Regional legal services firm Knights has joined the Equity Release Council (ERC).
With more than 1,100 professionals, Knights operates in 26 locations and offers services across various industries, including independent legal advice for clients using equity release.
The Council now has 769 member firms and 1,831 registered individuals, encompassing all active UK lifetime mortgage product providers, financial advisers, solicitors, surveyors, funders, and other market professionals involved in the equity release customer journey.
Knights’ addition followed new members like financial services review platform Smart Money People and regulatory consultancy Square 4.
The growing variety of member firms reflects opportunities in the later life lending market.
The Council’s quarterly market report for Q3 2024 showed an increase in new plans agreed (5,370) and total lending (£615m) compared to Q2.
This marked the first time since before the Autumn 2022 mini-Budget that the equity release market saw two successive quarters of growth.
Jim Boyd, CEO of the Equity Release Council, said: “We’re pleased to have Knights join the Council, bringing with them in-depth knowledge and experience of legal services.
“For the right person, equity release can be life changing, allowing homeowners to supplement their pension income, make home adaptations or even fund at-home care.
“The requirement for independent legal advice for every customer, enshrined in Council standards, has been a bedrock of the market for over 30 years and is integral to achieving high levels of customer satisfaction and low levels of complaints.
Boyd added: “We are therefore delighted to add Knights to the list of companies who by joining the Council are committed to helping the industry grow and deliver good outcomes for customers.”
“In Q3 2024, we saw the first two successive quarters of growth since the Autumn mini-Budget in 2022.
“Heading into the new year, the later life lending market can take encouragement from this and we’re hopeful that falling inflation, as well as greater political and market certainty, will position 2025 as a year of strength and stability.”
Sally Peake, partner at Knights, said: “It is not easy to move away from a home where you’ve lived for years and where you have your support circle.
“The personal and social impact of moving cannot be underestimated. Equity Release gives people the option of staying in their home while releasing funds.
“To ensure that customers make good sustainable choices based on their individual and often complex circumstances, it is vital that they receive expert legal advice from well-trained and professional firms.
“We are therefore pleased to be members of the Equity Release Council as this allows us to keep on top of developments and ensure our team can provide the very best support for clients in later life.”
