Thanks for the reply LynnH
Don't wanna give away the suburb but it is in BCC. House covers land of 810m2 that is on 1 title. However, the 1 title is over 2 lots of ~405m2 each. I've rang the council and they say there is only 1 service connected to the property (sewrage, water, electricity, etc). The property has not been subdivided as far as I know
It's just 1 title covering 2 lots.
What I want to do is buy house now and rent out. Then, with holding income helping me out
, pay for the other service to be connected to the second lot and get seperate titles. When I have saved enough I will then demolish the house and build 2 houses on top. What I wanted to know, before I made an offer, was is it possible to get individual titles and services in place whilst the current house is still occupying both lots.
I was looking at going down this road because of several factors.
1) Still have holding income from rented property instead of supporting bulldozing house, paying for all expences by myself and getting titles issued
2) Pay for the connections and titles in todays dollars not in a few years time when inflation has increased prices
3) Slowly pay for the neccesaries as money comes in from salary
Just wanted to know if it is possible doing it my way. Of course, if the issueing of titles and connection of services is usually quite quick (how fast does it take for this, does anyone know?) then I could just buy house and do it all (issuing of titles and service connections) when I am ready/in a position to build/sell off both titled lots.
CashflowPlus
A bit more information would be helpful. What suburb? What land size? Do you have sewerage/drainage plans for the lot/s? Do you know when the original sub-division was registered?
Basically, it is usually possible to have 2 titles issued. However, there are all sorts of issues/details which may have an impact on the practical and/or financial viability of what you propose. And don't forget, if you have 2 titles issued, you will probably be up for 2 separate lots of council rates.
Why don't you go to your local council office (I'm assuming BCC) and have a chat with the planning staff. I have always found them to be a mine of information and extremely helpful.
Cheers
LynnH