Hi Guys,
I’m new to this and have recently purchased a house in the Little bay area which is 664m2 – 24m2 frontage and above the street level good for a duplex, but unfortuntly Randwick council only allows 900m2 for torens tittle, therefor I have been told I can only go with company tittle.
I have never heard of such thing.
I have 2 questions;
Q. With anyones experience Is it advisable for me to go with masterton at $366,000 for 2 story duplex, or shall I go through archeitect design?
Q. Does anyone know of Good and cheap builders or comapnies which provide a service such as masterton but with alot nicer designs maybe archietect Design.also;
Can someone explan the techical explanation on COMPANY TITLE!
Thanks guys!
any response apprieciated
Satcha Jazzini
As far as I can remember since I read about company title a while ago, is that with company title, a company actually holds the land (and building) and you, the purchaser, buys shares in this company.
I think this means that the company really controls the running of the property, not you. The company may have to approve any decisions you want to make, e.g. when you sell your shares etc. You will just have shareholders rights in this company.I hope this helps a little- perhaps someone else can explain it better than I could? [blush2]
Celivia
Did you get the company title info in writing? Perhaps they made a mistake and meant strata title. To my knowledge, no company titles have been registered for many years. Strata is what is normally required if the land is too small for torrens title.
Wake
I am also wondering if they meant strata title. Company title is not as popular today and I would be surprised if there are new company title projects being done.
I may well be wrong though.
I am currently in Randwick and Coogee and impressed with the area!
All the best,
Simon Macks
Residential and Commercial Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
OK, I’m going to call the Randwick Council and post there response.
BUT With anyones experience Is it advisable for me to go with masterton at $366,000 for 2 story duplex, or shall I go through archeitect design?
Q. Does anyone know of Good and cheap builders or comapnies which provide a service such as masterton but with alot nicer designs maybe archietect Design.Satcha Jazzini
Hey Guys,
Called up Randwick council and they said that the company title all done through solicitors and not the council, torres and Strata tittle are put through them.. Therefor All that is required for Duplex’s is 450m2 with the normal 15m frontage.
I have also gone through Masterton and researched their options;
I’ll explain the positives with masterton;
1. DA Approveal easier
2. The time they complete the construction is set
3. You know exactly what your going to recieve.
Negatives
1. Cheaply done.
2 Gibrock walls
3. Brick Verne
4. What they offer may not suit your blocks dimensions, or the surranding houses.
5. their base is not what you recieve I got a quote for what I want was a total of $460,000.Best Option:
1.I have a friend who knows an Architect who has done alot of work with the Randwick Council.
(I will post his name and number if inquired)
2. The Architect will find the right Builder for your project.
3. My quote was $230,000 each Duplex complete.
including; LandScaping, Double Brick, Polished Floors, Architect Design.Satcha Jazzini
Hi jjazzini:
If you are planning to sell the duplex then please note that under strata title you can’t sell them separately.This may create a problem as if you are able to sell them separately, you could get lot many buyers. I have the same problem as I bought a place in Matraville thinking of building a duplex.Then I found out that unless you have 900m2 land, you won’t get a torrens title.
Best of luckYes, That is Strata Title but if you went through company title, I have been told that lets say you finish and you want to keep one you can simply sell 50% of the title which entiles the buyer to one duplex… I mean this is all through Solicitors not the council. Randwick council approve dual occupancy on a min.450 or 500 m2 with 16m2 frontage the tittle is how you want to structure it.
I hope that explains your answer!
Satcha Jazzini
jjazzini,
You wrote some time ago that you knew an architect in the Randwick area who was good and whose contact details you would be willing to forward. We are just looking into the issues surrounding the building of a duplez and would like to speak to someone to could design something that would meet our needs.
MWombat
You must be logged in to reply to this topic. If you don't have an account, you can register here.
