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Thank you for your question. To Introduce myself I am a sydney based Solicitor and will do my best to provide you with relevant information to assist you.
The original stratum survey was conducted back in 1966 so the original surveyor is either dead or retired from practice.
My main concern is being able to have input in the drawing up of the plan of subdivision. That is, determining what should be included in the new properties and what will remain as common property?
Do I have a say in this matter or will the surveyor just draw the properties based on existing occupation.
You failed to answer this question.
Also do we need unanimous decision at AGM for this to proceed or does majority rule?
Again you failed to answer this question.
Thanks for the response.
So if I understand correctly, the body corporate that can draft a preliminary plan showing what areas they want included as common property, what area excluded (once agreed to by the body corporate) and then presented to surveyor and surveyor will survey property as per this plan and draft the official plan to submit to council, Titles Office. Yes?
I still need to get one other point clarified.
Going back to the original step, that is, to be able to proceed with the survey, new plan, new titles, etc, does the body corporate require a unanimous decision from all body corporate members or majority for this procedure to proceed ?
Yes one more point.
You mentioned that those owners that have mortgages, would have to inform their banks, lenders that there is been a correction to the property.
My question, are the banks likely ask the mortgagors to re-negotiate their mortgages now that the property areas have changed? I'm only asking this because the banks may see this as an opportunity to make some money out of all this and are likely to ask to re-negotiate so to profit from registation fees, bank fees, est fees.
Can they do that?
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Of what I'm familiar with the property law here in Victoria, the same strata plan number can be used, but the lot numbers will need to change.
Normally if an owner owned Lot 1, then after amendment this property would change to Lot 1A. This usually happens when one or two of the lots are affected.
But in this case, the whole development is affected, so a brand new plan will most likely be created.
Either way, it appears that new mortgage documents will need to be prepared by the banks. Am I correct is saying this?
No you are wrong here.
If the plan number is XXXXX same, the Lot Numbers have to be different because when the plan is lodged, it will be in the proposed stage. To be able to separate a proposed lot from the already approved registered lot the Lot Number has to be unique.
That's fine, I didn't expect you to know that since not being from Victoria you wouldn't be familiar with all points of Vic property law.
Thanks anyway for all of your information. That was helpful.
I will pass on your information at our next body corporate meeting and we'll look at all the options available to us.
If we decide to proceed, it appears that it will turn out to be a very expensive exercise.
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