Buying common land in Victoria

Hello,

I live in a strata governed unit in Victoria.
I'm looking in to buying the common land that is out front of my property.
It's currently not easily accessible by other tenants in this block, and could easily be walled to create a amazing front garden.

Does anybody have any experience with this, or be able to point me in the right direction?
IE changing bylaws, surveyors, town planners ect

Thanks in advance!

 

Do you own the unit ?
As you mention other tenants.

 

Hi Jatz,

I own a unit in this lot. The others are leased out or owner occupied.
5 units total.

 

Having to negotiate with only four other owners could be an advantage to you.
Could any one else also fence off an area for themselves?
Is there an owners corp manager you could start by having a chat to them ?
You might think about asking for a 99 year lease and would have to get the other owners approval.

 

I haven't done it before but I think you can do so:
1. talk to the other owners first, either through the next OC meeting or via the OC to tell them the intention to buy.
2. if the other owners agree, the title needs to be changed so you will need a land surveyer to measure the land and draw a new plan of subdivision to have the common area with your unit.
3. get a market appraisal or land valuer to do a price estimate of the land.
4. negotiate with the other owners about the price and if everyone is happy. get a conveyancer/solicitor to help to update the title and pay the other owners.

 

Just to add in, if you just want to just use the land, a 99 year peppercorn lease would be the way to go. If you want to build on, extend your property etc then go for the buy option.

Some good info here VIC: Q&A What is a 99 year lease for owners corporation in Victoria?

 

might be easier to get licence for use of the common land
Our strata went through the opposite approach, to sell off carpark spaces. Issues that popped up included, planning, DA's with council, whole new strata plan, surveyors and more. Just too much cost.
But licence (similar to a lease, but less rights) is a cheaper approach, almost same outcome.

 

Hi Arrkay
How did you go with this ?

 

Thanks for everyone’s help.
Have taken those suggestions are looked in to costings.

We ended up deciding the land wasn’t worth the costs to go through with this.
Mostly the idea was to build an extension of the house for resale.

 

What about leasing for garden area ?
Would it add value ?