Our client approached us with a dream of retiring to a picturesque coastal property. He had already embarked on the journey of purchasing the property however, his path to this dream took an unexpected turn as he ventured into the realm of equity release mortgages.
Initially, he had engaged a conveyancing solicitor who had begun the work on his behalf. However, when they became aware of the equity release mortgage, his solicitor advised him to seek the expertise of a specialist equity release solicitor. Although he was initially hesitant to part ways with his current solicitor, we stepped in to handle the equity release mortgage aspect while seamlessly collaborating with his conveyancing solicitor.
The reason it is important to instruct an equity release solicitor when purchasing a property is due to the involvement of the lender’s solicitors and their additional purchase requirements. Tivoli boasts a wealth of experience in dealing with these requirements. We don’t just react, we anticipate and pre-empt their queries. This ensures a smoother transaction for all parties involved and allows us to manage the expectations of the rest of the chain when it comes to timescales for exchange and completion.
Together, we worked in tandem with the client’s conveyancing solicitor to promptly address the lender’s additional requirements. Our goal was to ensure that the mortgage offer remained valid until the purchase could be successfully completed. This challenge is a common one when purchasing a property with an equity release mortgage, as these offers typically have a relatively short validity period of around 42 days, often insufficient for completing a purchase, especially in complex transactions or where there is a lengthy chain.
Our client’s dream was to settle into his coastal home before summer’s end, savoring its full splendor. We were thrilled to inform him that his completion date had been confirmed, and his response echoed his gratitude: “I couldn’t have gotten here without you.”