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Why might Equity Release be the right move for me?

What is Equity Release?

If you own your house and you are over the age of 55, you may be eligible for a Lifetime Mortgage, often referred to as Equity Release.

A Lifetime Mortgage is a type of mortgage which allows you to borrow money against your home, whilst being allowed to retain ownership. Importantly, as you will continue to own your home, you will be entitled to live in it until you die (or move into long-term care). Read more

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First time buyer’s relief

Before introduction 22 November 2017 Onwards
£200,000.00 £1,500.00 £0.00
£300,000.00 £5,000.00 £0.00
£400,000.00 £10,000.00 £5,000.00
£500,000.00 £15,000.00 £10,000.00
Above £500,000.00 SDLT due is unchanged on purchases above £500,000.00

In order to be eligible for the relief, buyers will have to meet the definition of a first-time buyer. HM Treasury have confirmed that a first-time buyer will be someone “who has never owned freehold or leasehold interest in a dwelling before and who is purchasing their only or main residence. Residential property anywhere in the world is counted when determining whether someone is a first-time buyer. Where there are joint purchasers, all purchasers would need to be first-time buyers”.

From the guidance currently given, the relief would still apply where a person’s spouse or civil partner owns a property, but the buyer does not – provided their spouse or civil partner keeps their name off the title of the property. This is in stark contrast to the provisions surrounding the 3% SDLT surcharge on the purchase of additional properties, where your spouse or civil partner is treated as a joint purchaser when buying the property for SDLT reasons, even if they are not going on the title.

Please note that you will not be eligible for the relief if you have owned any property at any time anywhere in the world.

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Cyber Attack on the NHS

Cyber attacks on our health service – is nothing sacred?  The answer is a resounding NO!

This electronic data age brings with it many benefits, but the downside is the increasing number of attacks against individuals and businesses.  Some seem to be just for fun, others are malicious or even criminal.

As a modern day firm of property solicitors we have vigorous policies and procedures in place to fight against cyber fraud, and have to be constantly vigilant against more and more of these attacks.   It is very important for us to protect every transaction and we make no apology for the additional checks and balances that we put in place to keep our client’s transactions safe.

It seems though that no matter how many of these automatic measures are in place, or how big the IT Department is, the last hope is for individuals being knowledgeable and vigilant on the day.  

So eyes peeled!!



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Residential Portfolio Refinance

We recently acted for a buy to let Investor who was re-mortgaging his portfolio of properties and transferring them to LLP status.  The portfolio consisted of over 60 residential units and 3 major banks were involved. The complex transaction included detailed SDLT advice.  The transaction resulted in significant savings to the client and was undertaken by a highly effective team of one partner and an assistant.