Dreaming of a holiday home on the West Lancashire coast?

Lancashire has a stunning coastline from the Ribble Estuary Nature Reserve to the sandy beaches of Southport and Crosby where you can stroll amongst the 100 cast iron figures comprising sculptor Anthony Gormley’s ‘Another Place’.  There is nothing like a bracing walk by the sea to blow the cobwebs away, and many people choose the West Lancashire coast to buy a holiday home as an ideal retreat.

If you are thinking of buying a holiday home, Susan Ward, conveyancing lawyer with Mooney Everett Solicitors in Ormskirk, Lancashire, explains that there are several important legal issues to consider.

Local knowledge

Based in Ormskirk, our legal team knows the area well and can advise you on any potential problems.  We also know all the local estate agents which means that we can pop in and deliver papers and make sure that everything progresses smoothly and swiftly.

Stamp duty on second homes

Recent changes to the rules regarding stamp duty apply to the purchase of second homes.  Your conveyancer will be able to advise you on this.

Freehold or leasehold

Holiday apartments, chalets and static caravans are likely to be sold on a leasehold basis, compared to a house which is usually sold freehold.  If you are taking a lease, then there will be ongoing costs and obligations which you will need to be aware of, such as service charges and maintenance costs on shared areas.

Insurance

Your mortgage lender will require you to take out suitable insurance cover. Standard buildings and contents insurance policies will usually exclude properties that are empty for more than 30 days at a time, so you will need special holiday home insurance.

Remember to update your will

Once you have acquired your dream holiday property, remember to update your will to make clear what should happen to this property when you die.  If the value of the property takes the total value of your estate above the inheritance tax threshold then it might be a good idea to talk to our private client team in regard to inheritance planning.

If you require advice on the purchase of a holiday home, or any other conveyancing matter, please contact Susan Ward on 01695 574111 or email email hidden; JavaScript is required.

 

This article is for general information purposes only and does not constitute legal or professional advice. Please note that the law may have changed since the date this article was published.

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