Unfortunately I am unable to travel far from Melbourne. Is there a reason why all Melbourne property lawyers aren't automatically on all bank panels?
Pre- 2008 most banks had an attitude to risk which is different from today. The financial regulator in 2010 instigated a thematic review into mortgage fraud which in summary warned lenders: know the property lawyers on your panel. Accordingly, banks have since requiredmore data from law firms regarding their operations and the staff employed by them and set certain criteria such as completing a minimum number of transactions. Hundreds of firms have found themselves excluded from lender panels even though they had 100% healthy track record, no complaints and zero claims and didn't just 'dabble' in conveyancing. Such firms were never going to satisfy the criteria of volume of transactions the mortgage companies insisted on.
We're in Melbourne, FTBs purchasing with a mortgage (lender is Kent Reliance , and our solicitor is on the Kent Reliance conveyancing panel). How long should the conveyancing process take?
The fact that your lawyer is on the Kent Reliance conveyancing panel is a help. It would almost certainly delay matters if they were not. However, no conveyancing practitioner should guarantee a timeframe for your conveyancing, due to third parties outside of your control such as delays caused by lenders,conveyancing search providers or by the other side’s solicitors. The time taken is often determined by the number of parties in a chain.
If you had a top tip for choosing a conveyancing solicitor in Melbourne what would it be?
It would be unwise to be swayed by the lowest Melbourne conveyancing fees. You really do get what you pay for when it comes to property lawyers. A cheap quote may mean that the conveyancing solicitor is handling a lot of jobs at one time and you won’t get the quality of service and the attention that you need. It is, however, wise to use a conveyancer who has a fixed fee on a no sale, no fee basis. This way, you know exactly what you’ll have to pay in advance.
My uncle advised me that in purchasing a property in Melbourne there may be a number of restrictions preventing external changes to a property. Is this right?
There are anumerous of properties in Melbourne which have some sort of restriction or requirement of consent to execute external variations. Part of the conveyancing in Melbourne should determine what restrictions are applicable and advising you as part of a ROT that should be sent to you.
I am selling my apartment. I had a double glazing fitted in January 2006, but did not receive a FENSA certificate or Building Regulation Certificate. My purchaser’s lender, Nottingham are being pedantic. The Melbourne solicitor who is on the Nottingham conveyancing panel is happy to accept ‘lack of building regulation’ insurance but Nottingham are requiring a building regulation certificate. Why do Nottingham have a conveyancing panel if they don't accept advice from them?
It is probably the case that Nottingham have referred the matter to their valuer. The reason why Nottingham may not want to accept indemnity insurance is because it does not give them any reassurance that the double glazing was correctly and safely installed. The indemnity insurance merely protects against enforcement action which is very unlikely anyway.
The deeds to my home can not be found. The lawyers who conducted the conveyancing in Melbourne 4 years ago have long since closed. Will I be able to sell the house?
In today’s world there are copies made of almost everything, and your conveyancer should know exactly where to find all the appropriate documentation so you can buy or sell your property without a hitch. Where duplicates can’t be found, your conveyancer can arrange cover in the form of insurance or indemnities against possible claims on the property.
I opted to have a survey completed on a property in Melbourne ahead of appointing lawyers. I have been advised that there is a flying freehold element to the property. My surveyor advised that some banks tend not grant a loan on this type of home.
It depends who your proposed lender is. Santander has different requirements from Halifax. If you contact us we can check with the relevant mortgage company. If you lender is happy to lend one our lawyers can help as they are accustomed to dealing with flying freeholds in Melbourne. Conveyancing will be smoother if you use a solicitor in Melbourne especially if they are acquainted with such properties in Melbourne.
My husband and I are 17 days into a residential purchase having been directed to a firm by the selling agent to do our conveyancing in Melbourne. I am not happy. Can you help me find new lawyers?
A lawyer would need to be very poor to suggest changing them. Has the mortgage offer been generated? If so you will need to advise them of the new solicitor and ensure the loan are re-sent. The conveyancer needs to be on the mortgage company approved list to avoid escalating charges and complications. So that should be your starting point. Our find a solicitor tool should help you find a bank approved conveyancer for your conveyancing in Melbourne