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Well that is interesting, I work in conveyancing and deal with different titles etc frequently, have never come across a property with all flats on one title. I don’t think it would be too much hassle to get it subdivided though, maybe call your solicitor and have a quick chat with him about the kind of work involved. My opinion is that you would just have to have plans of the property drawn up showing the common property etc and then have them submitted to the title’s office and to be registered as a new plan of subdivision. You will then be issued with separate titles to the properties. If there is a mortgagee involved it will be a bit more complicated because they will have to consent to the subdivision and then the titles will all go back to the bank. Seems like it could be a worthwhile investment to me though!
Yeh I agree, look you have to think of yourself and if there is no special condition permitting him to live there at a set rental, well you have to tell him that you either want $200-$250 per week or he can move out! Did you take a mortgage out to buy the property – if so maybe just charge him your mortgage repayments, but don’t charge less because you will lose money! Think of yourself I say
Hi! I work in a law firm as a conveyancing clerk and am frequently involved in purchases by trusts. In Victoria, it is not possible to purchase a property in the name of a trust, all documentation must either be completed in the name of a company, or in the name of the beneficiaries. If it is a company, they normally execute a document stating that they have purchased the property as trustee of the trust so there are no long term problems.
