Equity release confusion on the cobbles: fact checking Coronation Street
Coronation Street, the longest running television soap opera in history, usually bases its drama around real life. However, a recent storyline on equity release is definitely a work of fiction.
The storyline revolves around the character Stephen Reid, son of Corrie legend Audrey and half-brother to Gail. Stephen’s character returned to the show last year, apparently still a successful businessman, who now wanted to take care of his mother.
However, everything was not as it seemed. Stephen was in fact in a world of trouble, embezzling funds from his ex-wife Gabrielle’s business to pay off a mountain of debt.
When Gabrielle turned up on the street demanding that Stephen pay back the €200,000 he’d taken, Stephen hatched a cunning plan.
He went behind Audrey’s back to release equity from her property without her knowledge to pay back the debt to Gabrielle. He’s since murdered three people in attempts to cover up his misdeeds but, murders aside, can this happen in real life?
Equity release allows over 55s to access equity tied up in their homes and receive a cash lump sum.
The cash is usually taken as a lifetime mortgage, but the money doesn’t need to be paid back to the lender until the property is sold when the owner goes into a care home or dies.
Equity release schemes have grown in popularity in recent years as people over the age of 55 look to unlock the money that has built up in their homes through decades of property price increases.
Thankfully, there’s no need to worry about family members, or anyone else, releasing equity from your property behind your back, even if you have a dastardly son like Stephen.
The Equity Release Council is the representative body for the equity release industry and has worked hard to ensure equity release now has many protections in place and can, in the right circumstances, be useful for over 55s.
The Equity Release Council’s standards mean it is impossible to take out an equity release without a face-to-face meeting between the property owner and an independent solicitor, so in real life Stephen’s plans would have been foiled.
Audrey would have needed to see her solicitor face-to-face, ID checks would have been carried out, and the solicitor would have reviewed all papers and ascertained Audrey’s identity before completing the equity release transaction.
If you’re a homeowner over the age of 55 and looking to go through the process of equity release, a knowledgeable solicitor is essential, especially one who comes recommended by the Equity Release Council.
Using a reputable firm such as Wilkin Chapman ensures that all rules are strictly adhered to. We can also help get you registered with the Land Registry Property Alert service, which offers further protections.
As a member of the Equity Release Council, we have specialist solicitors within our property team at each of our four offices who offer personal legal advice to anyone considering equity release. Contact us to find out more.
Contact Caroline to discuss this further.
