Imagine you’ve found the perfect pair of Louboutin shoes. The bright red soles that shine the red of holly berries as you walk with its slim stiletto and classic pointed toe. Now imagine that you make the momentous decision to spend £455.00 to buy a pair of shoes even though you can buy a similar pair for £20.00 from “Primarnie”! You make all kinds of promises to yourself; about how you’re only buying them to wear to that job interview, they’re an asset, if you get the job then technically you’ve made money on them, they’ll be lucky when you take them on that date, after all Louboutin’s are a symbol of excitement for women the world over. 

I say Leasehold you say….? If you have come across this term, then you’ve potentially come across it due to the bad press Leasehold Properties received before we were swamped with Brexit news. The horror stories and steady stream of newspaper articles about developers charging first time buyers thousands, buyers finding themselves stuck with a property they cannot sell and villainous Management Companies making their millions. MG Legal, Property Solicitors Preston, look at why despite mounting public concern Leasehold properties might not be on their way out yet. 

If you live in Lancaster and you look for Conveyancing in Lancaster; you would expect that your Local Solicitor would not need a Local Search to tell them about the property. 

 

Well you’re wrong! Searches uncover all kinds of information that may otherwise be hidden. Searches help provide information on the property which may not be disclosed by the Seller of the Property. Searches are also mandatory if you are purchasing with the assistance of a mortgage. 

Covenants are important matters, contained in the property’s title, that affect the land and can be either positive or restrictive. 

They can be found within the Official Copy of the Register of Title. The Official Copies may contain a schedule which will outline the covenants for your solicitors in Lancaster Lancashire to study. The Official Copies may also refer to specific documents which contain covenants. Your solicitors in Lancaster would then request copies of such documents to gain clarity on what the covenants are and what they mean for their client. 

When you purchase a property with someone else it is called “co-ownership” and all cases of co-ownership tend to give rise to a trust of land. 

 

With any form of co-ownership all of the legal co-owners must join in any future disposition of the property. If there was a dispute which when to court, for example, then the Court may make whatever order it sees fit but the Courts will generally take into account why the property was bought. 

MG Legal, Conveyancers in Manchester, see Easements as being like vouchers or IOU’s. The Land Owner gets a right (or a voucher) to use, or in some cases not use, the land in a certain way. For example, the land may grant you one voucher to cross next doors land.  

 

However; certain conditions must be met before an easement can exist, namely: 

 

Official Copy Entries are a form of document which your solicitors in Longridge can download from the Land Registry. This document will show all of the records the Land Registry hold about the property, and includes information for your property solicitors Preston to review and investigate accordingly. The records are held under a specific title number, unique to that property and are accompanied by a Title Plan showing the physical boundaries of the property. 

The issue may not be quite as bleak as first it sounds. Leaving aside the messy issue of Brexit; one of this current Government’s main commitments is to build new affordable housing. And build they are! We are currently living in new build BOOM! (Just thought I’d put some capitals in to distract from that terrifying figure I mentioned before!). 

 

Many who are part of “Generation Rent” believe that they may never be able to afford their own home as month after month they pay a huge proportion of their rent to Landlord’s each month. This is a far cry from the previous generation when it seemed that every man, woman, dog and cat…. you get the gist…. owned their own home! 

Where a Freehold means that you own the property and the ground it is built on; owning the Leasehold means that you Lease the property from the Freeholder and you have the use of it for a specific period of time. 

 

Leasehold and Freehold are terms that are usually glossed over however whether a property is Freehold or Leasehold (and more specifically the terms of the Lease) can often determine whether a property is worth purchasing or not. 

Purchasing your first property can take years and years of saving for and can be the biggest purchase you make in your lifetime. It is, therefore, never too early to plan how this will be funded. With current incentives in place such as, Help to Buy Schemes and the abolishment of first-time buyer Stamp Duty Land Tax, more younger people are being encouraged to purchase property and get onto the property ladder, with the help of your property solicitors Preston.