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A step by step guide

A step by step guide to applying for a home reversion plan with Bridgewater

You could be enjoying the benefits of the Bridgewater Equity Release Home Reversion Plan within 8-12 weeks.

Step 1 - Discuss your personal circumstances with your financial adviser. It is important to make sure equity release is the right option for you and that you consider all of the alternatives, including downsizing, using any existing savings and investments or seeking grants you may be eligible for.

If equity release is right for you and your adviser recommends a Bridgewater Home Reversion Plan they will provide you with a personalised illustration from us, detailing everything you need to know.

If you do not already have a financial adviser you can find an adviser by going to Unbiased which lists advisers who specialise in equity release.

Step 2 - Once you have read through the documentation and are happy with everything, your financial adviser will help you complete the application form, and you should submit it along with a cheque for the appropriate valuation fee, made payable to ‘Bridgewater Equity Release Limited’.

Step 3 - Upon receipt of your completed application form, we will arrange for your home to be valued by a surveyor who is independent and a member of the Royal Institution of Chartered Surveyors (RICS) to establish its market value. If you wish to select a specific valuer from our panel, please ask your financial adviser for more details. A copy of the valuation report will be sent to you/your financial adviser.

Step 4 - Subject to a satisfactory valuation report we will make you an offer for your property in writing. Please consult your solicitor and if you are happy to proceed please sign and return a copy of the offer letter to us.

Our offer is valid for 3 months from the date it is signed by us.

Step 5 - Your solicitor and our solicitor will complete the legal documentation (which will take approximately six weeks). As you are the seller of your property you will be asked by your solicitor for the following information:

  • Property Information Form - click here to see an example
  • Proof of identity
  • As you are selling your property it is a legal requirement to provide an Energy Performance Certificate (EPC) – your solicitor can arrange for this to be provided
  • Details of any works that have been done to the property whilst you’ve lived there –e.g. new windows, boiler, extensions, conservatory etc
  • Copies of relevant FENSA certificates (new windows, doors, conservatory), guarantees and planning permissions (or confirmation that planning permission was not required) even if the works were done 30 years ago. If these cannot be supplied then please advise your solicitor in order that indemnity insurance can be arranged
  • Details of any service agreements for boiler, heating etc.

Between receiving your offer and receiving your funds it is a good idea to keep in touch with your solicitor responding promptly to any requests for information.

Step 6 - Your money will be released to your solicitor on the day of completion. They will then forward it to you after deducting any fees due, such as their legal fees.

For further cash releases

If you have not sold 100% of your property and you have kept to the terms and conditions, future payments will be made if you apply to release further equity in the future.