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?
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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 B - Bridgwater, Somerset
"Everything was made easy to understand. The charges were right where they said they would be. The service provided was 1st..." Read More
Mr & Mrs W - Broadstone, Dorset
"Amazing - my husband does not understand finances usually, however Allen was great & explained everything in laymans language...." Read More
Mr & Mrs H - Whitecross
"The whole experience was fantastic. Always someone there if we needed help. Was surprised how quickly it was settled and..." Read More
Mr C - London
"I would like to thank Gary for his excellent service, care and attention in dealing with an elderly gentlemans needs. A please..." Read More
Mr & Mrs T - Donaghadee, County Down, N Ireland
"Paul Newsome was extremely helpful & efficient & using Equity Release Supermarket enabled us to get the best deal & the benefit..." Read More
Mrs P - Saffron Walden, Essex
"For smoothness and efficiency I would highly recommend to friends and family."
Ms & Mr B - Belvedere
"John came to our house twice and gave us all the information needed. We had two more visits from a solicitor and surveyor..." Read More
Mrs F - Camberley, Surrey
"I want to say thanks for the excellent service I received, Jo gave me help and advice with a smile."
Mr & Mrs V - Chorley, Lancashire
"Sue Eastham was very professional and helpful always at the end of the phone to reassure and support."
Mr & Mrs G - Scarborough, North Yorkshire
"Special thanks to Michael who was very helpful & friendly & handled the application smoothly. The whole experience was easy..." Read More
Mr & Mrs D - Ewhurst, Surrey
"Thank you for a fast, efficient service taking only 4 weeks to completion following the visit of the very professional &..." Read More
Mrs K - Brentwood, Essex
"Sara has recently helped us with an equity release on my mum’s property. Not only was she professional & thorough, but..." Read More
Mr A - County Durham
"My Adviser offered me a range of products that could be suited to what I was specifically looking for. This enabled me to..." Read More
Mr H - Didsbury, Manchester
"Equity Release Supermarket really got things moving with my application and business was concluded within two weeks of contacting..." Read More
Mr & Mrs W - Chatham, Kent
"Very happy with the service. Everything explained clearly including any negatives."
Mr P - London
"Hannah Boxshall was professional and informative, answering all of my questions and provided an excellent service. I liked..." Read More
Mr B - Birmingham, West Midlands
"Very quick response to my initial enquiry & clear/comprehensive explanation of options given. Regular updates on application..." Read More
Mr D - Sheffield, South Yorkshire
"Excellent service. Thorough. Informative. Comprehensive. Re-assuring. 5 Stars."
Mr J - Ely, Cambridgeshire
"I cannot recommend Paul highly enough and would have no problem recommending him if someone is considering equity release...." Read More
Mr & Mrs R - Coventry, West Midlands
"Really good to talk with people who are understanding and not pressurising."
Mrs A - East Lothian
"I really felt like I was dealing with a professional who knew what I wanted and needed. My options were clearly explained..." Read More
Mr & Mrs W - High Wycombe, Buckinghamshire
"Gary Webster was amazing and kept us well informed every step of the way."
Mr & Mrs A - Devon
"Our experience was very satisfactory. The service provided by Gareth and his colleague was excellent."
Ms C - Devon
"Anna Hartley was our advisor and we couldn’t be more happy with the whole process. Anna was friendly, helpful, patient..." Read More
Mrs G - Belfast, N Ireland
"What really struck me about Raquel was her professional, yet friendly manner. I completely trusted her & had complete faith..." Read More
Mr & Mrs H - Isle of Wight
"Very comprehensively explained the process and we are very happy with the advice."
Mr P - Telford, Shropshire
"We were very pleased with the service your company supplied. Mr Sykes was a great help guiding us through the paperwork."
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 S - Reading
"We were slightly nervous as equity release seems to have bad press, but we were contacted by an advisor called Guy Walker..." Read More
Mr & Mrs F - Wigan, Lancashire
"The whole process was completed in 3 weeks (excellent). Everyone involved were efficient, Marc and Alison from Equity Release..." Read More
Mr & Mrs B - Chesterfield
"Mark was always totally honest with us explainin geverything in a easy professional way."
Mr & Mrs E - Chelmsford, Essex
"The whole process was carried out very efficiently and all steps thoroughly explained. The advisor Chris Bowles was very..." 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.