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Topic
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A reader we’ll call Emma has sent us the following conundrum:
My question is –
Live in a 5 unit block that happens to be company title.
When I purchased mine, 16 years ago I was told that the roof area above my unit was also mine and I could go up into the roof if I wished. Could never afford to do so but have happily had it up my sleeve as an excellent selling point when the time comes and would also add a lot of value, having a rather sensational view of the beach from my high spot.
A young couple have since moved in three years ago and tell me that they want to create a storage area in the roof and that the roof is common property. They have also got the managing agent on side, who is also new and they instigated to get him take over our building.
I know this would apply in a body corporate building but was given to understand by people that used to live here and the people I bought from that it is different in company title building.
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Replies
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Emma – I don’t profess to be a “Guru” when it comes to Company Title, but so far as I’m aware Company Law would prescribe that your company’s Articles of Association or Constitution contain details of precisely what areas comprise each shareholder’s property.
Have you looked at those?
I am no expert on company title either, but with company title you do not have title to any real estate, what you have is ownership of shares in the company that owns the real estate.
Those shares will give you entitlement to occupy a defined area in the real estate owned by the company. Therefore, you need to look at the share document you have and/or the constitution of the company to work out whether you do have entitlement to use the roof space.
As a general observation, don’t ever rely on what someone tells you is yours, check whether you legally have that entitlement.
In the case of the young couple, the same applies, unless they have a right to use that space, then they have to play by the same rules as you. If it is property owned by the company with no rights for any of the shareholders, then you would need to get a form of approval to use it (e.g. a licence).