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 “Purchase”

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. 
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. 
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. 
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! 
The horrific tragedy of Grenfell Tower has brought to light many safety concerns for people living in flats or high-rise buildings. One of the buzz words associated with Grenfell Tower is ‘cladding’. In particular; “what the position is of Leaseholders who live in properties with unsafe cladding” is a question many Property Lawyers are asking. MG Legal, your solicitors Lancaster, have researched the matter and our findings are as follows: 
 
On the 16th of May 2018 Theresa May pledged £400 million to replace unsafe cladding following the June disaster. However; in the September update to the Ministry of Housing, Communities and Local Government’s Building Safety Programme, which monitors the number of buildings with ACM cladding and the progress of work to remove it, it was revealed that only two out of 205 private residential blocks containing combustible ACM cladding have had it completely removed since the Grenfell fire last June. 
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. 
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. 
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? 
Our site uses cookies. For more information, see our cookie policy. ACCEPT COOKIES MANAGE SETTINGS