Conveyancing risk to equity release expansion

Conveyancing risk to equity release expansion

Over-55s finance specialist, Key Retirement, is calling for more conveyancing firms to provide specialist equity release services to lenders in order to assist the growth of the market.

Just two specialist nationwide firms – Eversheds and enact – currently specialise in conveyancing for equity release and handle the rapidly growing demand from lenders.

Key warns that having just two major conveyancing firms operating in the equity release market has the potential to create problems for lenders especially when caseloads are high leading to potential bottlenecks of activity and delays for customers. With approximately 30% growth in business levels this year, more legal representation is essential.

This lack of competition also means limited options for lenders and customers if service standards slip and potentially keeps costs higher than they need be.

As equity release becomes more popular, with over 8,300 customers taking out plans in Q3 this year alone, the need for specialist representation is paramount and more law firms should specialise and act on behalf of equity release lenders, Key believes.


Dean Mirfin, technical director at Key Retirement, said: “Lenders, who are currently relying on a small number of conveyancing specialists, should have greater choice and flexibility to work with firms with good conveyancing expertise of which there are many, yet for some reason many of these firms are simply not seeing the opportunity that exists in the equity release sector. In order for lenders to continue to provide customers with the quality of service they need in the required timeframes more competition and choice are needed.

Given the growth in the equity release market there are real opportunities for conveyancing specialists to boost their own businesses while enhancing service for customers across the sector.”

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Kelvin Lloyd
Kelvin Lloyd 09 Oct 2017

IT is up, to the Planners. If they will only give permission for bungalows on certain (suitable) sites, they will be built.

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maggie swift
maggie swift 09 Oct 2017

It's just the beginning of the shocking rise.

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maggie swift
maggie swift 09 Oct 2017

I have recently read that the bungalows can provide social housing for elderly residents in London.

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zoe glover
zoe glover 05 Oct 2017

Update! Worst company I have ever dealt with. Undervalued a Cambridge property by over 100k, wont take on any evidence of valuation including a RICS valuation done 3 years ago for the very same value...

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Paul Edwards
Paul Edwards 27 Sep 2017

Its nonsense articles such as this that make it harder to get clients to realise just how difficult the market is out there. When you see Rightmove and there are more 'price reduced' then 'new' most days...

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Tom Allen
Tom Allen 20 Sep 2017

Absolutely agree with you!

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RyanGeo
RyanGeo 18 Sep 2017

A sharp correction would be a less dramatic expression to use. That is already underway in certain sectors in Reading where I practice as Chartered Surveyor

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sean benton
sean benton 01 Sep 2017

Identity theft is a thread for any profession. So,people should stay alarmed. I once take help from a letting agent and came to know that letting agents are taking every precaution to prevent fraudulent...

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Mark N.
Mark N. 30 Aug 2017

We have seen a surge in instructions over August and that should continue into September too.

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Chris
Chris 30 Aug 2017

Unfortunately, all the legislation bears its force on Landlords and ignores, naively, the effect of Rogue Tenants on the ability of landlords to keep houses in repair and offer properties for rent at reasonable...

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Christian Donovan
Christian Donovan 18 Aug 2017

The write-down on house values, combined with the fall in the GBP saddled the fund?s property portfolio with a 1.4% loss in the second quarter. The shocking amount of $240 million.

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Samantha Goodman
Samantha Goodman 11 Aug 2017

Interesting point of view.

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