Equity release - Six Simple Steps

Step 1. Consult with a Financial Adviser

Their financial adviser is to give them objective advice on whether equity release is the right thing for them to do. They will discuss their requirements and their adviser will recommend a solution that is tailored to meet their needs.

For any equity release scheme their adviser will give them a Key Facts Illustration. This is an important document which they should read very carefully. They should also ask their financial adviser any questions they may have.

Step 2. Apply for a Property Plan

Their financial adviser will then help them complete an application form. Please refer to the Key Facts Illustration to see how the Property Plan could affect them. This website is a guide to the main features of the Retirement Plus Property Plan. The contractual conditions are contained in the legally binding Property Plan Agreement and transfer documents. A specimen copy of the document will be made available on request via their adviser.

Step 3. Valuing their Property

Once they've successfully applied, Retirement Plus will arrange to have their home valued by an independent valuer who is a member of the Royal Institution of Chartered Surveyors (RICS). They may choose the valuer from our panel. He will determine the market value at which we will purchase a right to a share of their property.

Step 4. We will make them an Offer

Assuming that there are no problems with the valuation, we'll then make them an offer. The offer will include:

The amount that we're prepared to pay

The calculation of the initial share

How our share in their property will increase

The minimum protected share they will always own

Step 5. Obtain Independent Legal Advice

Once they have their written offer, they are to discuss the Property Plan with their solicitor. We'll instruct our solicitors to liaise with theirs to arrange the legal documentation, which will include dealing with:

The transfer of the legal title to their property to be held in trust between them and Retirement Plus Property Plans Limited

Occupation terms and any other occupant

Step 6. Enter into a Property Plan

When they complete a Property Plan Agreement, we send them the Amount Released via their solicitors and they can use it to enjoy their retirement! If there are any questions they have about the Property Plan as time goes on, we are always available.

dotted border