Sydney Conveyancing Tipped to See Record Prices

Posted on December 31, 2010 by Admin

In 2010, Australia experienced one of the strongest housing markets in the world during 2010, new research shows. However, in 2011 it is not certain that this trend will continue. It is likely that rising interest rates will retard the rapid growth in the market according to the Global Real Estate Trends report. Home prices increased in Australia, Canada, France, Sweden, Switzerland and the United Kingdom over the time that the research was being conducted. They remained flat in Germany and the United States, and fell in Ireland, Italy, Japan and Spain.

Australia led the pack in house price growth, thanks to relatively-low unemployment and tight housing supply. However, interest rate hikes and a cut to the first homeowners grant slowed a “red-hot” property market in 2010 to some degree, the report said. It is predicted that the RBA will raise interest rates by an additional 75 basis points in 2011 which will add to this slowing effect. The dark horse of the global property market was the United States, where there was a surprise result and the housing market stabilised. The United States has much lower interest rates than Australia. That trend is expected to continue, with the report predicting the US Federal Reserve to maintain its record-low 0.25 per cent rate through the end of 2011.

This means that property transactions will be likely to be seeing continued growth, especially in the big cities in Australia where property price growth has simply been a fact of life for more than two decades now. The asset inflation in property and the unaffordability of housing is one of the most difficult problems, but also on of the greatest sources of wealth in the Australian housing market. Conveyancers are not predicting any reduction in the number of transactions either with the the relative liquity of the property markets expected to remain at their present levels.

More property conveyancing needed to keep pace with Sydney

Posted on December 18, 2010 by Admin

The New South Wales Government has realeased a plan which indicates that Sydney will need 770,000 more homes, 50 percent more than the current accomodation levels in the city. According to projections, an extra 1.7 million people will flow into Sydney over the next 25 years, with many living in smaller households, a new master plan for the city’s growth shows. A pattern of urban consolidation is also the likely outcome with limits put on the city’s sprawl into agricultural area. The government has projected that to house 6 million people by 2036, at least 770,000 new dwellings will be required, or 30,000 a year. The key planning document produced by the governm, the 2005 Metropolitan Strategy has now been updated an indicates that Sydney built only 93,000 dwellings, or an average of 18,600 a year, for the past five years.

Developers say the plan’s focus on increasing density around transport corridors is sensible, but they are critical of its implementation. Stephen Albin, from the Urban Development Institute of Australia NSW, said: ”Delivering on the 70 per cent target for infill will be a monumental challenge and not one government has explained well to the community.”

Under the plan, Sydney’s south-west, north-west and central-west will absorb the bulk of the population growth. Penrith, Liverpool and especially Parramatta must grow to become new employment centres so that more people can live closer to their place of work. The plan also notes pressure on Sydney’s existing housing supply from demographic changes including an ageing population and an increase in one-person households of 69 per cent, or 260,000, by 2036. Chris Brown, of the Tourism Transport Forum, said infrastructure was key to realising the objectives of the metropolitan plan. ”Now we have the plan, it’s time to get on with the job of delivering the critical transport links – finishing the Parramatta-to-Epping rail link and building the north-west rail link and M4 east tollway,” he said.

Interest Rates, Conveyancing and Buying a House

Posted on September 21, 2010 by Admin

Why are interest rates important?

From the perspective of a person with a mortgage, interest rates are extremely important because they determine the amount of money which needs to be paid back on a variable interest rate loan. Australia is a country where mortgages are one of the main draws on household income and if a person is unable to pay their mortgage it has an enormous impact on the rest of their life. As interest rates rise. At a broader level, interest rates are a central element of the control of the economy because in contemporary industrial economies, the raising of interest rates can be used in order to control inflation, overheating and unsustainable growth in the economic system. When interest rates are too high, businesses and individuals will cease borrowing and stifle growth in the economy.

How are interest rates set?

Interest rate policy in Australia is set by the Reserve Bank of Australia. Historically, interest rates have been controlled by the Reserve Bank cash rate because this is the rate at which the Reserve Bank lends money to the major banking and financial institutions and this therefore determines what banks will charge their customers in order to borrow money that has been lent to them by the government.

The Reserve Bank’s ‘charter’, says:

‘It is the duty of the Reserve Bank Board, within the limits of its powers, to ensure that the monetary and banking policy of the Bank is directed to the greatest advantage of the people of Australia and that the powers of the Bank … are exercised in such a manner as, in the opinion of the Reserve Bank Board, will best contribute to:

(a) the stability of the currency of Australia;
(b) the goal of full employment in Australia; and
(c) the economic prosperity and welfare of the people of Australia.’

Free Stamp Duty for New Home Builders

Posted on September 12, 2010 by Admin

In New South Wales, From 1 July 2010, transfer duty exemptions and concessions are available for certain new home purchases, off the plan purchases, and vacant land purchases on which a home will be built within a specified time. We have the application forms for obtaining this benfit available on this site. Here is the government fact sheer on the new set of concessions and exemptions from stamp duty for new home builders. The new concessions are designed to encourage people who have had families and are now down sizing to build smaller homes. It is also designed to encourage people to build new homes when they are starting a new home. If you are fully eligible, it offers a complete exemption from stamp duty. It is designed to take some of the pressure on the cost of housing in Sydney as the population continues to grow with a shortage of new housing expected to continue and to drive up the price of real estate even further. However, if you are willing to enter into a contract to build a new home, you could save approximately $20,000.00 on the averagely priced home in Sydney.

