Equity release is a product that is highly used by homeowners who are over the age of 55 & reside in the United Kingdom. There is a legal aspect to every equity release process which is why equity release solicitors are needed in order to complete the equity release process.
However, the legal process & equity release rules in Scotland are slightly different. Consequently, equity release companies such as Stonehaven are not offering equity release plans in Scotland. This however does not mean that equity release is not available to homeowners in Scotland. Other well-known companies such as Aviva and Just Retirement do offer equity release plans to homeowners in this region.
It does not matter if homeowners are opting for equity release in Scotland or in the United Kingdom. Any homeowner who is planning on taking up an equity release plan will be in need of an equity release solicitor. It is not possible for one equity release solicitor to act on behalf of the homeowner and the equity release provider. The homeowner must have his or her own independent solicitor and the equity release provider must have their solicitor. These are the rules of the Safe Home Income Plans or SHIP which is the organization that safeguards the rights of homeowners taking up equity release plans.
It is advisable for a homeowner to choose a solicitor who is a member of the Equity Release Solicitors Alliance or ERSA. Solicitors who belong to ERSA specialize in equity release and have the knowledge and experience required to provide expert legal advice to homeowners. However, if an equity release plan is taken out in Scotland, a Scottish solicitor must act on behalf of the homeowner. Such companies as Caesar & Howie Solicitors are experienced in this field & can complete the transaction for you.
Since most homeowners are not fully aware of the risks and benefits of the equity release plan of their choice, they will need guidance throughout the equity release process. This guidance is initially provided by your independent equity release adviser & the final stages by your equity release solicitor. Solicitors make sure that homeowners are fully aware of the risks, benefits, and legal obligations of the equity release plan that they chose. Homeowners will also need their equity release solicitor to make sure that the SHIP certificate is properly completed & registered to provide protection from any future misunderstandings or complaints.
