The process

What is the process?

The process described here is the process you will go through if you go to Stonehaven Solutions for advice. If you choose another adviser, they may follow a slightly different process.

1. Research

Before taking out any equity release product, it’s important to research all of the options and choices that you have. In fact, an equity release product may not be the best option for you. The Financial Services Authority has issued a brochure which you may find helpful.

2. Discuss with your family

Before taking out any equity release plan, we encourage you to discuss the plan with anyone who may be impacted in the future, including your family.

3. Discuss with one of our financial advisers

The next step should then be to talk to one of our advisers. They will carry out an extensive review of your circumstances and your plans for the future. This is known as a fact-find. They will then consider what you have told them and research your options. If they consequently decide that a Stonehaven Lifetime Mortgage is the most suitable solution for you, they will provide you with a full explanation of why they are recommending that product and also provide you with a Key Facts Illustration. This document summarises all the important details of the mortgage and gives you a clear picture of the costs involved.

4. Complete the application form

If you are happy with the product being recommended, you will need to complete an application form. Our financial adviser will assist you with this and will be responsible for sending in the form to the Stonehaven processing team, along with your cheque for the valuation fee.

5. Have your home valued

We will appoint an independent valuer who will contact you to arrange a convenient time to visit your home in order to carry out the valuation. So that we can keep these fees as low as possible, please note that the valuation report is for Stonehaven’s use only and cannot be made available to you.

6. Appoint your solicitor

In order to ensure that you understand fully the implications of your decision, all SHIP members require that you discuss it with your own solicitor before committing yourself to a Lifetime Mortgage product. If you do not have a solicitor then you can call the National Solicitors’ Network 0845 389 0381 or email them at enquiries@tnsn.com. This will take you through to the National Solicitors’ Network whose members provide independent legal advice on equity release. Whichever solicitor you appoint, they will make sure you have understood all the Terms and Conditions of the product and will provide impartial advice.

7. Stonehaven will make you an offer

Once the valuation has been carried out on your property and we have confirmed the amount you can borrow, we will send an Offer Letter to you, your solicitor and your Stonehaven financial adviser.

8. Legal process

Once your solicitor receives a copy of the Offer Letter, your solicitor will talk you through the offer. Once you are happy with it, you will be asked to sign a Mortgage Deed and your solicitor will sign a certificate to confirm that he has explained the essential features and implications of the plan.

Our solicitors also require certain documents from your solicitors. Once they have received all this documentation, they will carry out the necessary checks in relation to the title of your property.

9. Cash released

Once the legal process is complete, in the majority of cases we will then release the cash to your solicitor who will arrange for the funds to be transferred to you. If you have chosen to receive regular cash payments, these will be paid directly into your bank.

Of course, if you have any questions at any stage, Stonehaven Solutions will be there to support you all the way.