› Flat Chat Strata Forum › Common Property › How do we use our cashed-up sinking fund? › Current Page
Dear anonymous
firstly congratulations to your OC for amassing a large sinking fund. Many strata would like to be in your buildings position
Ill cut to the chase because your question contains many parts.
Changing our strata to post 1974
The answer is you can’t. 1974 has passed a long time ago. The Strata Schemes Management Act 2015 and the Strata Schemes Development Act 2015 define the lot property and common property in reference to the registered strata plan.
The Land Registry Service makes specific reference to pre 1974 schemes at http://rg-guidelines.nswlrs.com.au/strata_scheme_questions/pre_1974_plans
A by law wont fix the registered strata plan.
Who has advised you that windows and doors are lot owner responsibility? From 1996 external windows and doors became the OC responsibility (though balcony windows and doors can be the exception and requires reference to the registered strata plan).
The capital works plan is intended by legislation to be a living document . It requires review (and possible updating) every 5 years, but it can be done sooner. Its also not set in stone. The intent is that OC levy owners for building works that are predictable in the future so that owners are not left with a huge special levy .
I then ask , do you have a strata manager. A good one would be able to advise you on all the issues you have outlined. Maybe its worth a few extra $ per week in order to have a knowledgeable resource.
Failing that, there are a number of strata consultants out there. (I cant name any but I know of one personally)
And finally the financial objectives of residents and investors are generally different. It is entirey posible that the investors have attended to their agenda in preference to yours.
Perhaps you and your other residents get on the committee (if not already) Thats where the day to day decisions are made and your chance to protect your interests.
Good luck