Newsletter – Latest updates in Conveyancing

    31 July, 2018

LOOSE-FILL ASBESTOS FREE PROPERTY TESTING

Greater Newcastle property testing

NSW Fair Trading has announced that they will provide free testing of properties constructed prior to 1980 for loose-fill asbestos.

This service is available for a limited time only and requires that you register your property prior to 31 August, 2018.

For more information and to register your property Click Here

    15 July, 2018

As from 1 July ,2018, a huge change in the registration process took place. All standalone Transfers and Caveats will be required to be registered via the online eConveyancing settlement platform. You must contact an authorised electronic settlements provider, i.e. licensed conveyancer, to enable this registration to take place.

14 January, 2018

The conveyancing industry is slowly moving into electronic conveyancing.  A revolution in conveyancing.  Further simplifying the process, limiting costs and providing much more flexibility to the transaction than ever before.

The industry has been phasing into eConveyancing in stages with the banks entering the first settlements with financial only transactions to “iron out” any early  glitches and transfer of title and sale and purchases now being effected routinely.  We will see a full transition to eConveyancing with 1 July, 2019 being the date when electronic conveyancing will become compulsory.

Concept Conveyancing has already been enacting electronic settlements in order to be able to provide our clients the most updated, convenient and cost-effective service possible.

 

1 January, 2018

The Office of State Revenue has changed their name to Revenue NSW.

From 1 July, 2017 Revenue NSW began a new scheme for first home buyers, called the First Home Buyers Assistance Scheme.

Criteria for eligibility:-

  • Neither yourself nor spouse or de facto ever owned property in Australia.
  • Neither yourself nor a spouse or de facto ever previously received a concession or exemption under any other first home benefit scheme.
  • Must occupy the home continuously for at least six months, within 12 months of settlement (a member of the armed forces may be exempt from this provision).
  • Exemption from stamp duty up to purchase price of $650,000.
  • Concession on stamp duty on a sliding scale of purchase price from $650,000 to $800,000.
  • Vacant land for building a home thresholds are exemption up to $350,000 and concessions between $350,000 to $450,000.

    • The property being purchased can be brand new or an existing property, having been lived in previously.

    For more information on the First Home Buyer’s Assistance Scheme Click Here

    The First Home Owners Grant provides a grant for an eligible property/purchaser of $10,000. Currently, the threshold for a new eligible home for the Grant is $600,000. For a property where you enter into a contract to build, or are an owner builder the total value of the land and the build, cannot exceed $750,000.

    To access more information on the First Home Owner Grant Click Here

    To access the First Home Buyer’s Assistance Stamp Duty Calculator Click Here

 

 

Land and Property Information has changed their name to Land Registry Services.

 

To find out more about our services for a sale click here

To find out more about our service for a purchase click here

To learn more click here

To contact Angie Nicholson click here