#13127
Jimmy-T
Keymaster

    What Mr Strata says is probably correct but it involves a long and involved process that would require a reassignment of Unit Entitlements for the whole building which is a long and involved process in itself.

    However, it would seem time is of the essence since this chunk of common property is deteriorating and the Owners Corporation has an obligation to repair it (and no money with which to do so).

    A long-term transferable lease of, say 30 years, linked to CPI, would provide the necessary security for potential purchasers.

    I would be talking to Lannocks or Strata Finance about a loan to allow you to get the work done, and to the owners of the lots about leasing the space.  That way it’s possible to get this work done quickly – which is the OC’s legal responsibility – without having to impose a special levy.

    If all owners involved want to buy the balconies, then they’d have to share the cost of the new surveys and legals etc etc and, as the prvious posters have said, the cost of the repairs could be factored into the price.

    By the way the structure of these balconies would still be common property and it’s not always a good idea to pass their repair and maintenance on to individual owners.  As you’ll see from other posts to this Forum, some owners just don’t bother with maintenance until it’s too late and the damage is done.

    The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.