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[larnie482]

I live in a block of 5 units and top floor. I want to use the ceiling space either for storage or convert to office .space. can you do the conversion uf you had exclusive use or is it best to purchase from body corporate?use or 

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[Jimmy-T]

@larnie482 said:
I live in a block of 5 units and top floor. I want to use the ceiling space either for storage or convert to office .space. can you do the conversion uf you had exclusive use or is it best to purchase from body corporate?use or 

First of all you will need a special resolution by-law for the owners corp to sell the common property airspace and to establish that you now undertake to maintain and repair it. That will require approval of more than 75 % of owners voting at a general meeting

Then there is a formula for compensating the Owners Corp which was established in the High Court (I think).

Basically, it’s x = a – (b+c) where

x = the amount you pay the owners corp.

a = the value of the property with the renovation added (from an independent valuer)
b = the value of your property before the renovation (ditto)
c = the cost of the renovation including plans, legals and by-laws

 

You can try other ways of getting this done but they could come back to bite you on the backside if they aren’t kosher.

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