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Showing posts with label Conversion To Strata Title. Show all posts
Showing posts with label Conversion To Strata Title. Show all posts

Is Conversion To Strata Title Is Correct For You?

March 19, 2020 | Labels: ,

Strata title system was established in 1961. While you are occupying part of the multi-tenant property the strata manager will oversee the maintenance of the infrastructure and common areas. As well you have to pay a certain amount of money to the strata manager for maintenance. Strata title can apply to residential as well as commercial properties with a single building or group under a single roof. Let’s have a look at the benefits of conversion to strata title that is stated below.

Advantages:

Strata titles are applied to the subdivided building including townhouses, flats, high-rise buildings, apartments and commercial buildings. The strata schemes give property owners more control over the space they owe. When you say you occupy a space or an apartment, you have to show valid documents to prove it. Strata title is the proof of your property ownership. These will result in a higher market value for the same flats or apartments.

Another advantage of living in a strata title property is low maintenance. If any repair needed for the building will be taken care of by the owner’s corporation. The owners get to vote on bigger decisions and it is considered a transparent and equitable system. These are some benefits of conversion to strata title. Before taking your final decision just read this blog thoroughly.

Which is better for you? Company Title or Strata Title

Under the company title, any building or flat is owned by the company. So, while buying a portion within the apartment, you do not own that unit. But when it comes to strata titles you have shared ownership and all responsibilities for that portion including driveways, gardens and more. Depending upon your financial condition and your intention, you can choose either company title or strata title. But if you want to know my opinion then I would suggest you opt for strata title as it is a more modern and flexible system as compared to company title.

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What Are The Types Into Which A Company Titled Property Can Be Divided?

December 05, 2019 | Labels:


When you are working towards getting a property converted to strata title, there are some requirement that needs to be fulfilled in order to proceed further. The first step towards commencing on the process include getting a nod from the registered land surveyor on all plans.


The conversion to strata title gives the freedom to its owners to choose from different types that includes the original strata planning, subdivision, consolidation and building alteration plan.

Strata plan
This is the original plan which is formed after conversion. Only after conversion to the original strata plan, the property can be listed under any other type.

Subdivision
A property under company title is expected to be huge and hence, some owner can expect to divide the property into smaller sections for effective selling. This is when the subdivision strata planning comes into play. In this kind of planning a property is divided into smaller lots, or the lots are divided into a single property or vice versa.

Consolidation
In this plan two or more separate lots are merged into one making it a unified plot of land. In this plan if there is a presence of a common roof or wall, this too can be included under consolidated strata plan.

Building alteration
This defines the lots where the original boundary has changed. There can be a shift in the boundary if a previous building is demolished or a new building has been erected and the boundary wall matches the lot boundary.

There is a specific way to create a concrete planning that is passed without a hindrance. The plan should include the administration sheet where the registration details is given, the location plan, entire floor plan, boundaries of the structure, property boundary, encroachment etc. One needs to apply for the conversion to strata title along with all the documents and within some days the process is executed.

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Who Would Be Involved In The Conversion To Strata Title Process?

November 07, 2019 | Labels:


Are you planning on opting for conversion to strata title? Do you know what it is all about? Well the company title is the system through which company owners by shares in the building. As a result they are entitle to exclusive use and occupation of their unit in addition to any common property to which everyone has access.

Who would be involved in the Conversion to strata title process?

·        For the conversion to take place successfully, the company solicitor should be present.
·        A project manager should be there who will look after all the aspects so that obtaining the approval from the board for the strata plan becomes easy.
·        The solicitor should be in touch with the Office of the State Revenue so as to manage all the stamp duty obligations.

How long would the process take?

Usually the Conversion to strata title takes approximately twelve months. In some cases it may be more as well.

In order to ensure that the Conversion to strata title is done in a hassle free manner, we suggest that you have an in-depth conversation with your solicitor. Find out what are the documents required, what are the things that you need to furnish so that there is no delay in the Conversion to strata title of any kind. In case of any confusion, you can always talk to our experts. Drop us a mail or call our experts and they will guide you on how to do the conversion. If you follow the instructions, you will not face any difficulty in carrying out the procedure. We suggest that you hire a good solicitor who has sufficient knowledge in this field. At the end of the day, he or she is going to change the table in your favor. So be very careful about whom you hire.

