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Equity Release Supermarket News Has Your Prudential Equity Release Application Expired?
Has Your Prudential Equity Release Application Expired?
Equity Release Supermarket News Has Your Prudential Equity Release Application Expired?
Has Your Prudential Equity Release Application Expired

Has Your Prudential Equity Release Application Expired?

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Mark Gregory
Checked for accuracy and updated on 31 October 2023

Prudential equity release schemes were withdrawn on 31st December 2009, however the application period was extended in order for pipeline cases to reach satisfactory completion.

However, this period was only extended until 31st March 2010 & Prudential invoked strict guidelines as to their final outcome.

Initially it seemed the 3 month extension seemed quite generous as most equity release cases should normally complete within a 6-8 week period.

However, in certain circumstances delays may be incurred which may not have been apparent from the outset. It is becoming inceasing apparent that clients are now experiencing scenarios resulting in this deadline being missed.

One example such example is aligned to the fact that a previous charge may have been placed on the property; often many years ago.

As an equity release company will not permit any other charge being present on the property, then this previous charge must be removed.

The solicitor must therefore include this procedure in the legal process & thus could result in considerable delays in finding who originally put on the charge.

Over the past decade, many financial institutions have changed name, been taken over or even ceased trading. It can therefore prove difficult for the solicitor to trace the original source of the charge & then getting this removed in order for the equity release to complete.

Nevertheless, a solicitor of experience in these matters would seek to obtain proof from the subject lender to prove the charge still exists. If they are unable to do this then the lender must remove the charge from the land charges register & subsequently the equity release can proceed to completion.

However, from experience this period of dialogue between lender & solicitor can take time, cost & has resulted in the Prudential application being cancelled.

Obviously, this Prudential deadline has now passed & it is become evident that clients have now become stranded & out of pocket given if their application had not completed by 31st March 2010.

All is not lost.

Equity Release Supermarket are increasingly assisting customers left stranded & financially out of pocket by the Prudential. Client fees that have been paid already could include valuation fee & solicitor’s fees for work incurred upto the cancellation of the Prudential application.

We are able to take over from where the Prudential left off & with liaison with the solicitor concerned, can take over the case, find an alternative lender & endeavour to complete quickly with the existing information.

In many cases we are able to provide reduced fees in setting up the new application.

This is due to Equity Release Supermarkets ability to obtain free valuations, reduced interest rates & cashback deals that will go considerable distance in alleviating some costs already incurred.

If you have experience of the Prudential cancelling your equity release application & would like to explore your options with transferring to a new lender, please contact Mark Gregory on

t: 0800 678 5159 or

[email protected]

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