Longridge: 01772 783 314 | Garstang: 01995 602 129 | Lancaster: 01524 581 306 
 
Longridge: 01772 783 314 
Garstang: 01995 602 129 
Lancaster: 01524 581 306 

Posts tagged “Preston Property Law”

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. 
According to a recent speech by Andrew Walker QC, the thread that binds the legal process together, the Rule of Law, (The authority and influence of law in society – the main pillar of the Rule of Law being that all members of a society, including the government, police, and any other powers, are considered equally subject to publicly disclosed legal codes and processes), is under threat as a result of cuts being made to legal aid relating to family law and those in need of their nearest solicitors dealing in criminal law. MG Legal’s team of solicitors in Preston, and many other local family law solicitors have noticed that the much of the public are unaware of the cuts, and our solicitors in Lancaster, Lancashire still receive requests for legal aid from clients on a daily basis. 
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. 
What are Covenants? 
 
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. 
Sounds weird doesn’t it? 
 
“How do you want to own your property?” 
 
“I just want to own it.” 
 
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. 
What are Official Copy Entries? 
 
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. 
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. 
He’s making a list and checking it twice – MG Legal, Conveyancing Solicitors Preston are sure to be on your “Nice List” if you instruct now! 
 
For those of you looking to be in your new home, before mention of that dreaded ‘C’ word, instruct MG Legal now. The average residential property transaction takes roughly six to eight weeks, so get that fruit soaking for the Christmas Cake and you’ll be cutting in to it on Christmas day in your new home. 
Although, as your property solicitors Preston will advise, there is a duty on the seller to disclose any relevant information about a property they are selling - the general rule is known as ‘Caveat Emptor’. Essentially, this means let the ‘buyer beware’, and stipulates that the buyer should make the necessary investigations prior to Exchanging Contracts when buying a property. 
 
This brings us to the responsibilities of your conveyancing solicitors Preston who are on hand to ensure the integrity of, and make the necessary enquiries about the property being purchased. 
At MG Legal, we understand that the term ‘First Registration’ may mean nothing to you. However, if you are purchasing a property that is currently unregistered at the Land Registry, your solicitors in Lancaster will be required to carry out this process on your behalf. 
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