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Hello sun consulting
You may both file an application at the Department of Lands to terminate the strata scheme pursuant to section 51A of the Strata Schemes (Freehold Development) Act 1973.
Jimmy T is correct. The application must be signed by all owners and each registered lessee, mortgagee, chargee and covenant chargee of a lot or a registered lease.
Upon winding up the strata scheme, the funds are distributed and all debts paid in accordance with each lot owners unit entitlements.
With respect to solicitor’s advice, it is up to you and the other owner how you want to share the costs. There is no set precedent.
You would want to make sure that termination is viable and that where elements of common property are shared they can be effectively separated. You would need to discuss this issue with a builder or consultant and a lawyer.
The costs you would need to consider are for Council consent, surveyor (where a plan is required), an accountant, any stamp duty implications and Department of Land fees. Lawyers costs would be in the vicinity of $10,000.00.
Loraine Booth