Ludlow Engineering and Land Survey

The whole conveyancing process can feel like a minefield, a good Conveyancer will keep you regularly informed. They will let you know what documents are needed, some will need to be signed and returned before the next stage can commence. Prompt return of requested documents is vital; any delay can cause untold stress for all concerned, by delaying just one document the entire procedure could come to an abrupt stop.

A purchase contract will be obtained from the sellers solicitors; this contains details of ownership and the property itself. All pre-contract enquiries will be dealt with; office copies, guarantees, planning consent etc will be obtained. The Conveyancer will then obtain the sellers fixtures and fittings. This document will be given to you for checking. When the mortgage offer arrives, contracts will need to be signed, a deposit given, to be held by your Conveyancer until exchange.

When all Mortgage conditions have been met, and the sellers are ready to move ahead, a mutually agreed completion date is set. Contracts can now be exchanged and the transfer deed effected.
Your Conveyancer will then call down the mortgage advance from the lender and send you the final completion statement.

When the day of completion arrives your Conveyancer will pay the required amount to the sellers Solicitor to obtain the title deeds. This is when you are able to move into your new home!
Your name and mortgage will now be registered by your Conveyancer at H.M Land Registry. The deeds will then be sent to your lender to be held as security for their mortgage advance.

Nothing is legally binding before the exchange of contracts; there are no refunds for surveys, search fees and legal costs if the sale falls through.
Sellers and buyers are legally bound to complete on an agreed date between exchange of contracts and completion. On completion day sellers will move out, buyers move in, monies will be exchanged by your Conveyancer.

Legal fees
These are the fees to be paid by you to the Conveyancer/Solicitor for the actual conveyancing process. The amount charged is based on the Solicitors time, cost of legal registrations and disbursement costs. Like most professionals these fees can vary, although 1% of the purchase price is not unusual.

Included in the conveyancing costs are the following:

Local searches
Reveal any matters affecting the property. (A home information pack will be required on a property with three bedrooms or more, this includes a sale statement, searches and evidence of title)
Land Registry fees- transfer of ownership on the register from old to present owner.

Stamp Duty (if applicable)
This is what you pay to the Inland Revenue when you purchase a property worth more than 125.000. This is payable on Land, houses, flats and buildings.

Lenders arrangement fee
This is the fee for setting up your mortgage. This is charged for arranging a capped or fixed rate mortgage. This fee can be between 300-450.

Mortgage Brokers fee
This can vary, some charge a fixed fee, some a percentage of the mortgage arranged and others a fee for consultation. Most will charge 0.25-0.5%, you should never pay more than 1.5% of the mortgage. If the broker receives a fee from the lender, this must be disclosed to you.

Mortgage lenders valuation fee
Your lender will send a surveyor to value the property that you are purchasing, to ensure that it is worth the amount being paid. This is a fee that will be incurred by you; a few competitive lenders waive this fee.

Mortgage lenders legal fee
The solicitor that you are using needs to be on the lenders approved legal panel, if this is not the case your lender may appoint their solicitor. This will be at your cost, they can charge what they wish, so be careful.

Valuation Report
This will cost between 250-350+VAT. This does not impart enough information to base a purchase on; so many lenders will appoint their surveyor to carry out a Homebuyers Report. This will cost between 350-1000+VAT. This report will give a good indication of any defects (damp, subsidence, structural problems) and the approximate cost in rectifying these. At times, a thorough more detailed analysis is required. Carpets will be lifted, the roof examined, services tested. This may be required for an older, expensive property.

Building and contents insurance
A freehold property needs to have insurance in place from the moment of exchange.
Leasehold is different, as it is the landlords responsibility to ensure that the building is insured. This policy needs to be valid until the day the removal van moves you.
Shop around for you insurance, the best deals are rarely with your lender.

About the Author:
Article written by Lloyd Davies who is a qualified solicitor with over ten years experience and is the Legal Director of Convey Law, who are one of UKs leading specialists in revolutionary residential conveyancing.
Conveyancing guides

To some, boundary surveys suggest they are set to lose a section of their property but this is not the case. A boundary survey is carried out to determine and define property lines and is an important procedure for anyone buying a property of any type. This is because it can let the purchased know if they is any easement or encroachment on the property.