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The Process Of Converting To Strata Title And The Need For It

October 25, 2019 | Labels:


We often hear some terms related to the industrial market but very less people know what they mean. A few of us actually know the terms ‘strata title’ or ‘company title’. A conversion to a strata title from company title, is not easy. Let us look at what these terms mean.

What is a company title?

Company title refers to the process of gaining ownership of a land or property where the ownership cannot be distributed or divided. A single individual or a single company can hold the title only. The land or flat can be given at rent but can never be sold.

What is strata title?

Strata title means a person can buy a share or a flat from the owner holding a company title. It refers to the fact that there can multiple owners of a land or a multilevel block. People came to realize that in the modern era where families are becoming nuclear, it is impossible for a single individual to hold the entire ownership by themselves. Maintenance can become costly and time consuming. And as per the rules of a company title, there cannot be multiple owners. These problems led to the rise in a new kind of title called strata title which gives allowance to have multiple ownerships.


How can you convert company title to strata title?

To have a conversion to strata title from company title you need to:
  • Get approval from 75% of the shareholders for the conversion.
  • Get a development consent from the local council.
  • Obtain a DA, get the votes of the members for the lodgement of the strata plan and get it signed by the company or the owner.
  • Lodge your strata plan at the Land and Property Information and wait for its approval.
Finally, after an approval, you can wind up your company as the ownership gets distributed to multiple individuals who bought it.

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The Benefits Of Conversion To Strata Title

October 11, 2019 | Labels:


The strata title has a number of benefits and this is why some of the old buildings are opting for conversion to strata title. The basic objectives that are sorted through strata title includes individual repairing and maintenance decision taking ability and what kind of decision can be taken in case of any issues arising all of a sudden. These kinds of prowess has given strata title the much required fame.


The advantages of converting to strata title

In the strata title the owner can easily mortgage their properties for any kind of financial transaction without any issues. This is not the case with company title and financial institutions may take a second thought before giving any sort of loans to in respect to property holding company title. In company title the owner holds a portion of shares and not a complete structure. Even if the financial institution approves mortgage, the percentage is going to be small as compared to any mortgage of a property under the strata title.

When conversion to strata title takes place of any establishment, the market value of the building also rises as there are more facilities in this sort of arrangement. This is also because the buildings under strata title has even distribution of property and the common spaces are accessible to everybody.

After successful transition of the title from company to strata, there is no need to understand the intricate language of different kinds of documents that are presented by the board at certain time. On the contrary, strata title gives the power to the owner and the owner can action for himself if required without taking the approval from the board members.

These were some of the advantages of conversion tostrata title and depending on your requirement, you should be taking help from advisors.

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Converting To Multiple Ownership Gets Easier?

September 12, 2019 | Labels:


We often hear some terms related to the industrial market but very less people know what they mean. A few of us actually know the terms ‘strata title’ or ‘company title’. Before moving on how to have a conversion to a strata title, let us look at what these terms mean.


What is a company title?

Company title refers to the process of gaining ownership of a land or property where the ownership cannot be distributed or divided. A single individual or a single company can hold the title only. The land or flat can be given at rent but can never be sold.

What is strata title?

Strata title means a person can buy a share or a flat from the owner holding a company title. It refers to the fact that there can multiple owners of a land or a multilevel block. This process was first introduced in 1961, in Australia.

Why do we need strata title?

Strata title came into action from 1961. People realized that in the modern era where families are becoming nuclear, it is impossible for a single individual to hold the entire ownership by themselves. Maintenance becomes costly and time consuming. And as per the rules there cannot be multiple owners. These problems led to the rule where shares can be purchased and not rented so the ownership doesn’t belong to any single person and the office or resident can function smoothly.

How to convert company to strata title?

To have a conversion to strata title from company title you need to:


  • Get approval from 75% of the shareholders for the conversion.
  •  Get a development consent from the local council.
  • Obtain a DA, get the votes of the members for the lodgement of the strata plan and get it signed by the company or the owner.
  •  Lodge your strata plan at the Land and Property Information and wait for its approval.
  • Finally, after approval, wind up the company as the ownership gets distributed to multiple individuals.



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