Has anyone had experience with spliting titles on flats, I’m currently looking at a small block which is on the one title. I’d be grateful to hear peoples experience in respect to what is involved in the process, how long it takes, the costs involved and the risks![?]
Thanks in advance
JJ
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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!
Doing the same with land subdivision, getting plans and permits and then the surveyor draws up the boundaries, it goes to the council and titles office.
the surveyor tells me it takes 6 to 8 weeks.
I then have to get the front house revalued for tax and bank purposes.
doing 2 at present and for the first time, so I am learning, but absolutely worth while.G’day JayJay,
A similar thread was started over at the somersoft forum….
http://www.somersoft.com/forums/showthread.php?s=&threadid=10814
Its not quite as simple as suggested….things to consider are fire ratings between dwellings, possibly fire escapes depending on state plus lots of other things…
Good luck its well worth the effort to find out what can be done.
cheers
wattoThanks heaps Watto! the posts were definately helpful..
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