Although the majority of lawyers fear their property finance knowledge is out of date, more than a third have failed to partner with advice firms to help solve the problem, according to research by Key Partnerships.
More than two-thirds (71%) of lawyers worry their knowledge of expanding property finance options is out of date, while nearly half (49%) fear the advice they are being asked for goes beyond their core expertise.
Despite their worries, two out of five (39%) admitted they do not work with financial advice firms on mutual clients.
The research found lawyers are coming under increasing pressure for advice on property finance. More than half (51%) of the 103 respondents said inquiries about using property to boost retirement income has grown in the past year, while slightly less (47%) said they’ve had more inquiries about equity release to clear mortgages.
Meanwhile just more than a fifth (22%) said demand for advice on using property wealth to fund divorce or separation has increased, and just less than a third (30%) said demand for advice on funding second homes has grown in the past year.
Key Partnerships head Jason Ruse said: “Law firms are a trusted source of advice and often the first port of call for clients who need help with their finances – but it is clear they are coming under pressure to provide advice on areas that are not necessarily their core expertise and that is creating issues.
“The record pace of growth in demand for equity release market demonstrates the need for specialist advice on accessing property wealth.”