
Mr & Mrs B - Driffield, East Riding of Yorkshire
"Paul knew his products and in my opinion advised us on the best product for our circumstances. He was easily contacted and..." Read More
Mr & Mrs G - Southend-on-Sea, Essex
"Very pleased with a thorougly good, quick & efficient service provided by Chris & Equity Release Supermarket."
Mr C - Truro, Cornwall
"Despite my initial misgiving about solely dealing over the telephone, Marc Cookson was excellent & thorough throughout."
Ms W - Irvine, North Ayrshire
"A clear straightforward and quick process knowing exactly what costs were involved through set fees rather than %. Our thanks..." Read More
Mr J - Leigh-on-Sea, Essex
"Very good all round performance. Clear communications & easy to complete the application. The adviser gives clear answers..." Read More
Ms B - Kent
"Gary, a very honest hard working gentleman who has been with me for 3 very difficult years. With Gary's wonderful support..." Read More
Mr and Mrs M - London
"I cannot recommend Sara highly enough – dealt with her for the last 10 years. She is not only a fantastic person to partner..." Read More
Mr & Mrs M - York, Yorkshire
"I was very happy with all the information and advice given by Daniel Beatson."
Mr S - Rotherham, Yorkshire
"Excellent communication skills and provided professional advice and support. Top marks!"
Mrs M - Isle Of Wight
"Jo McCormick was friendly, informative & thorough in every way."
Mrs O - Reading, Berkshire
"Rob Hopkins was an excellent adviser from start to finish. He frequently went the extra mile to help - would recommend."
Mr S - Folkestone, Kent
"Analysis of my situation intelligent & thorough. Advice given well reasoned & supported by evidence. Maintained friendly..." Read More
Mr S - Moreton In Marsh
"The service provided & information available was excellent which allied to a very informed & personable advisor made the..." Read More
Mr & Mrs D - Ivybridge, Devon
"From the start the process was simple. We were never pushed into signing anything. The service provided was second to none...." Read More
Mrs M - Dorchester, Dorset
"I cannot thank Chris enough, he was extremely knowledgeable, helpful and very polite. I was slightly nervous before speaking..." Read More
Mr & Mrs G - Cheadle, Cheshire
"From start to finish Sue Eastham has been at our side throughout the whole process. She has returned every call/message we..." Read More
Mr M - Worthing, Sussex
"Mark,Thank you so much for arranging the Just Retirement Lifetime Mortgage for me. When you see yourself running out of..." Read More
Mr P - Edgeware, London
"Equity Release Supermarket has been an outstanding adviser. Susan Leggott was true to her word in every step of my application...." Read More
Mr M - Richmond-Upon-Thames
"Allen Tomlinson was first rate. We had many problems caused by Aviva & the valuer, but Allen remained calm and supportive..." Read More
How long does the equity release application process take?
A lifetime mortgage scheme usually takes somewhere between 4 to 6 weeks to complete, while a home reversion plan is more like 8 to 10 weeks, assuming the title on the house is clear. How long this takes will also depend largely on how efficient and experienced your solicitor is.
Applying for equity release involves legal work, which should be handled by a solicitor with expertise in equity release. This can help to avoid any potential delays in your application.
Equity Release Supermarket can provide a panel of qualified equity release solicitors to choose from, who can handle your application. All these solicitors offer a home visit if required and a competitive pricing structure, backed up by a 'no completion, no fee' guarantee.