We have more information available here in the form of these government information documents and application forms:

New South Wales Government Information on the New Home Builder’s Stamp Duty Exemption

Government Information on the New Home Builder’s Stamp Duty Exemption

Application form for New Home Builder’s Stamp Duty Exemption

Application form for NSW Home Builders Stamp Duty Exemption

If you have any questions about the process of how this works or the application of this bonus to a transaction that you are planning to become involved in, or you are already involved in, please do not hesitate to contact us. Lawyers are available online now to assist you and you can contact them to ask them a question using the form to the right.

Tips on buying and financing property from a legal perspective

Posted on September 12, 2010March 28, 2024 by Admin

During the global financial crisis, there was a problem with the aggregation of market power in the big four banks as many of the smaller more competitive players folded or got taken over buy the monoliths. However, there are some indicators emerging that signs of renewed competition in the mortgage market, such as the availability of bigger package discounts and moves to reduce the size of the deposit, are returning and making housing a little more accessible for ordinary people.

For instance, the clamp like criteria which imposed after the GFC were relaxed by some of the major banks recently. The Commonwealth Bank, Westpac and the ANZ relaxed their lending criteria. Westpac lifted its maximum LVR to 92 per cent while the ANZ went further, to a maximum LVR of 95 per cent. The CBA, meanwhile, increased its interest rate discount from 0.6 per cent to 0.7 per cent on loans above $500,000. This was probably in response to the the lead of smaller lenders. The Bendigo & Adelaide Bank moved its maximum LVR to 97 per cent and Mortgage House launched a 99 per cent LVR loan. Others offering LVRs of 95 per cent or more include: CUA, MyState Financial, ServiceOne, BankWest, Rams Home Loans, St George and Suncorp. In comparison to other banks, a credit union rexburg bank offers the lowest interest rate.

The fact that there is now some competition returning to the home loan market will open a number of options up for people. There will be new opportunities to negotiate a deal on refinances. There will be opportunities for new buyers to get into the market on a more competitive deal with the help of a professional mortgage broker or a real estate expert. If you need assistance looking for a residential property or an Acreage property for sale, call a buyers agent like this real estate agent Lynchburg who can find the perfect house for you and your loved ones. Need a Charlottesville realtor contact Story House Real Estate.

If you are thinking of taking out a new loan or if you are looking at getting into the market with a loan, it is a good idea to shop around for a good loan deal so that you know the true terrain of the market. Dive into the rich tapestry of Canadian homes with HomesEh.ca. Where every click brings you closer to home. We can assist you with the legal aspects of loan formation and the purchase of the property that you are looking at. Find your dream property at https://www.ilisters.com/cyprus/property/for-sale/in-cyprus.

New South Wales Business property lease

Posted on July 28, 2010July 8, 2023 by Admin

If you are a landlord in NSW, a New South Wales Business property lease is a an essential document which can be used to protect your interests. There is a very specific application of a lease document to business premises in New South Wales because of the legislation which surrounds leases in New South Wales such as the Retail Leases Act. In general the drafting of leases are prepared by landlords and they are then subject to review and negotiation by the tenant upon receipt of the draft lease prior to the tenancy. The other legislation which is applicable in New South Wales is the Conveyancing Act 1919 (NSW) which defines the essential requirements for a lease that can be registered on the title of the property. The lease document which has been provided here is suitable for the letting of offices, workshop, factory, shop and others or premises which are part of a larger set of buildings, for example, a shop or a workshop. It is written in simple straight forward language and contains a guide to assist you with the use of the document. It contains terms relating to the guarantor of the lease, rent, other types of necessary payments, allowed and forbidden uses of the property, the circumstances where the tenant breaks the lease, the rights of access of the landlord and a clause relating to rent review for it to be reviewed annually and upwards only. It contains clauses relating to the repair of the property, decoration, insurance and the transfer of the lease, subletting, termination and all of the other standard provisions which are used to protect the interests of a landlord.

If you would like to purchase a New South Wales Business property lease simply click on the text link here and you will be taken to the appropriate download page.

Tenancy agreement for furnished holiday house or flat

Posted on July 28, 2010 by Admin

A Tenancy agreement for furnished holiday house or flat can be a very useful tool if you want to rent out your investment property or if you are going overseas and you need to rent out your property to continue to pay your mortgage which you are gone. The document contains a series of features which can be used for this purpose. It contains all of the terms which are needed for letting a furnished house or flat during a holiday period. Please note, this document is not necessarily suitable for business letting due to the fact that longer terms of possession may lead to a claim of adverse possession. You can enter the appropriate amount of rent which you wish the tenant to pay, the required deposit and terms relating to the access of the landlord. As the landlord, you will also be able to select from the list of promises which the landlord can do or choose not to do. The document also allows for the creation of an inventory and has a series of explanatory notes.

