What on earth is E.R.S.A.? Well its a bit like N.A.S.A. in that it helps your equity release legal process get off the ground rapidly. The abbreviation stands for Equity Release Solicitors Alliance, a small but growing band of specialist UK law firms focused on Lifetime Mortgage and Home Reversion Scheme conveyance with fast track technology and systems. Members have huge experience of equity release schemes so this avoids the expensive and time consuming learning curve that may be endured through an inexperienced conveyance service. very few firms of solicitors that focus on providing a such a specialist service.
Many law firms have dedicated mortgage departments that employ supervised admin staff able to churn out traditional conveyance work like a conveyor belt. However Lifetime Mortgage work is much more specialised and could mean involving one of the firms partners to do the work. If the firms employees are inexperienced, the fees may increase substantially, not to mention undue delays?
E.R.S.A. was formed in June 2008 and now comprises of seven specialist solicitor practices. Members undertake to provide a high quality efficient service for their clients in a timely and efficient manner. Their extensive customer charter includes a promise of “no fees payable” if your Lifetime Mortgage or Home Reversion does not complete for any reason such as an adverse valuation.
One of the most important tasks of your specialist solicitor is to make sure that you completely understand your Lifetime Mortgage or Home Reversion Plan. The solicitor must sign a certificate which is forwarded to the product company and confirms that your solicitor is confident that you fully comprehend the terms and conditions of your equity release plan and that you are still happy to proceed. Your legal adviser will send legal and title deed documentation to the Lifetime Mortgage or Home Reversion company to ensure a quick completion.
Unlike traditional mortgage solicitors, E.R.S.A. members have access to Lifetime Mortgage and Home Reversion case management technology that can mean the difference between weeks of delay in correspondence as opposed to as little as twenty four hours.