CONVERSION
Successful Stratas has extensive subdivision project management experience in converting existing green title and strata title blocks into the most efficient configuration to maximise a client’s investment in their property.
Our work is characterised by:
- An unremitting focus on our clients’ Return on Investment (ROI)
- A proactive ‘can-do’ approach to achieving project outcomes
- A combination of technical excellence and practical, commercial solutions appropriate to the project requirements
- A respect for, and sensitivity toward, an individual client’s needs
We have detailed below some of the issues that arise in most title conversion projects.
Existing Strata
Everyone with an interest in the Strata Scheme – all owners and banks, for example, must agree to any changes in the titles.
Converting to Green Title
Existing Strata Titles cannot be converted to Green Title quickly or cheaply. The existing Strata Plan must be extinguished and an entire new subdivision process completed. This is possible but the process is lengthy and, in many instances, prohibitively expensive. If you are thinking of such a conversion, please call us first to discuss your options.
Converting to Survey-Strata
Converting newer Strata (post-1997) requires the existing Strata Plan to be extinguished and the entire subdivision process for Survey-Strata completed.
Advantages of Converting to Survey-Strata Title
- Similar to Green Title property
- Any owner may make alterations to their respective buildings without having to gain consent of the other owners under Strata Titles Act law. However, any construction or alterations would still be required to meet the requirements of the local council’s Town Planning Schemes and Building policies
- The “exclusive use” areas and much of the common property can be included in the new Survey-Strata boundaries of the individual units to reduce or eliminate much of the common property. Reduction of common areas will reduce the maintenance costs and strata levies paid by each owner
Please note: Proper procedures must be followed, and legal documents need to be prepared and executed correctly to avoid future problems. Successful Stratas can manage the entire process on your behalf and offers a no obligation meeting with all owners to discuss the process. If you have a title conversion issue you wish to discuss, ring or email us for an obligation-free chat.
Restrictive Older Strata – pre 1 January 1998
Older Strata Titles only granted ownership of the building to the proprietor and did not include any of the land surrounding the unit. The courtyard, car parking and surrounding land is often shown on the Strata Plan as “for the exclusive use of unit one”, however, ownership remained as common property. This form of Strata Title is very restrictive because an owner must gain consent from the Strata company (i.e. all the other owners in the complex) before they can make any alterations or renovations to their unit.
Pre-1998 Strata Plans: The owners on any Strata Plan registered prior to 1998 have the right to automatically convert to Survey-Strata without having to apply to the Western Australian Planning Commission (WAPC), Council, Water Corporation and/or Western Power. This is quick and inexpensive compared to the normal subdivision process. A new Survey-Strata Plan, and associated legal documents need to be prepared and submitted to Landgate (the Titles office) after all owners and mortgagees have consented and signed.