My fiancee and I are buying our first property. Our conveyancer has calledto enquire if we want to order supplemental conveyancing searches. As novices we are clueless as to what's necessary for conveyancing in Victoria
The type of Victoria conveyancing searches should be triggered based entirely on the premises, the location, the likelihood of any of these risks, your knowledge of the region and risks, your general approach to risk. What is important is that you adequately appreciate what information each search could give you. You may then decide if you consider that you need that search. If unclear, ask your solicitor to explain.
At what point will exchange of contracts occur in purchase conveyancing in Victoria and am I required to be at the lawyers office?
If you are round the corner to our conveyancing solicitors in Victoria you are invited in to sign contracts. That being said, the firms we recommend offer countrywide coverage for conveyancing and give just as diligent and professional a job for you when dealing with you digitally. The executing of the purchase agreement is not the point of no return. Signing on the dotted line is just a prerequisite for the solicitor to officially exchange when the time is right, which will usually be very shortly after signing. The procedure is nowadays normally dealt with by telephone and can be very rapid, although where a long "chain" is in play, since the process requires the relevant party's solicitor (not necessarily a conveyancing solicitor in Victoria)to be in the office available at the end of the phone to exchange contracts.
This question may be naive but I am wet behind the ears as a 1st time purchaser of a garden flat in Victoria. Do I collect the keys to the premises on the completion date from my lawyer? If so, I will instruct a local conveyancing solicitor in Victoria?
On the day of completion you will not be required to attend the conveyancers office in Victoria. Conveyancing lawyers for you will electronically transfer the completion advance to the seller's lawyers, and once they have received this, you should be invited to pick up the keys from the Estate Agents and move into your new home. Usually this happens early afternoon.
We have a mortgage agreed in principle with HSBC. Victoria conveyancing lawyers have been chosen. What is the average time that one could expect to receive a mortgage offer from HSBC?
There is no definitive answer here. Have HSBC conducted the survey? Have you informed HSBC as to your lawyers' details and checked that your lawyers are on the HSBC conveyancing panel? It is not unusual for a mortgage offer to take a month to come through.
I currently have a mortgage with UBS for my property in Victoria. Conveyancing was finalised some time ago. In the event that I decide to rent out my property and do not currently have a buy-to-let mortgage do I need to remortgage to a BTL mortgage or inform UBS?
You must advise UBS in advance of renting your property as this is likely to be a breach of UBS’s mortgage conditions. In many cases banks or building societies will permit you to let out your former home without needing to switch to a buy-to-let mortgage but some lenders will add a surcharge to your mortgage rate to reflect the higher risk. You should contact UBS directly. You need not do this via a UBS conveyancing panel solicitor.
Have purchased a a terraced house in Victoria , how long should it take for the Land Registry to record my proprietorship? My Victoria conveyancing solicitor works at snail pace, so I want to be sure that my name is registered.
There is nothing unique about conveyancing in Victoria registration formalities. As opposed to being determined by geographic area, timescales can vary depending on who lodges the application, whether it is in order and whether the Land registry have to notify any interested parties. At present in the region of 80% of such applications are fully dealt with in less than three weeks but some can be subject to protracted hold-ups. Registration is effected once the buyer is living at the property so 'speed' is not typically primary concern yet where it is urgent that the the registration takes place urgently then you or your conveyancer must communicate with the Registry to express the reasoning for an expedited registration.
I am buying a new build flat in Victoria. Conveyancing is a frightening process 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 legal work.
Set out below are examples of a few leasehold new build enquiries that you can expect your new-build leasehold conveyancing in Victoria
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Please confirm the Lease plans are surveyor prepared. Forfeiture - bankruptcy or liquidation must not apply under this provision. Will control of the Management Company (if any) be handed over to purchasers on completion of the last sale or earlier? Will the freehold then be transferred for a nominal consideration (not exceeding £100) to the Management Company? Investor purchasers must be able to freely grant unsecured tenancies at market rents without requiring any consents.
Can you provide any advice for leasehold conveyancing in Victoria from the point of view of saving time on the sale process?
- Much of the delay in leasehold conveyancing in Victoria can be reduced if you instruct lawyers as soon as you market your property and ask them to collate the leasehold information which will be required by the purchasers’ conveyancers. You believe that you know the number of years remaining on your lease but it would be wise to verify this via your solicitors. A purchaser's conveyancer will be unlikely to recommend their client to where the remaining number of years is under 75 years. It is therefore essential at an as soon as possible that you identify whether the lease term requires a lease extension. If it does, contact your solicitors before you put your premises on the market for sale. Some Victoria leases require Landlord’s consent to the sale and approval of the buyers. If this applies to your lease, you should notify your estate agents to make sure that the purchasers obtain financial (bank) and professional references. Any bank reference will need to confirm that the buyers are able to meet the annual service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the buyers or their lawyers. If you have carried out any alterations to the premises would they have required Landlord’s approval? In particular have you installed wooden flooring? Victoria leases often stipulate that internal structural changes or laying down wooden flooring necessitate a licence from the Landlord acquiescing to such changes. Should you fail to have the paperwork to hand do not communicate with the landlord without checking with your lawyer first. If you have had any disputes with your landlord or managing agents it is very important that these are resolved prior to the flat being put on the market. The purchasers and their solicitors will be warry about purchasing a property where there is an ongoing dispute. You may have to bite the bullet and discharge any arrears of service charge or resolve the dispute prior to completion of the sale. It is therefore preferable to have any dispute settled prior to the contract papers being issued to the buyers’ solicitors. You will still have to reveal details of the dispute to the buyers, but it is clearly preferable to present the dispute as over rather than ongoing.
I have tried to negotiate informally with with my landlord to extend my lease without success. Can the Leasehold Valuation Tribunal decide on such issues? Can you recommend a Victoria conveyancing firm to assist?
Most certainly. We can put you in touch with a Victoria conveyancing firm who can help.
An example of a Lease Extension case for a Victoria property is Flats 12A & 19, Evelyn Mansions Carlisle Place in June 2009. The Tribunal held that the price to be paid for the new lease of Flat 12A is £168,824, For the other flat the price was set at £169,110 This case was in relation to 2 flats. The unexpired lease term was 56 years.