If you are a homeowner who is 55 or older you may have considered equity release to access extra cash. You may also have wondered how long it would take to get cash in your hands if you decided to go that route. Although timeframes vary on a case to case basis, the process of equity release typically takes eight weeks from start to finish.
While it’s important to know how soon you will receive funds, it’s also essential to understand the process. This article will explain the process you will encounter when choosing equity release.
Advice From an Equity Release Specialist
The first thing you need to do before getting an equity release is you need to speak to an Equity Release Specialist. During these meetings, you will learn what services they offer, and they will ask about your circumstances and your requirements. After learning more about you and your situation, they will be able to recommend the course of action best suited for you.
Legal Advice From Your Solicitor
We will contact you when we receive the documentation from your Lender’s Solicitors.
We will arrange a meeting to provide you with legal advice about your equity release. You are required to obtain independent legal advice which we are happy to provide. We will send the completed mortgage documents to your Lender’s solicitor. They will give us a completion date when they have all the documentation.
Your lender’s solicitor may have questions or require more documentation after reviewing your mortgage documents. If there are no issues with your documentation, there may not be any requisitions, and you may immediately receive a completion date. However, if their solicitor raises requisitions, it is hard to say how long it will take to issue a completion date.
A reasonable estimate is to allow approximately one to two weeks to receive a completion date.
When we receive your funds from your Lender’s Solicitors, we will send you a Completion Statement before we send you your monies. We will send the monies using a CHAPS transfer which means that you will you could receive your money the same day.
Get Trusted Legal Advice During the Equity Release Process From the Experts
While some of these steps will take longer than others, they are all mandatory steps. If there is a specific date that you need funds, communicate this with your equity release advisor immediately.
The mission of the expert legal team at Elizabeth Middleton Solicitors is to deliver the highest quality legal services to clients in a timely manner and at an affordable price. Our team has over a decade of experience providing clients with assistance with wills, probate, lasting powers of attorney, and equity release.
Contact us today to schedule a consultation.