My son is buying a new build apartment in Melbourne with a mortgage from HSBC. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The form is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the HSBC conveyancing panel as a standard part of the process, and to the surveyor when requested. The developer will be required to start the process by downloading the form and completing it. The form will therefore need to be available for the valuer at the time of his or her site visit. The form should be sent to the HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
In what way does my ID and proof of funds have anything to do with my conveyancing in Melbourne? Why is this being asked of me?
To satisfy the Money Laundering Regulations any Melbourne conveyancing firm will require evidence of your identity in all conveyancing transactions. This is usually dealt with by provision of a passport and an original bank statement or utility account showing your correct address.
Under Money Laundering Regulations, property lawyers are required to ascertain not simply the ID of conveyancing clients but also the source of the money that they receive in respect of any matter. Refusal to disclose this will result in your conveyancer cancelling their relationship with you, as clearly this will cause a conflict between the set Regulations and a refusal to disclose.
Your conveyancers will have an obligation to make a disclosure to the relevant authorities should they consider that any monies received by them may contravene the Anti-terror and anti-money-laundering rules.
My uncle passed away last year and as sole heir and executor I was left the house in Melbourne. The house had a small mortgage remaining of approximately £5k. I want to have the title changed into my name whilst I re-mortgage to HSBC, pay off the mortgage. Is this allowed?
Given you plan to re-mortgage then HSBC will insist on your using a conveyancer on the HSBC conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your HSBC conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the HSBC mortgage is registered as a charge at the Land Registry.
The deeds to my house are lost. The solicitors who did the conveyancing in Melbourne 4 years ago have long since closed. What do I do?
As long as the title is registered the information relating to your proprietorship will be documented by the Land Registry under a Title Number. It is possible to execute a search at the Land Registry, locate your house and get current copies of the property title for a small fee. Where the title is Leasehold then the Land Registry will usually hold a file copy of the Registered Lease and again, a copy can be ordered for a small fee.
I am purchasing my first flat in Melbourne benefiting from help to buy. The builders refused to move on the amount so I negotiated 6k of additionals instead. The sale representative advised me not disclose to my conveyancer about this extras as it could affect my loan with the lender. Should I keep quiet?.
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.
Is it possible to change solicitor as I have to choose a firm on the Yorkshire Building Society conveyancing panel. I hired a local conveyancing solicitor in Melbourne round the corner but she is not approved by Yorkshire Building Society
We will our best to assist in finding you a conveyancing solicitor in Melbourne on the Yorkshire Building Society panel. Please note that the law firms that we on the directory do not pay us fee if you instruct them and are under regulation of the SRA who oversee all conveyancing solicitors in Melbourne. Using the find a conveyancing solicitor tool on this website, you can compare and instruct different solicitors and conveyancers both nationally and in Melbourne.