Home reversion – transfer of equity

Do I have to take advice?

  • You must take advice
  • We need to be sure you’re making the right choice for your individual circumstances. A financial adviser or broker will be able to talk you through your options in detail and apply on your behalf.

What do I do next? 

  • You should contact your adviser first
  • If you don’t have a financial adviser, unfortunately we can’t recommend one, however, Unbiased.co.uk is a good place to start your search
  • Your adviser will discuss all the options with you to make sure the decision is right for you
  • If you decide to go ahead, your adviser will let us know and they’ll need to send us a completed application form and your valuation fee
  • You may have to pay to receive financial advice.

Do I need a solicitor? 

  • You’ll need to instruct a solicitor to act on your behalf. Your solicitor will prepare the transfer documents to change the reflect the changes in ownership of the property
  • We’ll instruct a solicitor to act on our behalf. Our solicitors will approve the transfer documents and will need to be satisfied with all matters relating to the title of the property
  • The solicitors will communicate with each other to ensure a smooth transfer
  • You’ll incur the cost of both our and your solicitor.

Will I have to pay any fees?

  • We’ll need a valuation of your property and you may need to pay a fee for this depending on the property purchase price/value
  • You’ll need to pay both our and your legal costs. Our legal fees are variable and depend on the amount of work the solicitor must do. Please contact your solicitor for details on the fees they charge
  • You’ll need to pay your financial adviser for the cost of providing advice.
  • Need to link in valuation fees only for Tariff fees & charges

How long does the process take?

  • Once we receive the application form and valuation fee, it takes a few weeks to issue you with a mortgage offer. This depends on how quickly the valuer can access the property to conduct a survey
  • Once our solicitor receives our mortgage offer to instruct them to act on our behalf, it takes up to 3 months to complete on the transfer of ownership. 

How do I start the process?

  • Your adviser will need to send us a completed application form and our valuation fee.

What happens next?

  • We’ll arrange for a valuer to visit the property and they’ll prepare a valuation report for us
  • We’ll review the valuation report to assess your property and its current value
  • If the valuation report is acceptable, we’ll issue a mortgage offer and will send this to you and to our solicitor to instruct them to act
  • Your solicitor should then contact our solicitor to arrange for the change in ownership.

Will I have to repay my loan?

  • If you want to add someone to the loan and they’re younger than you, you may need to repay part of your loan to meet our eligibility criteria.

Attach documents:

  • Adding or Removing a Party Application Form
  • Tariff of Fees and Charges

If you have any other questions, please contact us using the details below or speak with your adviser.

Our Contact Details:

Tel: 0800 731 4076

Email: contractvariations@hodge.co.uk

Important Documents

Shared Growth Further Borrowing Application Form

Tariff of Fees and Charges (to refer to valuation fees only)