Is there legal requirement to have 60% of funds collected before construction to starts in January 2025 & all funds collected by Jul 2025 with 11 months of works still to be completed ?
No legal requirement that I know of, but you may find that the contractor requires a substantial deposit, partly so that they can order materials with reasonable confidence that the strata scheme won’t change its mind.
2. Can the special levy stage 1 be collected over a longer time frame [ ie more than 6 quarters] ?
Yes – it’s up to the owners to agree by a simple majority on the time frame (although you have elected a committee to make these proposals).
3. if not, can the normal quarterly capital levies be increased to match the timetable in stage 1 & 2 with construction finishing in Jul 2028 and adjusted as needed ? [our AGM is in Feb 2024]
What you would need then is a strata loan which spreads the payments over years rather than months, meaning no one is going to have to sell their homes. See the ads on these pages for our sponsors Lannock Finance.