Originally posted by munjy:
Instead of working a 2nd job to pay for renovating your IP or PPOR, why not do them yourself? That’s if you’re handy enough.

Personally, I’m not creative or imaginative enough to invest to create wealth. I need to trade time for money. So I do longer hours/overtime to try to get ahead as opposed to a 2nd job. I feel…[Read more]

Mooky,

I have a great Investment Property for sale in Ngunnawal, Canberra, if you’re interested?

Are we allowed to advertise our properties here?? [blush2]

pasandbec

Just got off the phone from the one and only Land Surveyor in the Town we’re buying in. He knows the place well (old, wise man) and he pegged out the (what we thought was the offending) neighbours property!! He was supposed to go back and peg out the fence boundary but the neighbours never got him back to do it and they just put the fence up…[Read more]

I should have said way earlier that that diagram (I read the tiny writing – it’s a really old land survey) I got from my solicitor (that shows the encroachment) dates back to 1953. I guess that means that the neighbours own that land (according to that doctrine Tools published)…..

Bugger. Well I guess that resolves the issue somewhat and I can…[Read more]

Tools,

What if it’s not the original fence that is on the property? The fence in this case is very new.

We’d be prepared to pay for a new fence if it means we get our land back (or most of it – as close to the boundary as practically possible). We would put the cheapest one up that we could find.

An update – have asked my solicitor to ask if Vendor would be willing to pay half the costs of getting a Land Survey done. Because that is the first step…..

have only spoken to our solicitor, my mortgage broker (great man), I have not approached the R/E agent about the matter at all.

jhopper,

Have not spoken to the Vendor personally, all communication is going through our and their solicitor. But when our solicitor asked them about it they said they didn’t know of any encroachment! I don’t know if they’re bulls*&ting or what.

What WOULD the implications be if we tore the neighbours fence down and built our own as close to the boundary as possible???

Providing the land survey proves what the boundary lines are, of course!!

Well, we are not too concerned about the land size. Although I do think it’s unfair that the neighbours have built onto our land, and for that, I think we should get compensated. However, my main concern lies in when WE sell it in years to come. Are we going to have trouble selling it for the exact same reason???

Dazzling,

If we’re in the right, won’t the offending neighbours end up having to pay all the court costs?

Originally posted by marsden:
Perhaps I missed it but have you actually had the land surveyed. I have found that boundaries are a bit loose in some country areas but people do not usually build without being sure that they are, in fact, on their own land. I suggest you do not make a move until you have the land surveyed and marked.

Thanks for…[Read more]

Thanks for your reply Wylie,

I rang the local council (where the house is) and they have said what my solicitor said “It is a private matter between the owners”.

They said the first step is to get a Land Survey done by Surveyor to determine EXACTLY what the properties’ boundaries are and go from there. Discuss with neighbour, then go to Small…[Read more]

Yes I haven’t been very happy with the solicitors here so far. I have not lived here long and have not found one I’ve been very impressed with yet.

I live in Orange, NSW, so if anyone can recommend a good one to me…..!?

Hi Xenia,

Haven’t brought yet, we’re going to exchange in the next few days.

Our solicitor said that when we buy it it’s up to us to approach the neighbour about the matter and take it from there. My partner is going back there today to get some more advise from him because they have encorached on more land than we orignally thought (by the…[Read more]

“Other means” hmmmmmmmmmm

I wonder if we could get a Personal Loan for the 20% deposit.

I wonder if my Mum will lend me the 20%.

It seems SO silly since my current IP is for sale anyway, and as soon as that sale goes through…..I’ll have the 20% in cash

pasandbec

Originally posted by Terryw:
80% of your IP value is $224,000. That means you can borrow an additional $39,000 securred against this property.

To avoid cross collateralising the two loans, you could take an extra loan with your existing lender separate (ie split) to the current loan. Then you could go to another lender, using this as 20% deposit…[Read more]

Thanks for all your replies.

I’d rather stay with the same bank with our new loan, rather than borrowing 20% from current bank and borrowing the rest from another bank. But I guess if it avoids LMI, I would do that. However, wouldn’t the next bank want us to re-finance all the loans with them?

Do all you big-time investors always pay lots of $…[Read more]

Thanks,

What is a split loan?

We have equity in our current IP, not our PPOR.

Current IP worth about $280,000
Owing $185,000

Current PPOR worth about $230,000
Owing $225,000

New (proposed) IP purchase price $64,000 (excluding stamp duty, legal fees, etc etc)

thanks,
pasandbec

If we DID move out of our PPOR and made it an IP, couldn’t we just redraw the money thats sitting in there? (just as an alternative option to getting an offset account)