For equity release via Age Partnership: GWLegal have a clear process with progress updated on your account in their web site. It may feel like a production line at times, but it is fast and efficient. The surveyor's valuation and home visit were arranged quickly and went smoothly. The whole process took about one month. They were on track for 5 stars until the last, when I was told that completion would be on Friday and that they would send out the funds that day and the funds should be in my account early the following week. I asked why the funds were not being sent via 'same day' bank transfer, eg CHAPS, and was surprised that nobody knew what bank transfer method they used - they knew it was via 'TT' (Telegraphic Transfer), which covers several methods including CHAPS, SWIFT etc. I was uncomfortable with them sending my funds out on a Friday and not receiving them until the following week, as it is well known that Fridays are a common target for large money transfers, as hackers use the weekend to cover their tracks. GWLegal understood the concern and agreed to only send out the funds the following Monday, still, however, not clear which method they were going to use, ie same day or not. By Monday mid afternoon they had not sent the funds, and I had to chase them, but they responded quickly and the funds were sent soon after 3pm and received an hour later. So they do use same day transfer, almost certainly CHAPS, and if this had been made clear to me, I would have had no concerns. Perhaps their web site could clarify their system of funds transfer. Overall, I found the whole process from my initial enquiry to Age Partnership to the whole legal process from GWLegal very smooth, structured and efficient and I would certainly recommend them both.
One tip - a warning if you mention you might want to buy solar panels with the equity released, as this might trigger the lender to misunderstand and include a 'special condition' on their offer and questions about where you got the panels from and have you leased them etc - yes, I know, you haven't got them yet - but it happened in my case and took me a while to straighten that out.
3 years ago
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