Although this is a document which can cover your needs for the amount that it relates to, nothing contained in here is a substitute for professional or personal advice and you should seek that advice of a lawyer if you are in any doubt about the legal nature of this agreement or if you need advice on the completion of the details of the drafting. However, this tool will save you a lot of time and will also save you the cost of your lawyers time in preparing the document themselves.

If you need a Tenancy agreement for furnished holiday house or flat you have come to the right place. We offer a standard agreement of this type for a very reasonable price. You can purchase this document instantly on line by clicking on the link contained in the text above.

Changes to the law of Conveyancing and Caveats

Posted on June 30, 2010July 27, 2023 by Admin

The recent High Court Case of Black v Garnock [2007] HCA 31 has led to a change in the way that conveyancing practice is likely to occur in the future. The facts of the case were that a conveyance was being performed between a purchaser and a vendor. The day that the settlement occured, a writ of execution for the levy of property was ordered over the property and the trasnfer which the purchaser obtained was ineffective because of the writ which had been obtained. The purchasers were therefore unable to obtain posession of the property and their interests were seriously prejudiced becasue the transfer could not be registered for the property as result of the issuing of the writ of execution.

All of this occured despite the fact that the purchaser’s solicitors took the precaution of obtaining a final title search on the day of the settlement. This is a very normal precaution in the conveyancing process which is insisted on by the banks because of the risk that something might appear on the title before the time of settlement and make the transaction ineffective. The court said that it was necessary for the purchasers to have lodged a caveat prior to settlement to prevent the writ for the levy of property being executed. Although there is some argument that in this case, the vendor requisitions on title should have been served and this should have revealed the fact that there was litigation support in relation to the property which should have alerted the purchasers to the danger that a writ would be taken out in the near future, for whatever reason that is not explained in the judgment, this did not occur. It is now a precaution that is often taken by purchaser’s solicitors that a caveat is lodged at the time of settlement to prevent a situation like this developing for their client. If you would like more information about any of this, please do not hesitate to contact us using any of the contact methods available on this site.

Conveyancing and Housing Affordability in Sydney

Posted on May 25, 2010 by Admin

Sydney home buyers have experienced a crisis in housing affordability with the average house price outstripping average incomes to a point where many people do not have access to adequate housing because of their inability to get a mortgage or even afford the rental price hikes. There have been similar experiences in many American cities and there have also been some inventive solutions to these problems. One program which looks like it is going to get a run in Sydney is a system where land is owned as community title, but home buyers own their roof. It is estimated that this scheme could cut the cost of owning a home by half. There would be a need to ‘create another rung on the property ladder’. This is what some of the community groups involved in the project are advocating.

The name of this new scheme is the Waratah Trustand it is being created in Bondi as s way of halving the cost of housing. Presuming that the land trusts can acquire new land in the first place, advocates are planning to implement a new form of social housing to Sydney as an idea to bridge the gap between renting, government housing and the private property market. The model of ownership is that the land trust owns the land and members own the dwelling, reducing the cost of ownership enormously. The investment can then be sold back to recoup the investment of the owners. This may present a partial solution to the housing affordability crisis. The model has also been tried in Victoria where land has been be quested to the trust to being the process.

This new solution to the housing affordability crisis will present a new method of attributing title which will be used to convey the ownership of land and real real property to people in Sydney. Currently, there are not types of title which currently exist that have this dynamic. There is Strata title, Torrens Title and Community Title. It is conceivable that this new type of land scheme could be arranged around strata or community title. If you are interested in buying a property under this system of title, please do not hesitate to contact us.

Where can I get cheap conveyancing?

Posted on April 26, 2010October 19, 2023 by Admin

What are the price ranges in conveyancing?

Conveyancing is a relatively simple and straightforward legal process. Many providers of conveyancing services have set prices for particular services. As long as the service you require fits the mould of the product and most of conveyancing providers have, you should be able to get a standard price from at least one provider. For a completely straightforward residential conveyance with no caveats, one mortgage no complicated covenants, easements or other encumbrances on the property the price that you could expect to pay could be anywhere from $700-$1200 in professional fees plus disbursements in relation to purchase. Of, however, the property is the large commercial office space with several title deeds associated with it, several mortgages, several covenants, several easements, a history of development with or without council approval and there is a system of strata to consider you could expect to pay $5000 in professional fees to prepare the transfer of a property like this. Normally the vendors side fees are slightly higher than the purchaser fees because there is the preparation of contract in relation to the vendor. Although a purchaser may wish to negotiate in relation to a contract which could be an extremely complicated affair and cost several thousand dollars in professional fees as well.

What are the issues with different service providers?

Conveyancing services are like anything else in it you often get what you pay for. There are some differences between solicitors who conduct property transactions and between conveyancers. The most common one is that the solicitors have professional indemnity insurance. The levels of quality in conveyancing services differ between providers and it is not necessarily true that solicitors will always be better providers of conveyancing services. However, solicitors are professionally trained through five years of study at university and a professionally liable for the consequences of their actions and have professional indemnity insurance. For this reason you are protected if a solicitor makes a mistake where you are not if a conveyancer makes a mistake.