Equity release lender more2life has expanded its library of educational resources with a new factsheet outlining the most common equity release offer conditions and how to manage them.
The factsheet will be distributed to advisers directly as well as being hosted on the Learning Lab portal on more2life’s website.
The lender stated that failure to prepare for likely offer conditions can be costly for advisers and clients as it can mean that the transaction takes longer than the offer period, and the complexities of some common conditions can often prove surprising. For example, for properties with a septic tank, clients’ solicitors will need to confirm several details with an equity release lender, including evidence for draining, installation and servicing compliance.
If unprepared, advisers could face an average timescale from offer to completion of 47 days – more than double that of more common cases where the only offer condition is repayment of the existing charge on completion, more2life said.
More2life’s new guide provides information for advisers on where they should look to obtain any regulatory documentation and how to prepare clients and their solicitors for expected offer conditions. This will allow advisers to reduce potentially costly delays and ensure their clients can access equity release as seamlessly as possible.
The full list of offer conditions addressed in more2life’s factsheet is:
- Building Reinstatement Insurance
- Estate Charges
- Flood insurance
- ID, Age, Residency
- IVA Charges and Restrictions
- Redemption of Existing Mortgages/Loans Secured on the Property
- Septic Tank and Sewage Treatment Plants
- Service Charges
- Six Month’s Bank Statements
- Solar Panels
The new guide follows publication of more2life’s Verifying ID factsheet, launched in December of last year – both can be downloaded/accessed here https://www.more2life.co.uk/learning-lab/Knowledge-is-power/top-10-offer-conditions-guide
Les Pick (pictured), director of manufacturing and adviser propositions at more2life, said: “At more2life, we understand that advisers can’t always predict every nuance of an application for their clients, so we aim to provide all the support they need to make the process smoother. The latest edition to our suite of resources gives an overview of the most common offer conditions and how to best manage them, so advisers and clients can avoid costly delays.
“We hope this concise factsheet can guide advisers how to best serve their clients and offers support during this particularly turbulent economic period. It reflects our commitment to provide educational tools and materials so that advisers can continue to provide excellent service for their clients even when things are challenging.”
