Everyone who lives in Cumbria knows that this county is an outstanding place to visit and reside.
Whenever there is high demand for property, there’s a complicated market that comes with a unique set of challenges.
As Cumbria is one of the tourist capitals of the UK, boasting up to 40 million tourists a year, it’s a prime location for people looking to buy holiday homes to let, and second homes so they can visit in the warmer months.
Buying property in Cumbria can come with its obstacles, which means it’s always good to get advice from people who know the area.
That’s why local law firm, Butterworths Solicitors, are eager to offer their invaluable knowledge to people who are looking to buy a property in Cumbria.
Before you dive into the legalities, we’re going to discuss some of the key information that prospective buyers should be aware of.
Buying property in the Lake District
Buying property in the Lake District is tempting for a lot of people. Whether it’s for a place to live permanently, a second home, or a place to let, the stunning views and scenery make it an alluring place to purchase property. However, there are things to consider before starting the journey.
The Lake District has a particularly competitive market. Some areas are in high demand, which comes with a higher price tag.
Places like Ambleside, Windermere, Keswick and Grasmere are particularly popular, meaning buyers will need to act fast if they want to be successful.
There’s also the option to explore less popular areas, which although may not be as lucrative as holiday lets, may be cheaper to buy.
If you’re thinking of buying property in this area, it’s highly advised that you contact a property lawyer early on in the process so they can help you navigate it from the start. This way, you’re giving yourself the best chances to buy your dream property.
Mines and minerals exceptions
Cumbria has a rich history in extracting various minerals including iron, copper, lead, zinc, and coal.
With the majority of large scale mining a thing of the past, what does this have to do with buying property now?
Well, mines and mineral exemptions are a common occurrence on a property’s title register in Cumbria.
An exemption basically means that as a new owner, buying the property doesn’t mean you will benefit from any of the mines or minerals that may be beneath the property.
Although this might not initially sound like an issue, it can cause problems down the road if you have development plans. These exemptions can lead to complex legal issues that you might not know how to deal with.
Restrictions on rural property
Some of you may dream of buying some rural property in Cumbria.
Whatever purpose you’re buying the property for, it’s the ideal place to get the mix of the urban lifestyle, married together with the tranquility of the countryside.
However, if you are thinking of buying rural property, there are a few things to know about while you look.
Many rural Cumbrian properties are subject to restrictions, which can cause property owners to run into problems if they’re unaware of them.
These include:
- Agricultural Ties – Agricultural Occupancy Condition (AOC) is a condition attached to a property which restricts people from changing the use of the property, this means that if it’s currently an agricultural property the next owners will need to use it for the same thing. This can reduce the price of the property which might make it seem more attractive, but only for those who are going to use it for agricultural purposes. On top of this, it can be difficult to get a mortgage with this type of restriction.
- Restrictive Covenants – Similarly, some rural properties may be subject to restrictive covenants, which limit property use and can come with heavy building restrictions. Breaching these restrictions could mean you are liable for legal action.
- Overage Clauses – If you manage to get a rural property that you can develop, it could have an overage clause. An overage clause means that the seller is entitled to additional payment after the sale if the value of the property increases. For example, if the new owner gets planning permission which makes the property value higher, the previous owner will be entitled to money from them to cover the increase.
- Local Occupancy Clauses – There are also some restrictions to help keep property affordable for residents of Cumbria. Local Occupancy Clauses are legally binding and usually part of planning conditions and/or Section 106 agreements. They work by only allowing occupants that have a connection to the local community for an ongoing period of time have the property as their main residence, and use the property for the purpose of housing.
Although these things might sound intimidating, it’s not to put you off. It’s simply to make you aware of things that might influence your property search.
Unregistered land in Cumbria
It’s estimated that in Cumbria, nearly 50% of land isn’t registered with the Land Registry. This could be due to a few reasons.
Registering land has only been mandatory since 1990, so one of the main reasons land hasn’t been registered is that some people haven’t moved since before it became mandatory.
As many people register ownership of land when they buy somewhere, if they haven’t moved this could have gone amiss.
The benefits of registering land include:
- Providing proof of ownership
- Making it easier to buy and sell property
- Helping to protect property from fraud
If you’re interested in some land or a property that isn’t registered, it’s important to be prepared for the fact that this type of sale could be time-consuming, as old documents will need to be looked over to establish ownership.
If the owner of the property cannot be established, this could make the sale problematic and slow down an already arduous process.
Butterworths Solicitors is a local law firm who are dedicated to helping people’s property dreams come true.
Their team of experienced property lawyers have knowledge in all the areas that we’ve discussed and are here to help you navigate Cumbria’s unique property market.
You can contact Butterworths Solicitors through their website https://butterworths-solicitors.co.uk/ or give them a call on 01228 593939.
