Me and my fiance are acquiring property in Melbourne. My Solicitor is not listed on the lender solicitor panel. Is it possible for me to use my Melbourne conveyancing solicitor notwithstanding that they are excluded from the mortgage company panel?
You will need to have a conveyancer to complete the formalities if you take out a loan to purchase your home. The conveyancing practitioner will conduct all the relevant legal checks on the property, make sure that you will be properly registered as the owner and ensure that all the necessary mortgage documentation is dealt with. You could appoint a Melbourne conveyancing practitioner of your choosing. However, if the conveyancer appointed is not on the bank approved list additional costs will be levied as separate legal representation will be need by the lender. Lender panel applications may be submitted, so provided your conveyancer has not historically applied for membership they can do so.
The owners of the house we are purchasing hired a conveyancing firm in Melbourne who has recommended a exclusivity agreement with a down payment 10k. Is it wise to enter into such agreements?
This kind of contract is not the norm in Melbourne, conveyancers will often direct clients away from them as they detract from focusing on the main conveyancing focus and if you end up losing your deposit then the solicitor at best left with an upset client and at worst a litigious one. Furthermore, there is no guarantee that just because the vendor has signed a lock out contract they will sell to you. They may breach the contract if they are offered a large enough incentive to do so because an aggrieved claimant with the benefit of a exclusivity agreement will still be legally obliged to establish consequential losses from the breach and these may not equalise the financial upside that your seller may gain by reneging on the agreement, no matter how morally shameful that may be.
It is 10 years ago since I bought my house in Melbourne. Conveyancing solicitors have now been retained on the sale but I am unable to find the deeds. Is this a problem?
You need not be too concerned. Firstly the deeds may be with the mortgage company or they could stored with the lawyers who handled the purchase. Secondly in most cases the property will be recorded at the land registry and you will be able to prove you own the property by your conveyancing lawyers obtaining current official copies of the land registers. Almost all conveyancing in Melbourne involves registered property but in the rare situation where your home is unregistered it adds to the complexity but is resolvable.
I'm buying a new build house in Melbourne benefiting from help to buy. The developers refused to budge the amount so I negotiated five thousand pounds worth of additionals instead. The estate agent told me not disclose to my lawyer about the extras as it will jeopardize my loan with the bank. Do I keep my lawyer in the dark?.
All lenders require a Disclosure of Incentives Form from the developer of any new build, converted or renovated property, It is available online from the Lenders’ Handbook page on the CML website. CML form is completed and handed to the lender's surveyor when the inspection is done.
Lenders have different policies on incentives. Some accept none at all, cash or physical, while others will accept cash incentives up to 5%.
Hard to understand why the representative of a builder would be suggesting you withold information from a solicitor when all this will be clearly visible on forms the builder has to supply to its solicitor, the buyer's solicitor and the surveyor.
I am looking for a flat up to £235,500 and found one close by in Melbourne I like with open areas and station nearby, the downside is that it only has 51 years unexpired on the lease. I can't really find anything else in Melbourne in this price bracket, so just wondered if I would be making a mistake buying a short lease?
If you need a home loan the remaining unexpired lease term may be a potential deal breaker. Discount the price by the amount the lease extension will cost if it has not already been discounted. If the current owner has owned the property for a minimum of twenty four months you could ask them to start the process of the extension and pass it to you. An additional ninety years can be extended on to the existing lease and have £0 ground rent by law. You should speak to your conveyancing solicitor regarding this matter.
My wife and I purchased a leasehold house in Melbourne. Conveyancing and Coventry Building Society mortgage went though with no issue. I have received a letter from someone claiming to own the reversionary interest in the property. It included a ground rent demand for rent dating back to 1992. The conveyancing solicitor in Melbourne who previously acted has now retired. Any advice?
First make enquiries of HMLR to be sure that the individual claiming to own the freehold is in fact the registered owner of the freehold reversion. There is no need to instruct a Melbourne conveyancing lawyer to do this as it can be done on-line for £3. You should note that in any event, even if this is the legitimate landlord, under the Limitation Act 1980 no more than 6 years of rent can be collected.
Melbourne Leasehold Conveyancing - Sample of Queries Prior to Purchasing
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Is the freehold reversion owned jointly by the tenants? Best to be warned if redecorating or some other major work is due shortly to be shared amongst the tenants and will materially impact the level of the service charges or require a specific payment.