Peninsula Law can assist you with all matters relating to property, such as:
Conveyancing is the process of transferring legal ownership of real property from one entity to another.
This process involves preparation or review of a Contract for Sale of Land and all steps to completion of the transaction, including dealing with any lender who might hold a mortgage over the property.
The conveyancing process usually takes between 4-6 weeks. This period can be negotiated between the parties to suit their needs.
A licensed conveyancer is a person licensed to carry out the process of conveyancing.
Solicitors are well experienced to undertake this process and in addition to this, we can also assist with matters beyond the conveyancing transaction, particularly if something goes wrong during the course of the transaction.
We also recommend that all clients involved in property transactions give consider to their estate planning at the same time. This is also something we can assist with.
As soon as you decide to buy or sell!
If you are buying a property, you should consult a solicitor prior to signing any contracts. We can assist with a review of the Contract and let you know if there are any risks that you should be aware of.
If you do not consult a solicitor prior to signing a Contract, you risk losing your deposit which can be a substantial penalty.
If you are selling a property, you will need to have a Contract for Sale of Land prepared before you can commence marketing the property for sale. We can assist with the preparation of this Contract and advise in relation to the specific content of the Contract.
From 1 July 2019, the NSW Government mandated the use of eConveyancing in order to streamline the conveyancing process for all parties.
This process takes place via an Electronic Lodgement Network Operator (ELNO).
We are registered with PEXA (Property Exchange Australia) which is a secure platform to transact all property dealings.
A mortgage is a type of loan where your real property is sued as security for payment of the loan.
The lender is recorded on the title of the property until you repay the entire loan, either through repayments or when the property is sold.
A guarantor on a mortgage is the person who provides additional security for your home loan, usually a close relative such as a spouse, parent, or grandparent.
Your guarantor does not always have to provide a cash payment.
More often than not, the guarantor agrees to put forward a portion of the equity in their own property to compensate any deficiency in your cash deposit.
This is a particularly common way for first home buyers to enter the property market.
The guarantor can be released from the loan as soon as the equity in your property is sufficient to sustain the loan without the guarantor's property.
This will depend on the extent of works to be undertaken and whether it is cosmetic work, minor renovations or major renovations.
Owners can do cosmetic work such as interior painting, repairing minor cracks in the internal walls and handing paintings etc without approval.
The owners corporation can declare other types of work as ‘cosmetic’ if they pass a by-law.
Owners need an approval from at least 50% of the owners, before doing any minor renovations such as renovating a kitchen, changing the flooring, installing an air conditioning unit
These renovations cannot change the outside appearance of a lot or include any structural changes or waterproofing.
The owners corporation can also pass a by-law to define certain work as cosmetic or minor renovations to allow the process to proceed more easily for owners. We can assist with the preparation sand registration of such a by-law if required.
Any major renovations including waterproofing, structural changes or changes which might alter the external appearance of the property require approval by way of special resolution which means at least 75% of the owners must agree.