We are a couple about to sign contracts for a leasehold flat in Melbourne. We have hit a snag. The loan offer with Birmingham Midshires runs out on 22/4/2025 but the owners are insisting on a completion date of 24/4/2025. Can one prolong the loan offer?
The person best placed to address this issue is your lawyer who will hopefully determine whether they corresponding with the mortgage broker, seller’s lawyers, selling agents or possibly all parties taking into account the history of your house move as of today.
We are expecting a mortgage offer soon. The bank mentioned the home loan came with free conveyancing. Is the implication that I have to instruct their panel lawyer as I would much rather appoint a Melbourne based conveyancing firm?
You should check but the chances are that allocate you one of their panel conveyancers where you want the "fee-free" deal. Contact the lender and see if they make available a cash alternative. It is not unheard for a lender to give a £250 cashback as an alternative in which case you could put that amount towards the cost for your conveyancing solicitor in Melbourne.
Is it necessary to take out insurance to protect me from financial exposure to chancel repairs when purchasing a property in Melbourne?
Unless a previous purchase of the property took place after 12 October 2013 you could assume that solicitors delivering conveyancing in Melbourne to continue to propose a a chancel search and or chancel repair liability policy.
How does conveyancing in Melbourne differ for newly converted properties?
Most buyers of new build residence in Melbourne approach us having been asked by the builder to sign contracts and commit to the purchase even before the residence is finished. This is because house builders in Melbourne usually 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 Melbourne or who has acted in the same development.
I have been on the look out for a ground for flat up to £195,000 and found one near me in Melbourne I like with open areas and railway links nearby, the downside is that it's only got 49 years unexpired 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 mistake buying a short lease?
Should you require a home loan the shortness of the lease will likely be an issue. Discount the offer by the amount the lease extension will cost if not already taken into account. If the existing proprietor has owned the property for at least 2 years you can ask them to start the process of the extension and then assign it to you. An additional ninety years can be extended on to the current lease term with a zero ground rent applied. You should speak to your conveyancing solicitor about this matter.