Strata titling

[sandyfeet]

Hi all,

We have just built 2 detached villas on one title and too get the best possible val and move forward we need to strata title them.

Can anyone advise on the process we have to go through to get this done and the possible costs involved? The property is in NSW if this helps.

Thanks.

 

[travelbug]

f you have just built them why didn't you find out the requirements before hand? That way you could have built to suit strata rules (or subdividing rules).

I'd go to council with the plans first and ask if it can be done.

 

[Rockstar]

Hi all,

We have just built 2 detached villas on one title and too get the best possible val and move forward we need to strata title them.

Can anyone advise on the process we have to go through to get this done and the possible costs involved? The property is in NSW if this helps.

Thanks.

Hi Sandyfeet,

It should be pretty straightforward. You need to do a few things and I will go through the steps I take when stata titling in Byron Bay shire, NSW. You have an approved dual occ so it shouldn't be an issue to strata. You need to engage your surveyor and solicitor who will organise the professional work. It helps if they have worked with each other before but it is not essential.

Your surveyor needs to create a plan of subdivision to be lodged with you local council and you need to fill out an application form and pay some fees to lodge this. Your surveyor will create plans with boundaries, strategic measurements, service easements and/or common property areas to comply with the Strata requirements. This is accompanied by and Administration Sheet with written information and selection of bylaws, etc. These plans need to go to your solicitor prior to lodging with council so they can check them out and hold the originals. (although original admin sheets must go to council for signing)
Make sure your surveyor has done this before a few times with your local council so you know they are proficient.

If there are any easements or restrictions to be created your solicitor will have to create a section 88b instument (document) detailing these. This also has to go into council for approval.

Once this is approved by council (takes our council 4 - 8 weeks) your solicitor will send it off to the land titles office to be registered. (around 4 weeks wait) If there are any mistakes your surveyor may receive requisitions to correct these before it can be registered. Once registered you will be given a strata number and strata title certificate.

For all of this I pay around $2500 to the surveyor, $500 to council, $3000 for solicitor + registration at titles office. You will have to pay more if you require a sec 88b to be prepared and registered (maybe another $1500)

You may have to pay more for your professional services in Sydney as a lot of things seem to be more expensive there.

Hope this helps, RS

 

[sandyfeet]

Thanks RS, that is very comprehensive and most helpful. The development was on the mid north coast so hopefully the associated fees won't be too much higher. Also we have already completed a section 88B as an easement was created for storm water retention.

Thanks again!

 

[sandyfeet]

Rockstar,

At what stages should we engage/inform the bank of the steps we are going through? As the purpose is esentially to split the loan and access equity, I believe new titles will need to be presented to the bank and new mortgage documents done up??

Thanks