Spire Solicitors Equity Release team specialise in advising clients on the legal implications of lifetime mortgages, including lifetime interest only mortgages and hybrid lifetime interest only/compound mortgages.
There are many reasons why you may choose to release equity from your home. It may allow you to make home improvements, travel, help your children financially, or improve your standard of living.
Equity release involves turning the equity you have in your property into disposable funds. The equity is calculated by looking at the value of your property minus any outstanding mortgage. Tax is not payable on the money released.
The most common type of equity release scheme is the Lifetime Mortgage. This enables you to release a lump sum from the value of your property while you retain 100% ownership of your home. The amount, plus any interest that is accrued, will be repayable out of your estate when you die or if you move into a long-term care facility.
Our knowledgeable equity release team are also able to provide legal advice on the other types of equity release such as Drawdown Lifetime Mortgages and Home Reversion Plans.
We are proud to offer a professional, efficient, and friendly service while ensuring your best interests are protected. It’s important to remember that if you are looking to release equity from your property, it is essential that you receive independent legal advice as part of the process.
Residential Conveyancing Testimonials
Big thank you all for all the help and professional service in sale completion.
Mr Newman, Glasgow
At the end of 2021, in what were very difficult circumstances, I(we) sold a property jointly owned and I purchased a new property independently moving from Norwich, Norfolk, to Bollington in Cheshire. Caroline Tims & Sal Argent managed both the sale and purchase and I could not have hoped for better! Sal was so helpful and supportive throughout the whole process and I will remain so grateful for the services, guidance and understanding that were given to me throughout. I was very worried about the additional stress that might put additional burden on me during a time of my own personal and professional turmoil and, as promised from the get go, Sal & Caroline had everything in hand at every stage and I needn't have worried at all - communication throughout was so good and reassuring. I am so pleased that my estate agent recommended them. Just brilliant. I really can not extend my thanks enough!!
We have always used Spire as have my family and receive consistently brilliant service, often messaging outside of hours and prepared to go that extra mile at all times.. This property purchase was partially challenging but nothing was ever too much trouble .. I do believe they're as happy as we were that its almost over !!