My husband and I intend to remortgage our penthouse in Melbourne with Virgin Money. We have a son 19 who lives at home. Our solicitor has asked us to disclose any adults other than ourselves who lives in the flat. The solicitor has now sent a form for our son to sign, giving up any rights in the event that the flat is forfeited by the lender. I have two questions (1) Is this document specific to the Virgin Money conveyancing panel as he did not need to sign this form when we purchased 4 years ago (2) In signing this form is our son in any way compromising his right to inherit the property?
First, rest assured that your Virgin Money conveyancing panel solicitor is doing the right thing as it is established procedure for any occupier who is aged 17 or over to sign the necessary Consent Form, which is purely to state that any rights he has in the property are postponed and secondary to Virgin Money. This is solely used to protect Virgin Money if the property were re-possessed so that in such circumstances, your son would be legally obliged to leave. It does not impact your son’s right to inherit the apartment. Please note that if your son were to inherit and the mortgage in favour of Virgin Money had not been discharged, he would be liable to take over the loan or pay it off, but other than that, there is nothing stopping him from keeping the property in accordance with your will or the rules of intestacy.
Is it necessary to take out insurance to cover chancel repairs when acquiring a residence in Melbourne?
Unless a previous purchase of the house took place post 12 October 2013 you could assume that solicitors delivering conveyancing in Melbourne to remain recommending a chancel search and or chancel repair liability insurance.
The deeds to my house are lost. The solicitors who did the conveyancing in Melbourne 10 years ago have long since closed. What do I do?
These day there are copies made of almost everything, and your lawyer should be aware precisely where to find all the relevant documentation so you can purchase or dispose of your house without a hitch. Where copies are not available, your solicitor can arrange cover in the form of insurance or indemnities protecting you against possible claims on the property.
Yesterday I discovered that there is a flying freehold issue on a property I put an offer in a fortnight ago in what should have been a straight forward, chain free conveyancing. Melbourne is where the house is located. Is there any advice you can impart?
Flying freeholds in Melbourne are rare but are more likely to exist in relation to terraced houses. Even though you don't necessarily need a conveyancing solicitor in 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.
My husband and I are novice buyers - had an offer accepted, but the property agent has warned us that the owners will only move forward if we instruct their preferred solicitors as they need a ‘quick sale’. My instinct tells me that we should use a high street solicitor who is accustomed to conveyancing in Melbourne
We suspect that the owner is not behind this ultimatum. If they desire ‘a quick sale', turning down a serious buyer is is going to put the whole deal at risk. Speak to the owners direct and make sure they understand (a)you are genuine buyers (b)you are excited to move forward, with finances arranged © you do not need to sell (d) you intend to proceed fast (e)but you are going to use your preferred Melbourne conveyancing solicitors - not the ones that will earn the negotiator at the agency a referral fee or achieve conveyancing targets pre-set by senior management.