Hi All,
We got news from our townplanner that the planning permit we have been waiting for so long (11 months) will be released very soon.
The planning permit is for us to build our first investment property at the back of an existing house. We need to subdivide the property first because we will have to buy the land from the co-owner of the property. This is where we need help on how to go about doing the subdivision. Any idea on how to do it?I was told to get a surveyor to do it? What happens next if it is surveyed? will this then be the basis of the valuation of the land?
I appreciate all your comments. Thanks.
novusprimo wrote:Hi All,We got news from our townplanner that the planning permit we have been waiting for so long (11 months) will be released very soon.
The planning permit is for us to build our first investment property at the back of an existing house. We need to subdivide the property first because we will have to buy the land from the co-owner of the property. This is where we need help on how to go about doing the subdivision. Any idea on how to do it?I was told to get a surveyor to do it? What happens next if it is surveyed? will this then be the basis of the valuation of the land?
I appreciate all your comments. Thanks.
Further on the above, is it okay to subdivide without a title transfer yet?
There are different rules from state to state however assume the following:
The planning permit should allow you the "right" to subdivide the property into new titles. Your town planner should be able to guide you through this process fairly simply.
The proposed plan of subdivision setting out the agreed property boundaries will need to be certified by the service providers and lodged with the relevant titles office. You can settle on the property and formally take title only when the new title has been issued. There may also be a need to build the cross over and run services as required to make the property usable, but I should think these things have been long ago addressed within the contract between you and the co-owner.
I don't think I answered your questions well enough in the last post, so I'm having another go!
Yes, a land surveyor can prepare the proposed plan of subdivision and help you out with the necessary compliance issues.
The proposed plan of subdivision, along with your TPP application and approval, should be enough for a valuer to provide a valuation for the soon to be subdivided land.
Christian, thanks for your reply on my post.
I tried to ring council and manage to talk to someone. He said they normally entertain application for subdivision only if we got planning approval to build, which is good because this is almost completed.Can anyone please recommend a good surveyor.
Where are you located? (or more specifically, where is the property located?)
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
property is located in Reservoir VIC.
Have you tried ringing the local council building and planning department and asking which surveyors they like working with? That'd be a great recommendation. Also you can get onto the council website and view recent approvals. Which surveyors are marked on the successful ones, and which surveyors are on the unsuccessful ones?
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
That's great suggestion JacM. Thanks.
Darebin council website is not as good as other council website. It doesn't even say anything about subdividing.
I will ring them anyway to get infoI can give you details for a surveyor we use if you like, just PM me.
It sounds like you may also need to talk with someone about ensuring you have understood the process and have made arrangements for the issues to be dealt with. Generally the subdivision and building works are dealt with simultaneously and a contemporaneous issue of subdivision and building certification will result. If this is an issue for financing (that is to say the financier needs to see separate titles before financing) then the contract to transfer land can usually cover off on the securities.
Good luck with the project.
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