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”

Sadly, we live in a world where we have all heard of someone’s house being broken into and someone’s belonging being taken, and we are forever hearing the phase “if it isn’t nailed down, they’ll take it”. 
 
Our Property Department have recently noticed an interesting case in Plymouth where one lady reportedly had her house stolen. No, MG Legal’s Conveyancing Department aren’t suffering from sunstroke - that’s right she had her house stolen! 
First of all, for those of you who might not have heard of the concept before, when you buy a shared ownership property, you buy a share in a property, usually a new build, for a smaller sum than the whole value. For example, if a property was worth £200,000.00, you would buy a 25% to a 75% share, for between £50,000.00 and £150,000.00. 
 
To be eligible to purchase a shared ownership property, you have to meet certain criteria, which our team of property solicitors Preston have set out below:- 
 
You must be a first-time buyer, so you can’t own any property either abroad or anywhere else in the UK, whether that’s a buy-to-let, inherited property or a holiday home. 
 
If you are a previous homeowner, you must now no longer be able to afford to purchase a property. For example, you may have divorced from your spouse, and you need to re-house yourself and your children. In this case, after taking some advice from your local family law solicitors, you may decide to enquire about shared ownership properties. 
 
Your household’s income must be less than £80,000.00 per year – or £90,000.00 if you’re one of our clients living in the London area. 
Property Solicitors will always advise you to weigh up what is important to you. What property ticks the boxes for you? 
MG Legal’s conveyancing solicitors are well aware of the promises and expectations housing companies can often place upon their prospective buyers, to ensure that sale goes through. This is where the role of MG Legal’s expert conveyancing team come in. We will do all in our power to ensure that you are in that new home as soon as possible, and our expert team will ensure that this does not come at a cost to the standard of property you are acquiring. 
 
Unfortunately, one family in Swindon were met with a £400,000 property that was sadly shattered to pieces, literally in some ways, just weeks after the big move. The Tompkinsons have found themselves amidst an 18 month squabble with the housing company that sold them the property, finding an astonishing 400 faults which require rectification. The faults include a number of issues such as missing brickwork, paint defects, alignment issues and unbolted bannisters, for example. 
 
One major turning point was, just three weeks in, where a roof tile, which was secured using duct tape, fell from the roof and caused £3,000 damage to the family car which was parked outside the property. The family’s concerns were then raised even further as the issues were now causing problems in terms of safety. The family have three children who also reside at the property and, at this point, decided enough was enough. 
 
The housing company are aware of the issue, however, the same is yet to be attended to. Mr Tompkinson claimed that there had been an offer for the family’s expenses to be covered whilst the repairs were carried out, and for them to vacate the same during this time. This ‘offer’ has not been forthcoming since. The housing company have gone on to suggest that the roof tile falling from the roof arose as a result of an ‘Act of God’ by the wind. 
The current rules in relation to paying inheritance tax means that if any gifts are made in the seven years prior to the deceased’s death, then inheritance tax could be payable. Certain gifts can be exempt, such as gifts of up to £250.00 to family and friends, and a first gift allowance of up to £3,000.00. However, given that the £3,000.00 rule was created in 1980’s, there has been no allowance for inflation made, meaning that the gift wouldn’t go as far by today’s standard. 
Mortgage Freedom Day may not seem a likely part of your usual list of celebrations within your diary for this year, however, MG Legal’s property team can explain why you may want to note this date in red pen with stars and circles around. 
 
16th April was officially deemed Mortgage Freedom Day of 2019. Mortgage Freedom Day essentially means that borrowers have reached the point in the year where they have earned enough money to cover their mortgage payments for the year. 
You may have seen in a popular newspaper this week, the headline “Man, 64, selling 3-bed home in posh area for ‘£200,000 discount’ – but you have to let him live in it”. Whilst the Newspaper goes on to report this incident as if it is some bizarre unheard-of money-making ploy, local Conveyancers and Property Solicitors recognise that the Newspaper has just caught sight of a home reservation scheme. 
As one of our up-and-coming Property solicitors, our trainee solicitor, Chloe Cardwell, always has a busy day to look forward to upon arriving at the office. She always ensures that she has had her dose of morning coffee and is ready for the day ahead. 
As part of your purchase transaction, your conveyancing solicitors will submit searches on your behalf. Essentially, the searches are used to ensure the integrity of the property you are purchasing, and that there are no issues which may come to haunt you in the future. See our blog on ‘The Importance of Conveyancing Searches’ for more information on what these entail by following the link here. 
At MG Legal, we are always on the look out for new and exciting ways to improve our excellent service to clients. Our conveyancing solicitors have today discovered the latest innovation, which has been introduced by Hunters (in collaboration with Webanywhere), creating a new tool for the well-known Amazon Alexa

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