Just contacted my conveyancing solicitor in Melbourne who acted for me two years ago and wanted a conveyancing estimate based on the same type of home move (a leasehold property and a freehold property) of similar values with a mortgage from Bank of Scotland. I am now being charged twice the amount. Am I right to be tempted to shop around for an alternative conveyancer?
The estimate does seem a tad on the high side. If you shop around you may be able to trim some of the cost by perhaps £100 plus VAT. On the other hand, assuming were content with the assistance the firm provided you mightcome to rue opting for an an untested conveyancer. Remember to enquire that the conveyancer can also act for Bank of Scotland. You can utilise our search tool to locate a Melbourne conveyancing firm on the Bank of Scotland member panel, which can often include conveyancing solicitors in Melbourne.
How does conveyancing in Melbourne differ for new build properties?
Most buyers of new build premises in Melbourne approach us having been asked by the builder to exchange contracts and commit to the purchase even before the house is finished. This is because developers in Melbourne typically buy the land, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct property lawyers as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Melbourne or who has acted in the same development.
I've recently found out that there is a flying freehold issue on a property I have offered on last month in what should have been a quick, no chain conveyancing. Melbourne is where the house is located. Is there any guidance you can give?
Flying freeholds in Melbourne are unusual but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in Melbourne you would need to get your solicitor to go through the deeds thoroughly. Your lender may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Melbourne may ascertain that this is not enough and that the deeds be re-written to give you the most up to date legal protection. If so, the next door neighbour also had to sign up to the revised deeds.It is possible that your lender will not accept the situation so the sooner you find out the better. You should also check with your insurance broker as to whether they will insure a flying freehold property.
In what way does the Landlord & Tenant Act 1954 impact my business premises in Melbourne and how can your lawyers assist?
The particular law that you refer to provides security of tenure to commercial tenants, giving them the right to make a request to court for a new tenancy and remain in occupation at the end of the lease term. There are certain specified grounds where a landlord can refrain from granting a lease renewal and the rules are complicated. We are happy to direct you to commercial conveyancing firms who use the act to your advantage and assist with commercial conveyancing in Melbourne
Is it best to use a Melbourne conveyancing lawyer based in the location that I am hoping to buy? An old friend can conduct the legal formalities but her office is 300miles drive away.
The primary upside of using a high street Melbourne conveyancing practice is that you can pop in to sign documents, hand in your ID and pester them where appropriate. Having local Melbourne know how is a benefit. That being said nothing is more important than finding someone that will pull out all the stops for you. If if people you trust instructed your friend and on the whole were content that should outweigh using an unknown Melbourne conveyancing lawyer solely due to them being round the corner.
We own a leasehold flat in Melbourne. Conveyancing was completed in 2011. I have read on numerous consumer forums that I mustn’t let the lease length get too low. What is the reasoning?
Melbourne leasehold properties are for a set term - normally 99 years when they started. However a significant appartments in Melbourne were constructed or converted 25 or more years ago and so these leases now have under 80 years unexpired. This may sound like plenty of time however Banks, Building Societies and other mortgage lenders on the whole require leases to have a minimum of 75 years remaining to be mortgageable. This means that when you come to sell the property you will need to extend the term of your lease if you are getting close to seventy five years. To maximise your property value you should be thinking about whether to extend your lease well in advance of selling the property. There are also strong financial reasons to doing so before the lease reaches even 80 years as when the lease is less than eighty years the amount to be paid to extend starts to escalate.