Fees & Costs

Usually Fee Free but all lenders can charge. An independent surveyor and property valuation is instructed to calculate the amount being applied for is within lender guidelines.

This serves two purposes; to get a current market valuation based on a reasonably quick sale and to ensure the property is in good condition and represents adequate security

Should the property not be in suitable condition, the lender may insist that essential repairs be carried out, either prior to or following completion

Valuation fees are based on the estimated valuation of the property

Varies from Fee Free to Fee Charged depending on the lender and plan selected. When a Fee is Charged it can often be added to the advance.

These vary firm to firm and for the amount of work outside of the standard undertaken, location and searches/disbursements required. You appoint your own solicitor who has to be Equity Release Authorised and Registered. The Equity Release Council has a register you can check. This is to ensure you receive completely independent legal advice about risks, rewards and obligations attaching to the Equity Release Plan

Equity Release Council rules stipulate the homeowners solicitor must be independent of the lenders solicitor as they are responsible for completing the legal aspects on your behalf and meet lender requirements. They will be responsible for redeeming any mortgage or secured loan on your property, usually from Equity Release proceeds

Equity Release solicitors must also witness each client face to face to ensure no undue influence exists

Finally, upon completion it is the responsibility of the advising solicitors firm to sign off the solicitors certificate who has control over the speed of completion.

The Equity Release Company charge a fixed fee of £1,000 and can be deferred until completion. The fee of £250 is due when a Lifetime Mortgage offer is generated and a further £750 once you receive your funds and is paid via the solicitor. Should completion not take place the £250 will fall due

We feel this is very competitive and represents excellent value for money compared to many other specialists

Our Equity Release advice fee is necessary to meet regulatory costs, maintain service standards, provide your recommendation and complete the necessary paper work taking your application through to completion

Fees and charges can usually be deducted from the advance by the solicitor unless you decide to pay the fees to the solicitor