Lightsview - Lift and Replace Encumbrance
The Lift and Replace Encumbrance at Lightsview is a little more complex than the usual Lift and Replace Encumbrance so we thought it would be worthwhile to provide some insight and tips when dealing with the land at Lightsview.
The first point of contact is the Encumbrance Conveyancer for Lightsview who seeks consent from PEET (the Project Managers for Lightsview) before preparation of any documentation can commence.
PEET require a checklist to be completed by the Vendor including photographic evidence of the Front and Back of the premises at the time of sale to ensure the covenants contained within the Encumbrance have been adhered to.
The checklist asks the following:
- Has Solar been installed
- Have any changes been made to the property by the vendor
- Has approval been sought from PEET for the changes made
- The crossover and driveway have been completed
- The Recycled Water levy has been paid
If any breaches have occurred PEET require that these breaches are rectified prior to settlement. In some instances, they will allow settlement to take place provided the Vendor and Purchaser have signed an undertaking to rectify the breach/s within a specific timeframe. However, this must include a Quote for any works to be completed before PEET will allow any documentation to be prepared.
As you can see, PEET are very serious about the covenants contained within the Lightsview Encumbrance! Even if there are no breaches the process takes quite some time to arrange before the Lift and Replace is prepared and ready for settlement.
In our experience we would suggest that you allow at least two to three weeks above the usual processing time for settlement and if you are a Vendor you will be required to provide the evidence contained in the checklist plus photographs of the property before the settlement process can begin.
What is an Encumbrance we hear you ask?
An Encumbrance is a legal document that contains restrictive covenants (rules) which maintain the uniformity within subdivided and/or newly developed land. Some examples of the most common covenants are the type and colour of fencing, house design, whether a caravan can be stored at the front of your property etc.
Encumbrances vary between developments and it is imperative that you read the document carefully and have a full understanding of the development you wish to purchase in.
Some Encumbrances run with the land, that is, they continue to run with the land regardless of any change of ownership. However some, which is the case with the Lightsview Development, are lifted (discharged) at the cost of the outgoing Vendor and replaced (new) at the cost of the incoming Purchaser to ensure that the incoming Purchaser is aware of the covenants that form part of the development they are about to be part of.
Please note that the information contained in this article is of a general nature only and does not constitute legal advice. Tuckfield Agent Solutions does not take responsibility for any errors or omissions obtained from the use of this information.