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 “Property”

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. 
MG Legal, your property solicitors Preston are on hand to advise you on any queries you may have, inclusive of advice on your rights as an occupier of a property. It is, firstly, important to establish whether you have a Lease or a Licence, as the rights you have under each can vary massively. 
At MG Legal, your conveyancing solicitors Preston, we not only specialise in residential property, but also commercial property transactions. 
 
What is commercial property? 
 
Essentially, commercial property is property that is not designed or used for residential purposes. Primarily, commercial property deals with office, retail, leisure and industrial buildings. This is where the work of your property solicitors Preston come in. The main reasons for buying commercial property fall into the following: 
When buying a property in joint names, your solicitors in Preston Lancashire will require confirmation as to how you wish to hold the property. This is for entry within the Transfer Deed (TR1), which effectively transfers the ownership of the property from the seller to the buyer. This Deed is submitted to the Land Registry for entry within the Register, it is, therefore, important that this is correct before signature and submission. 
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. 
When purchasing a property, conveyancing searches are an extremely important part of the conveyancing process that, your Preston solicitors, would always recommend carrying out. If you are buying with the assistance of a mortgage, your Lender will require that searches are carried out in order that any potential issues with the property are revealed and can be reported to them. 
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. 
Recent changes to the Stamp Duty Land Tax system have produced massive benefits to first time buyers, with a total exemption of paying any SDLT on properties under £300,000.00 (See our ‘First Time Buyers – A Helping Hand’ blog for more information). Taking a different view, there are now questions as to the effects on those purchasing second properties, and many are questioning there is a need for review. 
 
Many people purchase second properties as an investment opportunity to be used as buy-to-lets, with others purchasing additional property for holiday home purposes and leisure. Records indicate that since the year 2000 the number of people purchasing more than one additional property has increased by 30%.  
 
But is this enough for our economy, and what are the effects? 
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