Several regional law firms have formed a partnership to offer specialist and equity release legal advice under the brand name ‘Equishield’.
The members of the new group – Martin Kaye, BPL, Cavendish Legal, Glanvilles, Gordon Brown and Shakespeare Martineau – are familiar to the mortgage broker market and members of the Equity Release Council.
All advice is given by one of the law firms, and not sub-contracted to agencies.
BPL managing director David Bridge says: “The UK Population is aging. For the first time in history the over 65’s outnumber the under 16’s.
“The recent Knight Frank Retirement Housing Report tells us that older people already account for nearly 30 per cent of housing. The lending market has been slow to catch up and with maximum age limits in place for most mortgages; equity release can be an attractive option for homeowners wishing to raise money from their homes. It is however a specialist area and clients need to receive independent legal advice as a result.”