Professional Conveyancing Services

11/09/2018

We cannot stress enough the importance of seeking advice on an off-the-plan contract prior to signing it, or beware of the additional costs that you will be stung come settlement time.

It is not uncommon - in fact, almost standard now - to have the contract terms provide that the purchaser is to pay the Vendor for the cost of having not only the electricity meters installed, but the water and sewerage connection costs paid too. All costs which are part and parcel of the development costs for a property which the Vendor is purporting to sell. These are essential services to the property for which the buyer is paying for. A purchaser determines a price based on a liveable property. Yet these developers are now recouping part of their building costs directly from the purchaser.

I have a couple matters due to settle on Friday this week, in which the Vendor is charging the clients in excess of $2,400 just for the connection of water and sewerage and installation of the electricity meter. We think this is unconscionable and yet the Sale of Land Act 1962 does not prevent this and therefore does nothing to protect the purchasers. The only avenue for a purchaser to take at this stage is to test the matter in the courts for breaches of the Australian Consumer Law, an action which most people do not have the time and capacity to deal with financially.

Consumer Affairs must be implored to do something about these conditions. The only way action is going to happen is for each purchaser affected by these conditions to lodge a formal complaint through Consumer Affairs online. We will be encouraging all our clients purchasing in an off-the-plan contract, to lodge this complaint and hope that Consumer Affairs makes a determination to change the Sale of Land Act 1962.

08/08/2018

Security breaches have compounded concerns about the mandatory electronic conveyancing system...

26/07/2018

For all those who own apartments with illegal cladding, or looking to buy into a building with cladding, be warned, you could be about to be hit with a loan for a minimum of 10 years to be paid through council rates to have the cladding removed if this legislation is passed. This charge will pass with the land if the property is sold and therefore could potentially put buyers off buying.

“The Andrews Government is protecting the building industry by passing the cost of rectification onto owners, when they should be helping prosecute the builders,”

New state scheme to enable owners to pay for building repairs via their rates.

10/12/2017

Is your investment property liable for vacant residential land tax?

Homes in Melbourne’s inner & middle suburbs left unoccupied for more than six months in 2017 will be subject to the Victorian Government’s vacant residential land tax. The municipalities that are affected include: Banyule, Melbourne, Bayside, Monash, Boroondara, Moonee Valley, Darebin, Moreland, Glen Eira, Port Phillip, Hobsons Bay, Stonnington, Manningham, Whitehorse, Maribyrnong and Yarra.

This tax is designed to increase the availability and affordability of housing across 16 Council areas by encouraging home owners to rent or sell their vacant properties.

Unoccupied homes will attract an annual charge of 1 per cent of their capital improved value, which is found on annual rate notices. For example, if a property has a capital improved value of $500,000, the tax will be $5,000.

Owners of homes unoccupied for more than six months in total in 2017 that are within one of the 16 Council areas, must notify the State Revenue Office by 15 January 2018 at www.sro.vic.gov.au/vacantportal.

Some homes are exempt from the tax, including those that changed ownership or were built during the year. More information, including a list of exemptions, is available at www.sro.vic.gov.au/vacant.

*/ Do you have to pay vacant residential land tax?

24/04/2017

I was alerted by a news heading on the 24th April,2017 after a parliamentary inquiry into banks concluded “the ANZ Bank as being the most constructive of the big four banks after agreeing to a number of significant reforms to boost competition and executive accountability.” In response I would like to congratulate ANZ. I have found when dealing with them, they have always listened to client complaints and taken a cohesive way forward in solving issues or disputes at top level. In taking accountability in an industry which is plagued with problems and consumer complaints especially within the property lending market, they have shown leadership which other major banks need to address. The public need to look carefully at those banks who are not willing to change and send a message. Licensed Conveyancer and former National and Victorian President of the Australian Institute of Conveyancers

06/03/2017

VICTORIANS TO BE HIT WITH MORE DUTIES/TAXES

The State Government has announced that it will hit owners of vacant residential dwellings in Victoria on dwellings that are vacant for more than a total of six months in a calendar year. When GST was enacted, we were told that gst would replace duties. The government has not been serious in removing duties and taxes instead they have introduced new and increased old those duties and taxes still in existence.

09/01/2017

MAJOR BANKS CLAWING BACK YOUR TITLES.

After an arrangement between the big 4 banks and Land Use Victoria on the 22nd October 2016, you may find you no longer hold your title and control of your Title is now back with your former bank.

Surprised?

A lot of Conveyancers and Lawyers and subsequently our clients are finding this out too late and at critical times.

Should this have happened? No.

It would appear the major banks hace not kept up their end of the bagain with the Registrar of Title in formulating an agreement which is to encourage the use of on-line systems for dealings with Title as opposed to paper transactions where your paper Title is your GUARANTEE OF TITLE.

Have the major banks undertaken their due diligence so that your Title would not be voided? It would appear not. If they had, the many clients who are delivering their Title documents to their legal representatives to be told their Title is void and their former banks have control of the Title is very frustrating, time consuming and costly.

Do you know if you who holds control of your Title?

For one of my clients, the non-responses by their former bank in not addressing the abuse of their processes, is deafening!!

02/08/2016

Off Plan Stamp duty Concessions-Victoria & Financial Institutions. Did you know that when you buy off the plan you receive substantial stamp duty savings. For example, on a $590,000 purchase the stamp duty would normally be just over $30,000. However if you were to purchase your property before construction commenced and depending on the number of units being erected on the parcel of land, you could be paying as little $3,000 to $4,000. Would you be happy if your Financial Institution forced you to pay the higher duty to the State Revenue Office rather than the concession duty which you are only required to pay? If you are someone in this category, speak to your financial institution because NAB will not apply the Stamp duty savings because they say it is Bank policy and procedure. So do you want to have to borrow the additional money from the bank to overpay a duty to the government that is not required to be paid in the first instance? Who is the bank looking after?