company title IP- trouble ?

found an apartment I like, but it's unconditional company title. Nab won't lend on it, so I have to go through hoops with another lender. I'm wary of an investment a big bank won't touch.

It could be improved by knocking out a wall, but how difficult are renos in a company title building? Top floor, so that helps, but I only have a few days to make decisions and I'm a bit out of my depth with this one.
Agent said building could be converted to strata eventually. I have no idea of cost or issues in old with that. My guess is if there are older owners, they won't want the value add from that ( pension might be affected).

 

If you're having issues with funding today, chances are that future purchasers will have the same issues tomorrow.
Unless it's a really good deal, it may be worth passing on this.

 

Jurisdiction for disputes with company title is the Supreme Court - which is very costly. Strata disputes can be handled by tribunals.

 

I think it depends on the building. Myself and a number of other owners have done renos and there hasn't been any issue.

No issue with demand for company title apartments in potts point and Elizabeth bay

 

The issue is finance and there is a somewhat correlation between ease of finance and CG on a property.

Only a handful of lenders do company titles, with St George being the best @ 85% LVR, Westpac and ING @ 80%, ANZ @ 70%.

Its been like this for many years so come resale the purchaser may have the same issue particularly if he or she is looking at a par 90% LVR purchase (which a lot of buyers are).