30 minutes | Aug 7, 2017

Good Legal Property Advice - EP47

Do you like surprises? Probably not when it comes to buying your first home. No one wants to experience a settlement gone wrong, or find out that their master bedroom is actually much smaller than what they signed up for. In this episode of Real Estate Matters, Toni interviews Jessica Hill, an experienced solicitor at Lanyon Partners, about the benefits of getting good legal advice as a first-time homebuyer. Toni and Jess cover the differences between a conveyancer and a solicitor, including training, regulation and professional insurance. Jess explains the advantages of hiring a solicitor to do your conveyancing, and offers several scenarios of what might go wrong at settlement. They get into the nitty-gritty of off-the-plan purchases, discussing how contracts are drafted in favor of the developer and what features of the property developers have the right to change – including car parks, finishes, and even room size! Jess also shares her own experience as a first-time homebuyer, explaining why she was anxious despite having a thorough understanding of the process. She and Toni address the stress of valuation and how the market affects contract negotiations as well as the personality of the valuer. Finally, Toni and Jess highlight the importance of getting sound legal advice prior to signing a contract of sale and understanding your rights around asking for changes and buying conditionally upon the approval of a solicitor. About Jessica Hill Jessica Hill is an associate at Lanyon Partners Legal. She attended Ruyton Girls’ School and Deakin University before obtaining her Graduate Diploma in Legal Practice from Leo Cussens Centre for Law in 2011. Jess completed several seasonal clerkships with Redvers Read during her studies, and she worked with the firm as a lawyer and associate for four years after being admitted to practice in the Supreme Court of Victoria in 2012. She joined Lanyon Partners a year ago, and she serves as a member of the Law Institute of Victoria Young Lawyers Community Issues Committee. Topics Covered What property law training solicitors receive The benefits of hiring a solicitor for conveyancing What can go wrong in the settlement process The difficulties associated with simultaneous settlements How compensation works when simultaneous settlements go wrong The pros and cons of off-the-plan purchases How off-the-plan contracts are drafted in favor of developers How a solicitor can assist in understanding off-the-plan contracts The differences between solicitors and conveyancers with regard to regulations, insurance Why your first home purchase is a daunting process Why valuations are more conservative in the current market Why it’s advantageous to go through a mortgage broker The importance of building a team you trust to advise you in the home buying process Why you must get advice before you sign a contract of sale How the current marketplace affects contract negotiations How to negotiate a contract of sale Connect with Jessica Hill Lanyon Partners Phone: 03 9861 6100 Postal: PO Box 204, Camberwell VIC 3124 Address: Level 3, 3 Prospect Hill Road, Camberwell VIC 3124 Learn More About Property Law Legislation For information specific to Victoria, visit legislation.vic.gov.au/Domino/Web_Notes/LDMS/PubLawToday.nsf/95c43dd4eac71a68ca256dde00056e7b/49195a820eb52117ca2572d700081241!OpenDocument Property Law changes from State to State. Google ‘property legislation’ for your State to learn more. Toni welcomes questions and comments! Feel free to email her at toni@planinsek.com!
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