Looking for information about the Aviva Equity Release solicitor panel? Before instructing a firm, establish who it will represent, whether it handles Aviva lifetime mortgage transactions and what legal advice you will receive.
Equity release involves more than signing a mortgage document. Your solicitor needs to help you understand the legal agreement and deal with the property work required for the transaction.
A useful starting point is LENDERmonitor’s Aviva Equity Release solicitor panel information. Confirm the arrangements for your particular application directly with the proposed solicitor and your adviser.
What type of equity release does Aviva offer?
Aviva offers equity release through a lifetime mortgage: a long-term loan secured against your home. The loan and interest are usually repaid following the death of the last borrower or their move into long-term care, subject to the product’s terms.
A lifetime mortgage can reduce the inheritance you leave and may affect your tax position or eligibility for certain benefits. Financial advice is required before applying.
Your financial adviser considers whether the product is suitable for your circumstances. Your solicitor has a separate role in explaining the legal agreement and carrying out the necessary property work.
Your solicitor’s role and lender-panel membership are different questions
For equity release, the homeowner receives legal advice independently of the provider’s legal team. This differs from the arrangement commonly encountered on an ordinary residential mortgage, where one firm may act for both borrower and lender.
When considering the Aviva Equity Release solicitor panel, ask the firm to explain:
- whether it will act for you as the homeowner;
- who will represent the lender;
- whether any panel or appointment requirement applies to its proposed role; and
- how it will coordinate the legal work with the other parties.
A panel listing should not replace that conversation. Equally, a solicitor’s ability to provide independent advice should not be confused with authority to represent the lender.
What should the independent legal advice cover?
The Equity Release Council requires independent legal advice for customers taking out plans under its standards. Its published guidance describes a face-to-face advice meeting and a solicitor’s certificate confirming that the customer understands the contract.
The advice should address the particular offer and your circumstances. Questions worth discussing include:
- when the loan becomes repayable;
- your obligations concerning the property;
- the terms governing a future move;
- any early repayment provisions;
- the position of other people living in the property; and
- anything in the documents that you do not understand.
Tell the solicitor if you need additional support with the meeting or documents. You should have the opportunity to ask questions and give your own instructions.
Can you use your existing solicitor?
Ask your existing solicitor whether they undertake equity release work and can handle your proposed Aviva transaction.
The Equity Release Council states that the solicitor acting for the customer does not have to be a Council member. Experience with equity release, a clear explanation of the firm’s role and confirmation that it can undertake the work are useful starting points.
If your financial adviser suggests a firm, request its written terms and quotation. Make sure you understand whom the firm represents and what its fee includes before instructing it.
Check Aviva Equity Release solicitor panel information
LENDERmonitor provides information about the Aviva Equity Release solicitor panel, including questions relevant to firms’ panel arrangements.
Use it as a starting point, then confirm the proposed solicitor’s role and suitability for your particular transaction.
Property issues can affect the legal work
Having owned your home for many years does not mean there will be no title questions when a lifetime mortgage is proposed.
Tell your solicitor early about matters such as a lease, an existing mortgage, alterations, boundary disagreements or other occupiers. Ask which documents they need and whether any issue requires investigation before completion.
An existing secured loan may need to be repaid as part of the transaction. Your solicitor and financial adviser should explain how this affects the funds available to you.
Ask for a clear quotation and realistic timetable
Before instructing a firm, ask:
- Does the quotation include VAT and anticipated third-party costs?
- What work could lead to additional charges?
- Where will the independent advice meeting take place?
- Who will handle the matter and provide updates?
- What information do you need to supply?
- What could delay completion?
Aviva explains that legal timings can vary where property issues arise. Avoid making spending commitments based solely on an estimated completion date.
Equity release requires its own approach to conveyancing
Our earlier article on equity release conveyancing discussed the market from a law firm’s perspective in 2014. Its figures and panel descriptions are historical.
For a new application, focus on the current offer, the legal representation arrangements and the advice you need. Start with the Aviva Equity Release panel information page and confirm the details before instructing a solicitor.