One owner wants to buy some common property | Common Property | Flat Chat Forum: Your Questions Answered
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I own the ground floor apartment in a 2 unit, 2 storey strata building. My neighbour owns the apartment upstairs. Therefore I do not have ready access to the roof space.
My neighbour wishes to put in an access to the roof space from his apartment to use the roof space for storage. He also wishes to put in skylights in the roof to light his apartment. While I am open to his proposal and considering the transfer of my part of the roof space & roof to him, I am interested to hear from you about the monetary value to him & to me, and about any other issues that I should have clarifed before agreeing to his proposal.
There is a simple formula - the assessed and agreed addition to the value of the property, minus the cost of the work, is the amount that should be paid to the Owners Corp. the renovator should also pay the cost of the special resolutions and by-laws required to make this legal.
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