The Exchange has partnered with Rickerbys solicitors to offer legal advice to the 3,000 users of the online equity release service on the Exweb portal.
An average equity release case is estimated to take as long as seven months to complete but Rickerbys offers a fully case-managed system, meaning straightforward cases can complete in 30-40 days with an average turnaround time of 60 days.
For speed and efficiency Rickerbys manages client processes by e-mail and telephone and remote arrangements can be made for signing documents which require a witness.
The service is offered throughout England and Wales for a fixed fee of 295 plus VAT and disbursements.
Claire Baker, partner at Rickerbys, says: Whilst in theory any solicitor can offer equity release legal advice, the whole process can be fairly daunting for those with limited or no equity release experience.
This can inevitably lead to delays, longer completion times and additional costs with the adviser often left to pick up the pieces.
As specialists, we will be familiar with the product intermediaries have recommended and therefore deal quickly with papers when they arrive, providing regular progress updates every step of the way.
Ralph Tucker, Exweb product manager at The Exchange, adds: We are constantly looking at ways of improving our equity release platform and with the addition of Rickerbys to our service, intermediaries and clients will no doubt realise the true benefits of working with experts in all stages of the completion process saving both time and money.
Cases can be submitted online via the equity release service on Exweb which provides comparative quotations covering over 30 products from 15 providers.