Jansen Walsh and Grace

Effect of the royal commission into banking industry on purchasing your property
Buyers who are borrowing part of the purchase price are now being required by their lenders to pay a deposit of up to 15%, not the usual 10%.  Since 1 May 2018, we have seen the banks' credit departments take much longer to approve loans to buy your home or purchase an investment property, in addition, they are now applying stricter lending criteria.  This is a consequence of the hearings of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.  For this reason, we advise you to consider whether you should make your purchase subject to finance for a period longer than the usual 10 days (often a vendor of a commercial property will not sell subject to finance) and to extend the time for settlement until 60 days.  The usual 30 days for conveyancing might not be time enough for your lender.

GST withholding tax for some property developers
A new GST withholding regime comes in on 1 July 2018.  The GST on almost all contracts for the sale of “new residential premises” or “potential residential land included in a property subdivision plan” will be withheld by the purchaser.  The idea is that the purchaser will remit it to the Commissioner of Taxation.  This will adversely affect your cashflow if you are a property developer who is selling new properties.  In order to protect you, our Contract of Sale has two alternative mechanisms to ensure you can can claim a credit.

New investor loans drop
New loans to purchase investment properties have dropped to the lowest level for 6 years.

Latest news and updates for property developers, property investors and business owners
For the latest news and updates for property developers, property investors and business owners, go to our news webpage.

"What is conveyancing?"

"What is a conveyancing lawyer?"
Conveyancing lawyers are lawyers who undertake both ordinary conveyancing (preparing agreements, conveyances, transfers, leases or mortgages in the course of those transactions) and advanced conveyancing (adverse possession, removal of restrictive covenants, removal of easements, planning appeals, water rights, applications for removal of caveats, injunctions, land under the Settled Land Act, etc).

• commencing or maintaining legal proceedings
• applying for a grant of probate or letters of administration
• establishing a corporation or varying the constitution of a corporation
• creating, varying or extinguishing a trust
• preparing a testamentary instrument
• giving investment or financial advice, or
• investing money otherwise than as provided for in Part 5 of the Conveyancers Act (which deals with trust money and trust accounts).

Acknowledgment: Written by the Victorian Legal Services Board.

Licensed conveyancers who are not conveyancing lawyers are limited in the scope of the conveyancing services they can provide. This is because certain services can only be performed by a lawyer.  For example, they are prohibited from providing legal advice about obtaining the consent of a council or other authority under an Act or regulations to the development or use of land.  The word “development” and “use” have the same meanings as in the Planning and Environment Act 1987.  They are also prohibited from providing legal advice about an application for an order for acquisition by adverse possession.  If you require a power of attorney to sign the Contract, it must be certified by a lawyer and the certified copy provided at settlement.

Do you need conveyancing in Ringwood:  Do you need conveyancing in Heathmont?

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Do you require a solicitor in Wantirna?  Contact Jansen Walsh & Grace Solicitors in the Wantirna Mall

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