Our Victoria lawyer has uncovered a difference when comparing the information in the home valuation report and what is in the legal papers for the property. My solicitor informs me that he is obliged to ensure that the lender is happy with this discrepancy and is content to go ahead. Is my lawyer’s stance legitimate?
Your conveyancer must comply with the UK Finance Lenders’ Handbook provisions which do require that your lawyer disclose any incorrect assumptions in the lender’s valuation report and the legal papers. Should you refuse to allow your lawyer to make the appropriate notification then your lawyer will have no choice but to discontinue acting for both parties.
What happens if my lawyer’s firm is expelled from the Lloyds Conveyancing panel ahead of completing my conveyancing in Victoria?
The first thing to point out is that, this is a very rare occurrence. In most cases even where a law firm is removed off of a panel the lender would allow the completion to go ahead as the lender would appreciate the difficulties that they would place you in if you have to instruct a new solicitor days before completion. In a worst case scenario where the lender insists that you instruct a new firm then it is possible for a very good lawyer to expedite the conveyancing albeit that you may pay a significant premium for this. The analogous situation is where a buyer instructs a lawyer, exchanges contracts and the law firm is shut down by a regulator such as the SRA. Again, in this situation you can find lawyers who can troubleshoot their way to bring the conveyancing to a satisfactory conclusion - albeit for a fee.
How does conveyancing in Victoria differ for newly converted properties?
Most buyers of new build residence in Victoria come to us having been asked by the seller to sign contracts and commit to the purchase even before the house is built. This is because house builders in Victoria typically acquire 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 conveyancers 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 Victoria or who has acted in the same development.
I have been on the look out for a ground for flat up to £305k and identified one near me in Victoria I like with a park and station nearby, the downside is that it only has 61 remaining years left on the lease. There is not much else in Victoria suitable, so just wondered if I would be making a grave error buying a lease with such few years left?
Should you need a mortgage the remaining unexpired lease term will be problematic. Reduce the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the premises for at least 2 years you may ask them to commence the lease extension formalities and pass it to you. You can add 90 years to the current lease with a zero ground rent applied. You should speak to your conveyancing lawyer concerning this.
What is different about your site and other online quote calculators for conveyancing in Victoria?
At this site secure a conveyancing costs illustration from a Solicitor or Licensed Conveyancer that has a full understanding of the nuances for your conveyancing in Victoria. Unlike many estate agents and many comparison sites we do not charge firms a fee if you choose them for your home move in Victoria
I have just appointed agents to market my garden apartment in Victoria. Conveyancing is yet to be initiated, but I have just received a yearly service charge invoice – should I leave it to the buyer to sort out?
Your conveyancing lawyer is likely to suggest that you should clear the invoice as normal given that all ground rent and maintenance payments should be apportioned as part of the financial calculations for completion monies, so you will be reimbursed by the purchaser for the period running from after the completion date to the next payment date. Most management companies will not acknowledge the buyer until the service charges have been paid and are up to date, so it is important for both buyer and seller for the seller to show that they are up to date. This will smooth the conveyancing process.
Following years of dialogue we simply can't agree with our landlord on how much the lease extension should cost for our flat in Victoria. Can we issue an application to the Residential Property Tribunal Service?
Most definitely. We are happy to put you in touch with a Victoria conveyancing firm who can help.
An example of a Lease Extension decision 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 related to 2 flats. The remaining number of years on the lease was 56 years.