Supporting Your Clients Through the Equity Release Process: How Gilroy Steel Solicitors Can Help

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At Gilroy Steel Solicitors, our client-centric approach ensures that each individual receives a professional, approachable, and efficient service as they navigate their equity release journey. We work closely with advisers like you to ensure that your clients’ legal requirements are handled seamlessly, providing peace of mind and transparency throughout the process.

Here, we outline the key steps involved in the equity release process from a solicitor’s perspective, starting from the initial application with Equity Release Supermarket and continuing through to the completion of the transaction.

Our Process: Clear, Thorough, and Client-Focused

We understand that your clients are looking for a smooth and positive outcome from their equity release, and we are committed to delivering that. We begin with a thorough risk assessment at the outset and continue to monitor the case throughout its progression.

During our home visit, we take the time to explain the process clearly, address any questions, and conduct enhanced due diligence to ensure the transaction proceeds with full legal and regulatory compliance. Should any concerns arise during the process, we will work with you and your client to address them promptly and efficiently.

Compliance & Regulatory Standards

As a fully regulated law firm, we are compliant with all relevant legal requirements, including those specific to equity release. We are regulated by the Solicitors Regulation Authority (SRA) and the Law Society, and accredited as Payment Card Industry Security Compliant with Cyber Essentials certification in progress.

Equity release transactions require special attention to compliance, particularly in relation to preventing financial crime and fraud. Our team adheres to strict regulatory standards including:

  • Money Laundering Act 2017
  • Proceeds of Crime Act 2002
  • Counter-Terrorism Act 2008
  • Criminal Finances Act 2017
  • Bribery Act 2010
  • FCA (Financial Conduct Authority) guidance on equity release

In the unlikely event of a complaint, we take all concerns seriously. Although complaints are rare, our procedures are designed to resolve any issues promptly, and clients may also contact the SRA or Legal Ombudsman if needed.

Our Dedicated Teams

To ensure we provide efficient, high-quality service at every stage, we have dedicated teams in key areas:

  • New Business Team: Handles client welcome calls and initial documentation.
  • Home Visit Scheduling Team: Coordinates appointments across the UK.
  • Case Handler Support: Provides day-to-day assistance and updates.
  • Case Handlers: Manage legal matters and case progression.
  • Senior Case Handlers: Handle complex Tier 3 matters, including purchases and matrimonial issues.
  • Finance Team: Manages all financial transactions, reconciliation, and client billing.
  • Post Completion Team: Handles post-completion matters and file closure.
  • Leadership Team: Oversees the strategic direction and day-to-day operations.

Step-by-Step Process

Step 1: Initial Instruction and Client Introductory Pack

Once you have instructed Gilroy Steel Solicitors, we will contact the client within 24 hours and send them a Client Introductory Pack containing:

  • Terms of Business
  • Personal Details Questionnaire
  • Confirmation to Proceed form (to be completed by the client)

Clients can track progress via our online portal, which provides milestone updates on key events such as:

  • Client Introductory Pack sent
  • Offer received
  • Home visit scheduled
  • Signed documents received
  • Completion date

Our team keeps clients updated via their preferred communication channel, whether by phone or email.

Tiered Case Handling

We categorize cases based on complexity to ensure the appropriate level of expertise at each stage:

  • Tier 1: Standard equity release for freehold properties with correct title deeds.
  • Tier 2: Leasehold properties, requiring verification of ground rent and service charges.
  • Tier 3: More complex cases, such as purchases, lease extensions, or probate matters.

We also handle transactions involving Transfer of Equity (adding or removing a party from the title) and Special Conditions set by lenders.

Step 2: Home Visit and Document Review

Once we receive the equity release offer, our team will contact the client within 24 hours to arrange a home visit. During this appointment, a solicitor will:

  • Verify the client’s identity and ensure they fully understand the documents.
  • Confirm the client is not under duress, has mental capacity, and is not vulnerable.
  • Review and sign the documents in person.

We will prepare the lender’s legal pack, double-check the details, and forward it to the lender’s solicitor to expedite the completion process.

Step 3: Completion and Post-Completion

As part of our commitment to ensuring a smooth and timely process, we actively chase the lender’s solicitors to confirm a completion date. Once this is secured, we will:

  • Review the completion statement and explain all fees to the client.
  • Deduct the solicitor’s and adviser’s fees, then forward the balance to the client on the day of completion.

Following completion, we send the client a final confirmation, along with the invoice and completion statement for their records. The lender’s solicitors will handle the registration of their charge, and we will provide the client with the updated Office Copy Entries once the registration is complete.

Special Circumstances: Handling Complex Cases

We also handle more complex equity release scenarios, including:

  • Purchases: We recommend acting for both the equity release and conveyancing matters to streamline the process and avoid delays.
  • Lease Extensions: For properties with leases under 80 years, we help clients navigate the extension process.
  • Matrimonial Matters: We can assist with separation agreements and provide independent legal advice when needed.
  • Probate: If the property is part of an estate, we assist with the probate process to transfer ownership.

Client Satisfaction

At Gilroy Steel Solicitors, we are committed to exceptional client satisfaction. We routinely request feedback from our clients through Review Solicitors, ensuring we continue to meet and exceed expectations.

By partnering with Gilroy Steel Solicitors, you can be confident that your clients will receive expert legal support throughout their equity release journey.

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This post was written by Kelly Steel