Top Tips for Equity Release Counselors on How to Complete Home Buying Files


“If that doesn’t guarantee that a client will meet the deadline, it will help give them a fighting chance and allow the advisor to better manage their expectations.

After seeing the number of people over 55 using equity to purchase a property increase by 5% to 15% in recent months, more2life shared its top tips for advisers looking to deal with cases of home buying as the holiday stamp deadline approaches.

Equity release is typically used to release the value of a client’s existing home, but it can be used as part of the process of buying a property, with the equity released typically increasing the power of the client. customer purchase. As the entire real estate market struggles with the high demand for services and the approaching deadline, more2life outlines nine key steps equity release advisors can take to complete business cases. buying a house as quickly as possible:

1. Thoroughly prepare clients in terms of process, required documentation and associated deadlines – transport agents and specialist lawyers face longer turnaround times, which may change depending on the complexity of the case . It is essential to ensure that documentation is provided in a timely manner.

2. Point out all crucial details with the lender at the start of the application process – this could include details like the need for lasting powers of attorney, for example.

3. Suggest that clients have a stock release lawyer handle both the purchase and the life mortgage – this will help speed up the process and reduce costs. Cases that use an equity release lawyer can be handled up to five times faster.

4. Make sure clients do not accept completion dates or moving vans within the chain before getting attorney approval to do so.

5. Act on special conditions upon receipt of initial offer to avoid delays – certain features of the property such as a septic tank or ground rent will require a lender to include requirements that must be met before the case is not over. These must be dealt with as soon as possible.

6. List assent * cases and lease extensions as purchase questions on the application form – assent cases and lease extensions are sometimes marked as re-mortgages, which can lead to delays and delays. confusion.

7. Make sure the Certificate of Insurance is included in the initial pack at the client’s lawyer – this is a common problem but can be easily avoided early in the process.

8. Make sure the client’s lawyer sends everything the carrier needs the first time around to reduce the number of complaints that may arise later.

9. Ask to receive updates from the carrier whenever possible – this can be done through their online portals and will allow advisors to keep customers informed throughout the process.

Stuart Wilson, Director of Corporate Marketing at more2life, commented: “As we head towards the end of the stamp duty holiday, the entire real estate market is struggling to get business through and the stock release market is no different. While the rumor of an extension until June is good news, we can’t afford to ease off the gas as even that date could present a challenge for some more complex cases.

“The backlogs accumulated with essential systems such as the land registry and the increased pressure on transport agents mean that we need to make sure applications run as smoothly as possible. To help advisors and their clients, we’ve compiled a list of top tips designed to avoid some of the common challenges people face when trying to complete.

“If that doesn’t guarantee that a client will meet the deadline, it will help give them a fighting chance and allow the advisor to better manage their expectations. Providing intermediaries with the tools that will enable them to deliver better retirement outcomes for clients is a priority for more2life, and we are confident that today’s guide will be well received by equity release advisors facing challenges. increasing pressure to complete purchasing files over the coming weeks.

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