Knights, the largest regional legal services firm in the UK, has strengthened its presence by joining the Equity Release Council (ERC), contributing to a thriving later life lending sector.
- With over 1,100 professionals, Knights provides essential independent legal advice across 26 locations.
- The ERC now boasts 769 member firms with 1,831 registered individuals spanning various domains.
- Equity release market sees growth for two consecutive quarters post-Autumn 2022 mini-Budget.
- Joining firms like Smart Money People and Square 4, Knights supports this market expansion.
Knights, as the UK’s most significant regional legal services company, further solidifies its industry presence by becoming a member of the Equity Release Council (ERC). With a workforce exceeding 1,100 professionals and operations in 26 locations, Knights delivers comprehensive independent legal advice to clients engaging with the equity release process. This inclusion of Knights underscores the broadening landscape of opportunities within the later life lending market.
The integration of Knights into the ERC increases its membership count to 769 member firms and encompasses 1,831 registered individuals that engage in the equity release journey. These professionals include lifetime mortgage providers, financial advisers, solicitors, surveyors, funders, and other experts crucial to customer service. The increase in diverse member firms marks a vibrant and expanding market, evident by the recent market growth, reflecting the positivity in the sector since the Autumn 2022 mini-Budget.
Statistical evidence from the Council’s quarterly report highlights an optimistic outlook, with a rise in new plans, totalling 5,370 agreements, and total lending reaching £615 million in Q3 of 2024. These figures mark consecutive growth periods for the market—an encouraging sign for stakeholders.
Jim Boyd, CEO of the Equity Release Council, welcomes Knights’ membership, acknowledging their profound legal service expertise. He remarks, “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 importance of independent legal advice, a cornerstone of Council standards for over three decades, is emphasised as essential for customer satisfaction and complaint reduction.
Knights’ entry follows similar moves by Smart Money People, a financial service review platform, and regulatory consultancy Square 4. The participation of these firms demonstrates the increasing interest and collaborative spirit within the sector. Sally Peake of Knights, highlights the emotional and social benefits equity release offers, stating, “The personal and social impact of moving cannot be underestimated. Equity Release gives people the option of staying in their home while releasing funds.” Their commitment aims at ensuring clients make informed and enduring decisions through expert guidance.
The positive market sentiments are visible as the year progresses, suggesting a trajectory towards a robust and reliable market in 2025, bolstered by diminishing inflation and increased economic predictability.
The addition of Knights to the Equity Release Council signifies a strong commitment to enhancing the quality and growth of the later life lending market.
