Hello David2708
Sir Humphrey gave you a good way to test the level where the collective owners feel comfortable in terms of levies. However that solution will give you breathing space for the first year. Perhaps it would be better to propose a scale of increases – is it legal to say 25% this year, then to 50% the next year, until the works are fully funded? Or can you only vote on the first year?
Most people hate the unpredictability of special levies, especially new owners who may not have the forewarning. Obviously unfunded works deter new buyers.
My understanding of the capital works plan is that it highlights all likely future works. It is up to the OC to agree the urgency and the order in which the works are done. Owners may find the levy increases more acceptable if they can see that works are actually being done, and the plan being sensibly reviewed each year.