Strata registration, OC already issued

Hi everyone,

I've signed a contract to buy a townhouse under a strata plan and the vendors have sent over an OC saying that strata registration should be completed any day now.

I looked up the plan SP details on NSW lands registry and it says the strata plans were lodged on 18/05 but the document status says under requisition.

Does this just mean that NSW lands is waiting for some fixes to the application from the vendors? How long does the process for strata registration usually take?

Just a bit nervous about the whole first time buying experience

 

If the Surveyor lodged the Strata Plan it usually means that he/she has been given notice from LRS to correct something on the plan.

The requisition notice will be sent to the surveyor and/or the lodging party. He will be given 8 weeks to complete and relodge otherwise the plan will be rejected and the process will start again. (= $$ more lodging fees etc)

It is in the surveyors best interest to attend to the requisition immediately, and a fee may be charged by NSW LRS when a requisition letter is sent.

For surveyors, the most common plan errors that lead to requisitions are:

• Not showing the status and origin of reference marks used (an example is at Req 1, below)
• Missing current adjoining information (see Req 2, below)
• Not showing the nature and position of reference marks used (see Req 3, below)
• Plan headings are incomplete or inconsistent on all lodged documents
• Existing easements are not shown on the plan
• Missing comparisons between observed and calculated connections between permanent survey marks
• Reviewing the numbering of permanent survey marks
• Unpaid plan requisition fees
• Missing datum terminals
• Proving common boundary adopted with adjoining parcel(s).

For lodging parties, the most common reasons for requisitions are:

• Certificates of title have not been lodged or produced at NSW LRS
• Plan lodgment fees are unpaid
• The plan and section 88B instrument disagree
• The registered proprietor(s) and/or mortgagee are required to sign the appropriate documents
• Written consent to registration of the plan is required (from a lessee or caveator)
• The plan heading on the section 88B instrument is required on all sheets
• The schedule of lots burdened and benefited on the section 88B instrument needs to be revised
• Registration of a plan or dealing is delayed until all matters pertaining to a related plan or dealing are satisfied
• The section 88B instrument is not properly signed and witnessed.

(copied from the LRS website to save me re-typing it again)

 

Thanks bmc, I guess there really isn't much I can do then wait .

I did notice that google maps has updated itself to show existing streets extended to where the new townhouses are located. Hopefully, that is a good sign hahaha.

LRS was actually very attentive and told me that SP was ready for registration but that they are awaiting for the DP to be assessed.

In another note, I'm using the first home loan deposit scheme to buy the place and it says I have to settle in 3 months after the loan becomes guaranteed under the scheme. Does anyone know if this is the contract exchange date or would it be whatever date the bank says the loan is valid for when they granted me full approval?

 

I just went through this recently.

DP needs to be completed before they start to consider the SP. I was lucky to get both done within a few weeks.

 

Hi Johnbu by any chance did you purchased a property in schofields? I am on the same boat with registration was lodge on May 18 but still under requisition at the moment, I am nearly due for the first home owner scheme as well,

 

Hi ptk17, yes Schofields haha might be the same block.
Hopefully the properties are registered soon, I checked the lands website for different developments by the developers and they all seem to have registered in about 4 weeks or so, I think delays may be due to everyone at lands working from home / office moving.

When is the first home owner scheme supposed to expire for you? I've checked with the bank and they said 30 days extension is possible if settlement doesn't happen in 90 days but I'm not too sure if they meant 90 days from full loan approval or from pre-approval (let me know if you are able to find out).

 

Yes you have 90 days from the grant of certificate, in our case it’s expiring in July 3 which is a big headache,, my

it looks like we are on the same block, our first home owner is expiring in July 3 so big headache for us as we sign contract back in feb,, you have 90 days after the certificate is granted for first home owner scheme

 

At this point we don’t know what to do as well as our bank says that it’s not up to them to extend us as it’s up to the NHFIC,,

 

Hi pktk18, when you say 90 days after the certificate, are you talking about the full - approval or the pre - approval from the bank?

, yeah I do feel this is a bit unfair given that they said the registration should be done really quickly before the loan was signed to me but now there are all these delays. Has the bank said they will ask the NHFIC for an extension? I did hear that re-applying might also be an option if there are spots left for the scheme

 

Hi johnbu, that is correct 90 days after the full approval, in our car they have already given us 100 days will expire on 3rd of July, it is truly unfair as we been told settlement is April that’s why we went ahead with the purchased, yes another option is reapplying for a spot which my broker said there is no guarantee as they need to reapply for the grant as well as the entire loan,, if I may asked when is your first home owner certificate expiring,?

 

Thanks pktk18, my full approval was 9th of June so I'm guessing it'd be 7th of September for me...

Are they only willing to give 100 days since they still don't know for sure when registration will be completed? I had thought they would have given more...

 

That’s good, you just recently got your loan so you are quiet safe,, September is a long way as builder o lu have until the end of July to finalised registration,, at this moment we wrote a letter to the NHFIC to give us even just until the end of July so fingers cross,, hopefully it will get register soon as at the moment we can’t really do anything but to wait,,? Good luck to us

 

Yeah, I really hope NHFIC is able to give an extension for you, I still don't like the fact that the industry seems so geared towards buyers losing deposit if things going wrong.

I feel like it's a bit weird that we are liable to lose our life's savings until this point if things go wrong beyond our control like delays with processing etc...

Oh well, please do keep me updated about what the NHFIC says, good luck!

 

Thanks Johnbu, I know right, it’s like we went through hoops with saving and all and now we might end up losing it or they say another option is losing the guarantee and paying LMI and bigger deposit, as if you can pull that much money easily, I am very disappointed with vendor as well for giving us false information, imagined we have been waiting for 4 months now,, anyway hopefully everything will turn ok as we are actually long time ready to move in,, let’s keep each other updated if you hear anything from your agent,,

 

In case anyone goes through the same thing, sample size = 1 but registration of DP and SP took abt 6 weeks with one requisition.

 

Hi there. I’m facing a tough predicament at the moment.

I made an off the plan purchase in November last year.

the strata plan was only issued to NSW LRS on 26/4.

It is currently under requisition, apparently the vendor has provided the surveyor relevant information and the application was last updated 25/5.

how long can I expect for the strata plan to be registered?

My first home loan deposit scheme expires on 27/6…really concerned

many thanks

 

Hi dbnsa,

Is your settlement done yet? I am in the same boat like yourself. I bought a off the plan property in June 2021 and it is still not settled.
Please respond

 

dbnsa hasn't been online in over 2 months, so I don't like your chances of then replying