Common Legal Questions: Buying a Property
Posted on 5th November 2019
Following our blog about co-habitation, you may still want to plough full steam ahead without a co-habitation agreement; which is fine! Our property solicitors in Preston and Lancaster can still help you out!
So, what common questions are our property team asked when dealing with buying a property?
First things first, there are two main different types of property that you can buy: freehold property and Leasehold property. It’s hard to tell just by looking at your property which category it falls into; more in-depth research will need to be carried out by our team, should you choose to instruct them as your property solicitors. But, what is the difference?
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Well, if you’re buying a leasehold property, generally, whilst you own the property itself, you are leasing the land that its on from the freehold owner, also known as the freeholder. The lease will normally be for a long time, such as for 999 years (less the number of years that the previous owner – or owners – owned the property, for example). In a lot of cases, once you’ve lived in the property for a few years, you may have the right to extend the lease; you can talk to our property solicitors in Preston about this, if it’s something you’re considering.
With a leasehold property, you may find that there are some charges to pay, such as ground rent or management company charges. Your property solicitors will need to look into these charges via your seller’s solicitors, before they can advise you of any fees payable.
If you’re buying a freehold property, you will usually own both the land and the property itself, indefinitely. The land, like with a leasehold property, may be subject to specific clauses (also known as covenants) which will restrict your activity on the land, although in some cases these may not actually affect you. A property solicitor will be able to advise you about any covenants that you have to observe and perform.
Now, another difference between the properties that you are considering, may be that you are looking at both new build properties and an older property. New build properties may cost you an additional amount of money, such as reservation fees, and the developer may push you to exchange contracts quickly – even if you’re not fully ready. It’s important to make sure that you don’t rush in for the sake of; if there’s anything you’re unsure of, make sure you raise this before you instruct your property solicitors to exchange contracts.
So, you’ve found your dream home and you’re ready to move in, but wait. First of all, you need to make an offer. You should do this by contacting the seller’s estate agent or, if it’s a private sale, contact the seller directly. At this stage, don’t worry – the offer isn’t set in stone, you have opportunities to change your mind before matters become legally binding. Once you’ve made an offer, it’s time to wait to see whether the seller accepts.
Once the seller has accepted, you should think about instructing your property solicitors. MG Legal have offices in Lancaster and two locations in Preston, namely Longridge and Garstang.
From this point, you will need to discuss a mortgage with your mortgage advisor, if one is required. Your property solicitors will need a copy of this before they can proceed with your sale, so it’s important to make sure that you can get a mortgage offer in principle before you make an offer on the property that you want to purchase.
To find out more about the property process, read our solicitor’s blog, here, or contact our expert team at property@mglegal.co.uk.
Tagged as: Conveyancing Solicitors Lancaster, Preston Property Law, Solicitors in Preston, Your Local Solicitors
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