Carefully select your law firm partner for Equity Release growth in 2015

Published: 19/01/2015

As 2015 begins there are numerous media reports that this will be a year of further success for Equity Release with predictions that growth in this market will be fuelled still further by the pension reforms announced in last April’s budget.

"With the Equity Release market set to grow substantially in 2015 it’s more important than ever that advisers choose their partner law firm carefully’ observed Richard Espley, Head of Equity Release at Goldsmith Williams. ‘Look for a firm with sufficient capacity and also one which offers a quality legal service so that work is delivered quickly and accurately.

There are indicators that can give you confidence in these areas. Whilst long term experience counts for a lot, specialisation is equally important. Equity Release conveyancing transactions require particular skills so select a firm with a dedicated team.

Recent Equity Release Council changes require that every client has to be seen at least once during the process by a solicitor or suitably qualified lawyer. Firms vary in their approach to this requirement. In my firm we’ve established a nationwide special lawyer panel the members of which are happy to visit clients in their own homes. This is a flexible service that can easily be up scaled as volumes increase whilst the convenience of this service for the client really helps with the speed and accuracy of case completion.

Law Firms committed to this business area should be proactive in the Equity Release community and be members of the Equity Release Council and the Equity Release Solicitors Alliance. Similarly their professional expertise should be accredited – for example the Law Society’s Conveyancing Quality Scheme. Finally, when business volumes are high having access to an online case management system can be critical. Make sure that your selected firm offers this and, in these days of mobile technology, they also offer access through a mobile app.

The unanimous view is that 2015 will be a year of major growth in the Equity Release market. Choose your legal services firm wisely so that they can be a true partner to you as you take advantage of this business opportunity!"

Content correct at time of publication