Recent content by Wake

Given that the windows in NSW unit blocks are normally common property, it will probably become the responsibility of the owners corporation to fit the locks. So that's extra funds that will be required, and that's assuming the owners corporation can get access to every unit that is affected...

Following on from the last post, you also need to understand that strata managers in NSW do not have special powers, and cannot evict people. In the case of by-law breaches, warnings letters would normally be sent, and in many cases this will be effective. However for the more serious, chronic...

Rolf, can you advise which resi lenders currently take the "real" approach? Ta Wake

If you are keeping them both you don't really need to do anything in terms of setting up records except have the right insurance in place. You are the original owner so you decide that you will cover any expenses as they arise so no need for levies, meetings etc. Of course, once you sell one you...

Thanks to all for the replies. Its a bit of a drama - the tenant is only going to pay $300 + GST for his space, and between the cost of our solicitor and then his own to read the lease and advise him its going to cost him about 4 months rent! That's life I guess.

I'm a bit unclear about what you are asking, especially in relation to the insurance? If Council dictates that the only way of separately titling the properties is by strata titling, and this therefore enables you to potentially access increased equity then you have no option. However, make sure...

When the SMSF borrowed to buy the factory the lender made it a condition that we required a minimum 5 year lease, which of course has to be registered. It was always our intention to rent part of the unit to our business and rent the floor space out separately to achieve the higher yield we...

Thanks cu@thetop for that info. Unfortunately some of it doesn't apply to our situation. Tenant will be leasing approx 75m2 of the factory ground floor for $300 + GST. No outgoings because no separate metering of services between mezz and factory floor. Solicitor recommended 3mnths...

Thanks Dazz. Hopefully the lease will be good, and hopefully we never have to test it, but that's just more of the joys of investing I guess! When the same solicitor prepared the lease for our business to rent from our SMSF, the terms seemed fine to me, but of course I'm not planning on doing...

We are going to let the floor of the factory out to another party, while our business retains the mezzanine office space. I know the tenant is supposed to pay the costs of the lease prep, but I guess I wanted to check the quoted cost in case he complains about it being too high. RPI, if you...

Can anyone give a guide as to how much we should expect to pay for a solicitor to prepare a commercial lease? We are going to lease out part of our SMSF owned industrial unit. At present our own business rents the entirety from our SMSF. A condition of our SMSF loan is that any...

Based on my calcs, even if you could reduce the 4 items I believe are expensive compared to a more normal industry amount, assuming all 3 units pay the same amount of levies, it would only save each of you about $95 per quarter. Although you could potentially save money in those areas, they are...

Many common property titles won't tell you who the strata manager is. To change the mailing address for a scheme you need to have this approved at a general meeting and then have the change lodged at LPMI. Many owners corps are not interested in bearing this cost. And then, even if you do...

Actually, in NSW you do not require a by-law to remove an internal wall as long as you have a structural engineer's certificate. An internal wall is not a common wall and therefore the owners corp has no authority over it. You do need to give the owners corp 14 days notice of your intention...

Yes, strata managers have to comply with the Property Stock & Business Agents Act 2002, and the business has to have an annual audit to ensure compliance for the DFT. This is in relation to trust accounts. This is completely separate from the audit that owners corporations can choose to have...