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Hi flat chatters, looking for some advice if possible, please.
We live in a unit, in what is not Sydney’s most attractive street, in Hillsdale. We are on the ground floor and are toying with the idea of trying to purchase some of the common property at the front of the building, i.e. part of the front garden outside our unit, so we can install a door from our kitchen opening to the area, which we would fence and turn into an alfresco patio.
I think we’d go down the special resolution path and try to get approval from 75% of the OC and transfer the purchase cost to the scheme’s trust fund. There’s a good chance we would get it approved – we are lucky in that sense – however, I wondered whether anyone could give me an idea of the going rate of this sort of area?
We’d of course hire an independant valuer if we were to go ahead with it, but I have no clue as to even the ball park! The area is approx 2mx8m (16m2).
TIA for any help offered.
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In ACT-speak, you would be looking for a ‘special privilege’ for exclusive use of an area of common property. Money might change hands but you would not be ‘purchasing’ common property. It would remain common property.
Again in ACT-speak, you would have to be careful that the special privilege is granted to the ‘owner of the lot for the time being’, IE, whoever is the owner at any time. Otherwise the grant could be to you only and not someone you sell the unit to in the future.