Equity Release challenge

RG1889

Is there any info on challenging an equity release arrangement entered into by an elderly relative who seems not to have involved any of their dependents or relatives even if it was just to tell them of their plans?

Had a look on the SHIP site and the two firms involved are not members but the solicitors are. The solicitor said 'I didn't give any financial advice'.

Came as a big shock this one.

safestored4

If your relative is of sound mind and in possession of all of his or her faculties on what basis would you challange an equity release arrangement? Why should they be required to consult or even advise relatives of their intentions?

The issue could arise where there were questions about their mental capacity, but you haven't given any information about this.

RG1889

safestored4 wrote: »

If your relative is of sound mind and in possession of all of his or her faculties on what basis would you challange an equity release arrangement? Why should they be required to consult or even advise relatives of their intentions?

The issue could arise where there were questions about their mental capacity, but you haven't given any information about this.

They have dementia.

Thrugelmir

RG1889 wrote: »

who seems not to have involved any of their dependents or relatives even if it was just to tell them of their plans?

Do the relatives hold a power of attorney?

kingstreet

Did the applicants have capacity at the time?

Equity release providers will usually require the solicitor to perform a simple test of capacity at the time of application/signing.