How Long Does Equity Release Take?

Discover How Long Equity Release Takes?
Are You Considering Equity Release, but Wonder How Long It Takes? Here’s a Detailed Breakdown of How Long It Takes….
TABLE OF CONTENTS

How Long Does Equity Release Take?


Don’t get left behind! 

With so many new and exciting equity release products available to get you cash positive, you may wonder how long does it take?

Fortunately your retirement dreams can soon become a reality.

We’ve got all the answers you need right here!

In this article, we’ll help you learn:

  • How long does equity release take?
  • Tips to speed up the process?
  • The whole application process.
  • How long until you get the money paid into your bank account?

While you may be in a hurry to access some much-needed capital, it’s always best to take your time when making a big financial decision. 

Planning saves time, but how much?

Let’s take a look.

Before You Start Reading….

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How Long Does Equity Release Advice Take?

Equity release advice could take anything from 4 to 12 weeks and each situation will differ.

It’s a legal requirement to get financial advice for equity release, and it’s essential that your adviser understands your requirements both in the short and long term so they can plan accordingly.

How Long Does an Equity Release Application Take?

An equity release application will take about 4 to 6 weeks.

Here’s a breakdown of the steps.

Consultation

You’ll have an initial consultation with your adviser, where they’ll find out your financial expectations and needs.

Fact Find

Once they have all the facts about your financial position, your adviser will prepare a plan for you.

Presentation

Your adviser will prepare a presentation for you where you’ll discuss the equity release products they recommend in detail. 

You’ll be able to discuss interest, costs, and any early repayment charges, amongst others.

Application

Application times may vary depending on the providers you apply to; some will require documents to be posted. Others work via email. 

Some have online application platforms for advisers to submit through. 

Once your provider receives your application, it’ll send you an acknowledgment that they have it.

Valuation

The providers will then appoint surveyors to do a property valuation to ascertain its worth.

Mortgage Offer

Once providers receive the valuation1 report for your property, this is then sent to underwriters to make sure your property is one they are willing to invest in. 

You and your lawyer will then receive a formal offer from the lenders which usually takes around 48 hours from when they receive the report.

Solicitors Appointment

As equity release is a legal contract, you’ll have to appoint a solicitor2 to handle the conveyancing process.

The provider can assist you with finding one if you don’t have one in mind.

The legal fees are for your account.

Completion

Once a completion date has been decided, your money will be paid to your solicitor. 

They’ll settle any outstanding amounts on the property. 

The balance of your funds will then be transferred to your account and can take between 1 to 3 days.

Equity Release Application Timescale

The timescale of an equity release application is 4 to 6 weeks to complete the process; if there are additional questions or requirements, it can take 8 weeks.

If it takes longer, it may mean that there are many applications being processed or other issues with the application.

The Timescale of the Different Types of Equity Release

The timescale of a lifetime mortgage takes around 6 weeks to finalise, whilst a home reversion scheme takes between 6 to 8 weeks to complete.

What Can Slow Down an Equity Release Application?

There are a few things that could delay your application, make sure to take care of these before you apply to avoid slow turnaround times:

  • Your property isn’t registered.
  • There’re deceased owners named on the title deed.
  • Your property is held in trust.
  • A 2nd valuation is needed due to an original overestimation.
  • Medical records are needed.

What Can Speed Up an Equity Release Application?

Speed up your application by doing the following:

  • Make use of specialist equity release provider.
  • Discuss the option of paying for an expedited application with your adviser3 and solicitor.
  • Prioritise your meetings with advisers to avoid delays.
  • Always discuss your turnaround expectations with your adviser from the start, so they know what you expect.

How Long Will It Take for the Money to Be In My Bank Account?

It will take 1 to 3 days for the money to be in your account once your application is approved and your money has been released to your lawyer.

How Long Does the Whole Equity Release Process Take?

The whole process should take around 4 to 12 weeks to complete, with an average of 6 weeks.

Common Questions

How Long Does It Take To Get Equity Release?

What Is Involved Between the Start & Completion Date of Equity Release?

How Long Does It Take To Find an Equity Release Company?

What Happens Once I’ve Applied for Equity Release?

What's the Quickest Time for Equity Release to Be Completed?

What Are Average Equity Release Timescales?

How Long Does Equity Release Take After Valuation?

In Conclusion

If you’re going to apply for equity release, it’s best to make sure you take care of anything that can slow down your application. 

If all goes smoothly, you can expect a turnaround time of about 6 to 8 weeks.

It’s always best to discuss how long your equity release application could take with your adviser so that you can manage your expectations.

How Much Can You Release?

Use the FREE Calculator Below 👇

 

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Value of Your Home?

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Editorial Note: This content has been independently collected by the EveryInvestor advisor team and is offered on a non-advised basis. EveryInvestor may earn a commission on sales made from partner links on this page, but that doesn’t affect our editors’ opinions or evaluations. Learn more about our editorial guidelines.