David Borrowman, Managing Partner The Caesar & Howie Group

1. David Borrowman, Managing Partner The Caesar & Howie Group

2. The Senior Issues Team Including Carmen MacIver, Partner And Wilma Hunter, Conveyancer

3. www.seniorissues.co.uk Broker Question Time

4. www.seniorissues.co.uk How long from submitting the mortgage application will my client get their money? • Depends on clients lender, lenders solicitors and legal position in titles • Fast lender and no legal issues - two to three weeks possible • Slow lender 4 – 8 weeks • Legal issues – depends on nature of fix • Easy fix – add say 2 weeks • Major fix – impossible to give timescale

5. www.seniorissues.co.uk The client’s solicitor will not return your calls. What can you do? • This should not happen with a good Solicitor • Obtain mandate from client for solicitor • Speak to Head of Department, Client Relations Partner and\or Senior Partner in that order • Next stop Law Society Complaints department • Don’t be put off you are entitled to information

6. www.seniorissues.co.uk Broker and the client have been advised that the offer of loan has been issued by the lender but the client’s solicitor has advised he does not have it. Why? • Lenders and lenders solicitor use second class mail! • Often 3 to 4 days till clients solicitor gets documentation (sometimes even more) • Sometimes documents come separately from lender/lender solicitors • Number of documents for signing varies depending on product/lender • Office table gives this information please be in touch

7. www.seniorissues.co.uk Broker and the client have been advised that the funds have been released but the client’s solicitor has advised he does not have them. Why? • Lenders notify client when they have released the funds. Lenders, however, do not pay the monies direct to the client • All funds are paid to the client from their solicitor • How the funds arrive at the solicitors really depends on which lender the mortgage is coming from and this is where the timescales differ, and where it can appear there are delays • For example the quickest way is from the lender by electronic transfer to client’s solicitor (then to client) taking 1-2 days • The slowest is by electronic transfer from lender to lender’s solicitor then by cheque to client’s solicitor – this can take 7-10 days

8. www.seniorissues.co.uk What can you do to speed up the whole process? • Give enough information at the outset to kickstart the process • Complete our data sheet on the clients/property • Delays can occur for example if we do not have the title deeds quickly so we need to know where they are and how we can get them • The client’s telephone number is essential • If Solicitors are forewarned of any possible known problems (for instance where alterations have been carried out) they can get working on these to avoid delays • Solicitors should also be able to advise packaging requirement for specific products/lenders because as well as the general information lenders often have specific requirements

9. www.seniorissues.co.uk The client’s solicitor has told the client “this deal is not for you”. What should you do? • Solicitor almost certainly not FSA qualified • If not – giving such advice is probably negligent • Complain to department head, client relations or senior partner • Discuss change of solicitor and consider Law Society complaint

10. www.seniorissues.co.uk The client’s son contacts you and says his parents are not going ahead. What should you do? • You should not take instruction from child • See clients on their own and clarify • Only exception is if child held Power of Attorney

11. www.seniorissues.co.uk You are acting for an elderly lady. Her husband died years ago and she didn’t think any legal work was carried out. If the title is in joint names, or his name, can this go ahead? • Yes it can – but there may be delays depending on the wording of the original title • If title wording was both parties and the survivor on death of one the other automatically becomes the owner – just need death certificate • Sometimes titles are jointly but not to the survivor. In a case like this the deceased share would fall into their estate and would depend on the will or succession rules who owns that share. Even if the surviving spouse owns that share there are lots of legal procedures to be gone through – for instance you need to obtain legal confirmation • Solicitors should go through this process and keep you fully up to date

12. www.seniorissues.co.uk Client has lost the title deeds and doubts if they actually ever had any. Can this transaction go ahead? • Yes it can • Duplicate title deeds can be obtained from the Land Register of Scotland • Should only be a modest delay of days

13. www.seniorissues.co.uk Client is in quite a new retirement property. She only moved in a few months ago but the solicitor says there will be a delay in the lifetime mortgage going ahead because it is a new property. How can this be? • Keeper of register does not issue titles until all sales completed • Can take years – necessary to check no plot discrepancies • Can still complete Equity Release mortgage using duplicate titles • May be a slight delay

14. www.seniorissues.co.uk My client’s daughter lives with her but she is not on the title deeds. Could this be a problem? • No this will not be a problem • In Scotland daughter’s consent is not required • Some confusion here as in England this consent is required

15. www.seniorissues.co.uk You are told by your client’s daughter that her mother has had a stroke but she is fine. The mortgage application has been submitted and you are just waiting to hear the outcome. Is there anything you should do? • Should see client and check condition • Warn solicitor • Guard against health deterioration by getting Power of Attorney signed

16. www.seniorissues.co.uk Clients solicitor says to client “he is not familiar with these loans and it will take him some time to sort things out - ”what should you do? • Solicitor’s code of conduct rules 5b and 5c • Must only take on work with knowledge and experience to do it • Must act with due expedition

17. SOLICITORS WITH SPECIALIST EQUITY RELEASE EXPERIENCE Not all solicitors are familiar with Equity Release products but the solicitors below each have dedicated equity release teams with a high level of knowledge, understanding and experience in this field. They each invest a lot of time and energy in putting clients at ease and listening to their clients needs. • Equilaw LLP - Contact: Claire Barker, Tel: 01242 541462 • Email:claire.barker@equilaw.uk.com • Address: Ellenborough House, Wellington Street, Cheltenham, Glos, GL50 1YD • Gwynn James – Contact: Jon Wilkey, Tel: • Email • Address: • The Caesar & Howie Group – Contact: Carmen MacIver, Tel: 01259 727347 • Email: cem@caesar-howie.co.uk • Address: 27 Mar Street, ALLOA, FK10 1HX