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 “Stamp Duty”

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. 
In the quest for perfect shoes the path never did run smooth. 
 
Picture the scene; its warm, you’re wandering the streets of Manchester, you’re channelling your inner Carrie as you wonder what you would do if Big had proposed to you. And then you see them…the perfect, flawless, sky high heels an ideal match for that dress you’ve been dying to wear. Their red soles glinting in the sun light, seducing you, tantalising you, teasing you. Without a thought you rush in, “Size 6?” you’re in luck, your breath catches as your foot slips in and the perfect shoe is a perfect fit. To top it off they’re in the sale. 
 
What. A Bargain. 
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: 
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 selling a property, MG Legal, your Preston law firm, understand that there can be a lot to take in and consider, in particular the amount of documentation you are required to complete. This is why your conveyancing solicitors Preston are on hand to help. 
 
There are a number of important documents your Garstangs solicitors will provide, however, you may ask, what are they for and why do they need to be signed? 
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? 
According to recent research, the number of people moving house is currently at an all-time high, at over 370,000.00. With the number of people moving home soaring, our conveyancing solicitors Preston are here to help with all of your conveyancing needs. 
The Autumn Budget of 2017 has lent a helping hand to first time buyers who may have once shied away from purchasing a property because of the Stamp Duty Land Tax implications. Read more about how this could help you purchase your first property. 
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