Many people mistakenly believe that a boundary survey is the same as a mortgage inspection but this is not the case. A mortgage inspection is subjective and they essentially check that whatever is said to be there, is actually there – this could potentially be very damaging and costly for the purchaser hence if you have professional documentation based on the boundary survey, you will be in a secure position moving forward.

Another common error is that some people believe a clear title indicates the owner can legally sell the property. Again, the purchaser is not guaranteed that the land, buildings, and so forth are accurate. The title insurance policies do not offer the needed protection for the buyer that might be discovered in a full boundary survey.

When carrying out a boundary survey, the surveyor will examine historical records relating to the property being purchased as well as taking a look at surrounding properties. In addition to this, they will also research historical associations and the registry of probate, as the more evidence the purchaser has of the boundaries, the better.

The cost of a boundary survey, in addition to other costs incurred when buying a property, often puts people off from having one carried out. In some cases though they do not realise a mistake further down the process could be most costly. The price of a survey is determined by a number of factors including location, size and even the season. At this stage it would not be uncommon to obtain an estimate – though note if any discrepancies are uncovered by the surveyor the estimate will rise based on additional work required.

When completed the survey will show a plan of the property, a written description, notes of any monuments on property corners and how certain factors were used to specify the boundaries. It is possible that the purchaser and surveyor made previous arrangements as to how the boundaries are marked – this could be in the form of trees, pipes or similar. Each of these will indicate the license number of the surveyor.

Despite being an additional expenditure at the start of the buying process, it can often save you money further down the line. If ignored now, and a new neighbour was to move in next door who queries as to why part of your property goes over to what they believe the boundary to be – a new problem can arise which would be more costly to rectify that the initial survey. As such, if there is any doubt regarding boundaries, a survey should always be carried out.

About the Author:
Sitechnics are a land survey company whom practice in boundary surveys, measured building surveys and topographic surveys. Get a totally unique version of this article from our article submission service

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In this structure a Subdivision Permit is granted without a Town Planning Permit. If the block is smaller than 500m2, a building envelope is designed for the new dwelling. The difference with this as opposed to (SA) is only that the infrastructure for the granting of a tile are completed, this involves connection of services and storm water along with titles office certificate for the new lot. This type of structure is not recommended for blocks smaller the 500m2 for the same reasons mentioned previously. The purchaser still needs to obtain a Town Planning Permit and to consult with Council and neighbors. Again the profits are not at the maximum as there is still some uncertainty as to what type of Town Planning Permit relating to size and design will be granted.

This structure will ensure the Title for the new land is issued making it an easier sell in the market. There is no need for the services of a solicitor and potentially there will be more buyers interested in this type of arrangement.

NOTE not all council allow for this type of subdivision on battleaxe land and would in most case require a 173 agreement or the completion of the new dwelling (corner blocks are an exception to this rule )
This type of proposal is best suited for corner blocks or blocks over 1000m2

What’s involved?

1.Subdivision Permit approval by Council

2.Re-establishment and establishment surveys
3.Connection of Services application
Electricity – Underground power pit (completed by relevant authority)
Water – Connection, Sewer (completed by relevant authority)
Gas – Connection and pipes by a registered plumber
4.Fences – can be done after or at the same time
5.Driveways – need to be completed
6.Garage or carport – depending on the site sometimes may not need to be completed
7.Certificate of compliance issued which allows you to lodge approval at Titles Office

On completion, property can be sold with own Title to a potential builder, developer or home owner
Note: Subdivision approval might include building of garage or carport for existing dwelling, crossovers and driveways.

About the Author:
We organise the relevant permits from your council and even co ordinate and project manage the whole process for you. We have subdivided and project managed thousands of projects throughout Melbourne for the last 14 years, form dual occupancy to apartments, town houses and more call the property subdivision professional today on 1300 767 893 or visit our web site for more information on http://www.propertysubdivision.com.au/