After what seems like an age a loan offer from Santander for the remortgage of my single bedroom apartment is due any day now. Could you recommend a low cost conveyancing lawyer in Melbourne?
You are on the wrong site if you are in need of the lowest fares for conveyancing in Melbourne. Our goal is to offer value for money conveyancing but our intention is not to work with the cheapest lawyers. Do not be fooled by organisations enticing you with low cost conveyancing in Melbourne. In your best case scenario, in deciding on cheap conveyancing, you will get your money’s worth and at worst it will result in you with a hefty uplift in additional fees and still not receive the service you were hoping for.
At what point can the exchange of contracts occur in residential conveyancing in Melbourne and do I need to attend the lawyers office?
Where you are local to our conveyancing solicitors in Melbourne you are invited in to sign documents. However, the law practices we recommend offer countrywide coverage for conveyancing and give as equally diligent and professional a job for you when dealing with you digitally. The signing of the sale agreement is not the point of no return. A signed contract is just a prerequisite for the firm to officially exchange when the time is right, which will usually be very shortly after signing. The procedure is is usually a five minute process, although where a lengthy "chain" is in the mix, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Melbourne)to be in the office available at the end of the phone to exchange contracts.
My partner and I are close to exchanging contracts on the sale of our property in Melbourne and according to the buyers it appears that there is a possibility that the property was built on contaminated land. Any high street Melbourne lawyer would know that there is no such problem. It does beg the question why the purchasers used a web based conveyancing firm as opposed to a conveyancing solicitor in Melbourne. We have lived in Melbourne for 5 years we know that this is a non issue. Is it a good idea to get in touch with our local Authority to seek clarification that the buyers are looking for.
It would appear that you have a conveyancing firm currently acting for you. Are they able to advise? You need to check with your lawyer before you do anything. It is very possible that once the local authority has been informed of a potential issue it cannot be insured against (a bit like being diagnosed with a serious illness and then taking out life insurance to cover that same ailment)
I have justbecome aware that Wolstenholmes have closed. They carried out my conveyancing in Melbourne for a purchase of a leasehold flat 9 months ago. How can I be sure that the property is in my name in the name of the former proprietor?
The quickest way to check if the premises is in your name, you can carry out a search of the land registry (£3.00). You can either do this yourself or ask a law firm to do this for you. If you are not registered you can seek help from one of a number of Melbourne conveyancing specialists.
Yesterday I discovered that there is a flying freehold element on a house I put an offer in two weeks back in what was supposed to be a simple, no chain conveyancing. Melbourne is where the house is located. What do you suggest?
Flying freeholds in Melbourne are not the norm but are more likely to exist in relation to terraced houses. Even where you use a solicitor outside Melbourne you must be sure that your lawyer goes through the deeds thoroughly. Your mortgage company may require your conveyancing solicitor to take out an indemnity policy. Some of the more diligent conveyancing solicitors in Melbourne may determine 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.
I am tempted by the attractive purchase price for a two apartments in Melbourne which have in the region of 50 years unexpired on the leases. Do I need to be concerned?
There are no two ways about it. A leasehold flat in Melbourne is a wasting asset as a result of the shortening lease. The nearer the lease gets to zero years unexpired, the more it reduces the salability of the premises. The majority of purchasers and lenders, leases with under eighty years become less and less attractive. On a more upbeat note, leaseholders can extend their leases by serving a Section 42 Notice. One stipulation is that they must have owned the premises for two years (unlike a Section 13 notice for purchasing the freehold, when leaseholders can participate from day one of ownership). When successful, they will have the right to an extension of 90 years to the current term and ground rent is effectively reduced to zero. Before moving forward with a purchase of a residence with a short lease term remaining you should talk to a solicitor specialising in lease extensions and leasehold enfranchisement. We are are happy to put you in touch with Melbourne conveyancing experts who will explain the options available to you during an initial telephone conversation free of charge. More often than not it is possible to negotiate informally with the freeholder to extend the lease. They may agree to a smaller lump sum and an increase in the ground rent, but to shorter extension terms in return. You need to ensure that the agreed terms represent good long-term value compared with the standard benefits of the Section 42 Notice and that onerous clauses are not inserted into any redrafting of the lease.
Leasehold Conveyancing in Melbourne - Sample of Questions you should consider Prior to buying
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Who takes responsibility for maintaining and repairing the block? It would be sensible to discover as much as you can about the company managing the building as they can either make life much easier or a lot more difficult. As the owner of a leasehold property you will be in the clutches of the managing agents both financially and when it comes to daily issues such as the cleanliness of the common parts. Ask other tenants what they think of their service. On a final note, find out the dates that the service fees are due to the managing agents and specifically what you get for your money.