My husband and I are approaching an exchange on a flat in Victoria and my parents have transferred the 10% deposit to my conveyancing practitioner. I am now informed that as the deposit has not arrived from me my conveyancer needs to disclose this to my lender. Apparently, in also acting for the lender he must inform them that the balance of the purchase price is not just from me. I advised the bank about my parents' contribution when I applied for the home loan, so is it really necessary for him to raise this?
Your lawyer is legally required to check with the bank to ensure that they are aware that the balance of the purchase price is not from your own funds. Your solicitor can only notify this to your mortgage company if you permit them to, failing which, your lawyer must cease to continue acting.
As I am unsure how the conveyancing process works what is the most important number one tip you can give me concerning purchase conveyancing in Victoria?
You may not hear this from too many lawyers but conveyancing in Victoria and elsewhere in London is an adversarial process. Put another way, when it comes to conveyancing there exists lots of opportunity for conflict between you and other parties involved in the ownership transfer. For instance, the seller, property agent and sometimes your lender. Selecting a solicitor for your conveyancing in Victoria should not be taken lightly as your conveyancer is your adviser, and is the ONLY person in the process whose role it is to protect your legal interests and to protect you.
We are witnessing a worrying creep of a "blame" culture- someone has to be blamed for the process taking so long. You should always trust your solicitor ahead of all other parties in the home moving process.
How does conveyancing in Victoria differ for new build properties?
Most buyers of new build premises in Victoria come to us having been asked by the builder to exchange contracts and commit to the purchase even before the house is completed. This is because new home sellers in Victoria tend to purchase 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 conveyancing solicitors 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 used to new build conveyancing in Victoria or who has acted in the same development.
Hoping to buy a property located in Victoria and I am already nervous. I couldn't find anything specific about Victoria. Conveyancing will be needed in due course but do you know about the Victoria area? or perhaps some other tips you can share?
Rather than looking online forget looking online you should go and have a look at Victoria. In the meantime here are some basic statistics that we found
I am intending to rent out my leasehold flat in Victoria. Conveyancing solicitor who did the purchase is retired - so can't ask him. Is permission from the freeholder required?
Notwithstanding that your last Victoria conveyancing lawyer is no longer around you can check your lease to check if you are permitted to let out the premises. The rule is that if the deeds are non-specific, subletting is permitted. Quite often there is a prerequisite that you must obtain permission via your landlord or other appropriate person in advance of subletting. This means you not allowed to sublet without first obtaining consent. Such consent should not be unreasonably withheld. If your lease prohibits you from letting out the property you should ask your landlord if they are willing to waive this restriction.
I have had difficulty in trying to purchase the freehold in Victoria. Can this matter be resolved via the Leasehold Valuation Tribunal?
You certainly can. We can put you in touch with a Victoria conveyancing firm who can help.
An example of a Lease Extension matter before the tribunal for a Victoria premises 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 related to 2 flats. The unexpired term was 56 years.
How do I find out who is the owner of a property in Victoria?
As long as the premises is recorded at HMLR, and you have enough information of the location of the premises, you should be able to obtain details from the HMLR of the registered owner for a a minimal charge.