Hi, I'm a new user and hoping to find someone who can help provide more information with regards to terminating a body corp/ strata title.
I currently own 1 of 9 properties within a body corporate managed complex. Each "unit" is a freestanding house with its own land. Each of the 9 properties has a varying color scheme and range from 1 to 2 stories, some with balconies... some without. Essentially the only commonality is the construction materials and the design style.
There is a common road leading into the complex (nil gate) which leads you to a series of driveways that branch out from a small roundabout. problem here is some of these driveways (paved) are shared between houses. There's no common property to speak of apart from a small paved area for parking, the mailbox at the complex entrance and the trees/ grass in front of houses.
The body corporate group managing the complex performs their role but i pay close to $2000 a year and they have very little to manage (building insurance, gardner and basic admin associated with being a body corporate manager). There's no money in the sinking fund to carry out the various needed repairs (the strata title plan type governing the complex makes me responsible for only the inside of my property), so by resolution after a meeting, i'm allowed to make repairs to the exterior at cost to myself... or have a special levy raised in which case i pay for it anyway...
I want to know, in my situation, will it be possible to terminate the body corp? associated costs? consequences of termination and anything else you may know of. I would really appreciate any help/ advice.
I currently own 1 of 9 properties within a body corporate managed complex. Each "unit" is a freestanding house with its own land. Each of the 9 properties has a varying color scheme and range from 1 to 2 stories, some with balconies... some without. Essentially the only commonality is the construction materials and the design style.
There is a common road leading into the complex (nil gate) which leads you to a series of driveways that branch out from a small roundabout. problem here is some of these driveways (paved) are shared between houses. There's no common property to speak of apart from a small paved area for parking, the mailbox at the complex entrance and the trees/ grass in front of houses.
The body corporate group managing the complex performs their role but i pay close to $2000 a year and they have very little to manage (building insurance, gardner and basic admin associated with being a body corporate manager). There's no money in the sinking fund to carry out the various needed repairs (the strata title plan type governing the complex makes me responsible for only the inside of my property), so by resolution after a meeting, i'm allowed to make repairs to the exterior at cost to myself... or have a special levy raised in which case i pay for it anyway...
I want to know, in my situation, will it be possible to terminate the body corp? associated costs? consequences of termination and anything else you may know of. I would really appreciate any help/ advice.