I went to see Mr & Mrs Jones, they lived in a lovely Victorian property in Wigan, Lancashire. On arrival, Mrs Jones asked me to come through to the kitchen which was at the back of the house, on walking down the hallway I noticed Mr Jones sat in the lounge watching the television.
When we sat down, Mrs Jones stated that she was very excited as they had been thinking about doing Equity Re-lease for a number of years and she felt now was the right time to do it.
She advised me that they felt the property was too big for them at this moment in time, however, with the advent of Equity Release, she would be able to improve the property and take her husband on a nice holiday.
Before I started the presentation, I asked when was Mr Jones joining us and she stated that Mr Jones had been diagnosed with Alzheimer’s disease three years ago. I then asked did she have a Lasting Power of Attorney for her husband which would enable her or a third party to handle his affairs and sign on his be-half. She told me she did not know what a Lasting Power of Attorney was. After explaining what a Lasting Power of Attorney was and how it worked, she stated the simple answer to my question was no. I then informed her that unfortunate-ly because the Equity Release Solicitor would not allow her husband to sign the legal documents that they could no longer proceed with Equity Release. (At this point Mrs Jones started to cry).
After she composed herself, I explained that her current situation also meant that even though she could not proceed with Equity Release, she could not sell the property and downsize either as once again the Conveyancing Solicitor would not allow her husband to sign the legal documentation required to sell the property as the property was in joint names.
At which point Mrs Jones started to cry again, and she stated that she understood all we had discussed and the fact that she had to wait till the demise of her husband before she could sell the property.
This scenario could have been avoided had she been advised at an earlier point in time that she attained 2 Lasting Power of Attorney, 1 health and welfare and 1 financial, which also had a third party person on who could sign on behalf of the mentally/physically impaired person.
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