My son is in the process of securing a house that has just been built in Melbourne with a mortgage from HSBC. His lawyer has advised him of a delay in receiving the ‘Disclosure of Incentive Form’. What is this document - I have never come across this before?
The document is intended to provide information to the main parties involved in the transaction. Therefore, it will be provided to your son’s lawyer who should be on the HSBC 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 HSBC conveyancing panel solicitor as early as possible, in order to avoid any last minute delays, and no later than at exchange of contracts.
What does my ID and proof of funds have anything to do with my conveyancing in Melbourne? Is this really warranted?
You are right in these requests have nothing to do with conveyancing in Melbourne. Nowadays you can not proceed with any conveyancing deal without first supplying evidence of your identity. Ordinarily this takes the form of a either your passport or driving licence plus a bank statement. Remember if you are providing your driving licence as evidence of ID it must be both the paper element as well as the photo card part, one is not sufficient in the absence of the other.
Evidence of the source of funds is mandated under Money Laundering Regulations. Please do not be offended when you are asked to produce this as your conveyancer must have this information on record. Your Melbourne conveyancing lawyer will need to see evidence of proof of funds before they are able to accept any money from you into their client account and they will also ask further questions concerning the source of funds.
Do the Building Society Association intend to launch a searchable register to to identify practices on the Darlington Building Society conveyancing panel for instance in Melbourne?
We have not been informed any plans on the part of the BSA to promote such a register.
I have been told that property searches are a common reason for hinderance in Melbourne conveyancing transactions. Is there any truth in this?
The Council of Property Search Organisations (CoPSO) has noted the determinations of research by MoveWithUs that conveyancing searches do not figure amongst the common causes of hindrances in the conveyancing process. Local searches are not likely to feature in any holding up conveyancing in Melbourne.
I am looking for a flat up to £305k and found one near me in Melbourne I like with amenity areas and railway links nearby, however it's only got 51 years on the lease. I can't really find anything else in Melbourne in this price bracket, so just wondered if I would be making a grave error acquiring a lease with such few years left?
Should you need a home loan the remaining unexpired lease term may be a potential deal breaker. Reduce the price by the expected lease extension will cost if it has not already been discounted. If the existing proprietor has owned the property for a minimum of 2 years you can request that they start the process of the extension and then assign 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 about this matter.