Equity Release & Lifetime Mortgage Solicitors
Home – equity release
Tilly, Bailey & Irvine Conveyancing
what is equity release?
Equity release allows you to access some of the money tied up in your home without having to sell it. It’s usually available to homeowners aged 55 or over who own their property outright or have a small remaining mortgage.
There are two main types of equity release:
- Lifetime Mortgage – You borrow against the value of your home while keeping full ownership. Interest is usually “rolled up” and repaid when the property is sold, typically after you move into long‑term care or pass away.
- Home Reversion Plan – You sell a percentage of your property to a provider for a lump sum or regular payments, but you retain the right to live there for life.
All regulated equity release plans must meet Equity Release Council standards, giving you important safeguards such as the right to remain in your home for life and a no‑negative‑equity guarantee.
Unlocking the value in your home should be a positive, stress‑free experience. With TBI Conveyancing, you can release equity without selling your property, knowing every legal detail is handled by regulated, experienced solicitors. We guide you through the process with clarity and care, protecting your interests from start to finish.
Tilly, Bailey & Irvine
the equity release
conveyancing process
With TBI Conveyancing, the legal side of equity release is handled with precision and care. Here’s how we guide you from first steps to funds in your account.
1. Financial Advice First
Before we begin, FCA rules require you to get independent financial advice.
This ensures you choose the right equity release product for your needs. Once you’ve made your decision, we step in to handle all the legal work.
2. Instruction & Initial Checks
We confirm your instructions, verify your identity, and review your property title to ensure there are no restrictions that could delay your release.
This early check helps avoid last‑minute surprises.
3. Reviewing The Offer
We carefully review your lender's offer to check:
- The loan amount and repayment terms.
- The interest rate structure and how interest will be applied.
- Any drawdown facilities allowing you to access funds in stages.
- Any early repayment charges should you choose to repay sooner.
4. Explaining The Risks & Obligations
We take time to explain the long-term implications in plain English, including:
- The impact on your inheritance.
- How rolled-up interest can grow over time.
- Any potential effect on means-tested benefits.
This ensures you make fully informed decisions.
5. Signing The Legal Documents
We prepare the paperwork for signing in front of an independent witness. We also make sure all lender requirements are met so your release proceeds smoothly.
6. Completion
Your funds are released to you. The lender is registered as holding a legal charge over your property. You continue to live in your home under the agreed plan.
7. Post Completion
We send you the final documents for your records and update the Land Registry so everything is correctly recorded.
How Long Does Shared Ownership Conveyancing Take?
Most shared ownership purchases take around 8–12 weeks from instruction to completion. If your purchase is part of a property chain or requires a mortgage, it can sometimes be quicker — but extra steps such as housing association approval can extend the process.
Why It Can Take Longer
Shared ownership has extra moving parts compared to a standard purchase. Common causes of delay include:
- Waiting for housing association approval of your application.
- Mortgage processing times — not all lenders are familiar with shared ownership.
- Slow responses to enquiries from the seller or housing association.
How TBI Helps Keep Things Moving
At TBI Conveyancing we take a proactive approach to avoid unnecessary delays. We:
- Liaise directly with housing associations to speed up approvals.
- Coordinate early with your lender to ensure mortgage conditions are met.
- Keep you updated regularly so you always know the status of your purchase.
How TBI Helps Keep Things Moving
At TBI Conveyancing we take a proactive approach to avoid unnecessary delays. We:
- Liaise directly with housing associations to speed up approvals.
- Coordinate early with your lender to ensure mortgage conditions are met.
- Keep you updated regularly so you always know the status of your purchase.
Certified Expertise,
Trusted Service
Fixed Fee, Transparent Pricing
Why Choose Tilly Bailey & Irvine
When you choose TBI Conveyancing for your equity release or lifetime mortgage, you know exactly what you’re paying for from the start. We believe in complete transparency — no hidden extras, no last‑minute surprises.
What's Included in our Fixed Fee?
Our fixed fee covers all the essential legal work, including:
Reviewing your lender’s offer in detail.
Explaining legal terms and obligations in plain English.
Preparing and completing all required paperwork.
Submitting applications and updates to the Land Registry. Handling communication with your lender and their legal team.
Disbursements & Extra Costs
Some costs sit outside our legal fee and are paid to third parties. These typically include:
Land Registry fees for updating property records.
Bank transfer charges for securely moving funds.
We explain these clearly at the outset so you know the full picture.
Get Your Free
EQUITY RELEASE Conveyancing Quote
Why Choose Us for Your
equity release
Specialist Equity Release Expertise
We handle equity release transactions every day. Our solicitors are experienced in working with all major lenders and understand the specific requirements of lifetime mortgages and home reversion plans.
Clear, Compassionate Advice
We know equity release is a big decision, often involving family discussions. We take time to explain everything in plain English, ensuring you and your loved ones feel confident about every step.
Fixed Fees for Financial Planning Certainty
Our predictable costs make it easier to plan your finances. No matter how complex the transaction becomes, the fee we agree at the start is the fee you pay.
Nationwide Service with a Personal Touch
From our base in the North East, we help clients across England and Wales. Whether you prefer to work with us in person, by phone, or online, you’ll have a dedicated solicitor handling your case from start to finish.
FAQs
Expert Answers to Your equity release Queries
Yes — having a solicitor is not optional for equity release. The law requires an independent solicitor to review the offer, explain the terms, and confirm you fully understand your obligations.
This protects you from signing into a long‑term financial agreement without clear knowledge of the impact on your property, estate, and future. TBI Conveyancing guides you through every step and ensures the transaction meets Equity Release Council and FCA standards.
Yes — but check for early repayment charges before you commit. These charges can be significant and vary by lender. You can:
- Repay in full if your circumstances change.
- Make partial repayments if your lender allows.
- Pay off the loan when selling your home.
We’ll check your lender’s terms so you know exactly what your repayment options and costs would be before you decide.
It can. If you receive means‑tested benefits, the extra cash from equity release may reduce or remove your entitlement. For example:
- Pension Credit and Council Tax Reduction are often affected.
- Some non‑means‑tested benefits, such as the State Pension, are not impacted.
We’ll explain how this works and recommend speaking to your financial adviser so you have the full picture before you proceed.
Equity release will reduce the value of your estate. The amount owed to the lender — including rolled‑up interest — is repaid when your home is sold. This means your beneficiaries will inherit less.
At TBI Conveyancing, we’ll explain exactly how much the agreement could reduce your estate’s value and how this might change over time. Many families choose to have beneficiaries involved in the discussions from the start.
Yes — with a lifetime mortgage or home reversion plan that meets Equity Release Council standards, you can remain in your home until you die or move into long‑term care. Your lender cannot force you to sell as long as you follow the terms of your agreement, such as keeping your home insured and well‑maintained.