Our god-son is about to exchange on a house that has just been built in Victoria with a mortgage from UBS. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. Who needs to receive the form?
The document is intended to provide information to the main parties engaged in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the UBS 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 UBS conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
I purchased a freehold property in Victoria but still charged rent, why is this and what is this?
It is rare for properties in Victoria and has limited impact for conveyancing in Victoria but some freehold properties in England (particularly common in North West England) pay an annual sum known as a Chief Rent or a Rentcharge to a third party who has no other legal interest in the land.
Rentcharge payments are usually between £2.00 and £5.00 per year. Rentcharges have existed for hundreds of years, but the Rent Charge Act 1977 barred the creation of fresh rentcharges from 1977 onwards.
Old rentcharges can now be redeemed by making a lump sum payment under the Act. Any rentcharges that are still in existence in 2037 will be extinguished.
My uncle passed away 10 months ago and as sole heir and executor I was left the house in Victoria. 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 Skipton, pay off the mortgage. Is this allowed?
Where you intend to refinance then Skipton will insist on your using a conveyancer on the Skipton 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 Skipton 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 Skipton mortgage is registered as a charge at the Land Registry.
Should my lawyer be making enquiries regarding flooding as part of the conveyancing in Victoria.
Flooding is a growing risk for lawyers carrying out conveyancing in Victoria. There are those who buy a property in Victoria, fully expectant that at some time, it may suffer from flooding. However, leaving to one side the physical damage, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the premises. Steps can be carried out as part of the conveyancing process to forewarn the buyer.
Lawyers are not best placed to give advice on flood risk, but there are a numerous checks that may be carried out by the buyer or by their conveyancers which should figure out the risks in Victoria. The conventional set of property information forms given to a purchaser’s lawyer (where the Conveyancing Protocol is adopted) contains a usual question of the seller to find out whether the premises has historically flooded. In the event that flooding has previously occurred and is not notified by the seller, then a purchaser may bring a compensation claim resulting from an misleading reply. A buyer’s lawyers should also conduct an environmental search. This should reveal whether there is a recorded flood risk. If so, further inquiries should be carried out.
I am buying a new build flat in Victoria. Conveyancing is necessary evil at the best of times but I have never purchased a new build flat before. What sort of enquires would be asked in new build conveyancing.
Here are examples of a selection of leasehold new build questions that you should expect your new-build leasehold conveyancing in Victoria
-
The Vendor must covenant to keep unoccupied units in good repair until long leases are granted therefore. Has the Lease plan been approved by the Land Registry and if not when will they be lodged for this purpose? The Landlord must covenant to assume the management if the Management Company goes into liquidation or otherwise defaults in running the management scheme. Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents. Please confirm the Lease plans are surveyor prepared.
I have been on the look out for a ground for flat up to £195,000 and identified one near me in Victoria I like with a park and station nearby, the downside is that it's only got 52 years on the lease. I can't really find anything else in Victoria in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
If you require a mortgage that many years will likely be problematic. Reduce the offer by the anticipated 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 may ask them to commence the lease extension formalities and then assign it to you. You can add 90 years to the current lease and have £0 ground rent by law. You should speak to your conveyancing lawyer regarding this matter.