How long does equity release take?

From the initial advice to the property valuation and legal paperwork, through to the cash being paid to your bank account, applying for equity release usually takes between 6 to 10 weeks.

There are various stages to go though to ensure that the equity release loan is secured safely on your property and that you are protected by the Equity Release Council’s best practice and that the process has followed the FCA’s strict guidelines.

What happens once I've applied for equity release?

Following your initial discussion with an adviser and once you have decided that you would like to proceed, you will need to submit your formal application. This will then be assessed and the valuer instructed to value your home.

The valuer will make an appointment with you and spend around 30 minutes at the property to make his assessment of its value.

In parallel to this the solicitor will be carrying out their legal checks and preparing the paperwork for you to sign. Once you’re comfortable with everything the agreed amount of equity release will be released and sent to your bank account for you to use how you wish.

how long does equity release take 

Why do I need my property valued when applying for equity release?

Your property needs to be valued to establish how much it’s worth, so the equity release company can assess how much cash you could release from your home. For example, if it was valued £250,000 you could release up to £137,500, you may of course choose to release a smaller amount of cash.

Why are solicitors needed when I apply for equity release?

As you are securing a loan on your property solicitors are needed to prepare and ensure that the legal paperwork is in place to protect you and the equity release company.

How long will it take for the money to be in my bank account?

Once the valuation has been done and the solicitors have completed the paperwork you will be asked to sign some documentation to confirm that you are happy with everything – don’t worry the equity release adviser will hold your hand through the whole process.

Is equity release advice free?

Yes, the advice for releasing equity is free right up until the money is paid to your bank account. At this point you will have completed the deal and usually the equity release fee will be deducted from the cash sent to your bank account.

This varies from company to company, but is usually around 1.95% of the cash released and with a minimum sum of around £1,495 – these fees will be discussed with at the initial advice stage so their will be no nasty surprises.

You may wish to read... 

Updated 18th March 2020
by Ashley Shepherd
Ashley Shepherd

Ashley is the founder and managing director at Over50choices. With over 30 years’ experience in financial services, he has held senior roles in building societies, banks and insurance companies.

We know it's a big decision!

That's why we have teamed up with Age Partnership one of the UK's leading equity release specialists.

Find out how much cash you could release by clicking on the button below.

How much equity can I release from my home?

Don't miss out...

Sign up to our monthly newsletter for the latest updates

Our trusted partners

First Choice Health
Dignity
Age Partnership
Quotezone.co.uk
Golden Leaves Funeral Plans