Equity Release in Coronation Street

Equity Release in Coronation Street – Equity release has featured in a recent storyline on ITV’s “Coronation Street” involving a character taking out an equity release product on his mother’s property without her knowledge. Whilst the story line makes for exciting television, the reality of financial regulations in the real world mean the Corrie plot is very much a work of fiction! 

If you are over 55 and own your own home, Equity Release could give you a lump sum of money or a regular income in retirement.  However, like any financial product, it is important to take impartial, professional advice to make an informed decision of whether it is right for your circumstances.

Regulated Activities

Equity Release is enabled through financial products that are collectively regulated through by the Financial Conduct Authority (FCA).  Companies that fall foul of the FCA can be heavily fined or shut down.

Most reputable companies involved in Equity Release are also signed up to the Equity Release Council (ERC), a body that provides a code of conduct to help avoid unprofessional behaviour.

Wallace Quinn is a member of the ERC.  We are regulated by the Law Society of Scotland, membership of which is a requirement for solicitors in Scotland.

People who use products and advisors which meet Equity Release Council standards receive face-to-face advice which explains options and alternatives to equity release.  This can only happen with the homeowner, not a third party without their knowledge.

The Role of a Solicitor

Before proceeding with equity release in Scotland, a solicitor is required to ensure the client has the mental capacity to understand what they are doing.  The solicitor must also be satisfied that clients are not under duress or outside pressure from any third party, including family members.

If a Power of Attorney exists, as happened as part of the Corrie plot, then a solicitor will insist on getting independent confirmation that the Power of Attorney is in operation and the individual is actually incapacitated before the equity release could be taken forward.

Equity Release in “Coronation Street” – Conclusion

All of this means the reality of equity release is not nearly as exciting as it appears on the famous cobbles of Weatherfield – and we think that’s a good thing!

If you would like to find out more about equity release and get informed, thorough professional and impartial advice, get in touch for a conversation.