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Conversion Plans

Conversion Plans. Content. Company Shares 1940's Stratum Plans & 1950's- 1967 Twin Dwellings. Company Shares 1940’s. What does a Company Shares title look like ?. Company Shares.

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Conversion Plans

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  1. Conversion Plans

  2. Content • Company Shares 1940's • Stratum Plans & 1950's- 1967 • Twin Dwellings

  3. Company Shares 1940’s What does a Company Shares title look like ?

  4. Company Shares Shareholders bought into a company & “occupied” part of a building ratherthan owning a separate disposable title Interest in the land is registered vide Caveat against title. *1 Title - original owner/developer

  5. Company Shares No Plan – No Subdivision of land takes place Do not confuse Company Share developments with stratum! Subdivide ? – Not a conversion…. regular Building Subdivision • Ownership remains unchanged • Stat Dec, referencing Caveats with relevant lots

  6. Stratum early 1950’s -1967 • 2000 odd plans lodged • 1600 converted • Original method of possessing title to a building (part of)

  7. Stratum Table of Shares Sheet 1 Residual land Residual land usually in name of & controlled by Service Company - No legislation. Lot boundaries are shown in meets & bounds. No building boundaries. Upper & lower boundaries governed by RL’s. Note: for residual land, RL’s make reference to heights above & below said datum

  8. Stratum Sheet 2 indicates extent of lot boundaries Stratum titles in essence are air space titles b/n the heights of

  9. Stratum Sheet 3. South elevation, diagrammatically indicating height limitations If the building were to sink? Heights remain the same! (unit below may own part of aboveunit)

  10. Stratum Stratum Act Subdivision Act Residual Land (Common Property) Service Company (Owners Corporation) Service Company shares (Entitlement/Liability) Service Agreement (Owners Corporation Rules) Charges (Owners Corporation Fees)

  11. What is a Conversion Plan? • Conversion of a Stratum Plan of subdivision to a Subdivision Act Plan • Legislation - Section 98CA–CF of the Transfer of Land Act

  12. Conversion Applications • Existing Service Company • Use Form 48 • Applicant is the Service Company Use Form 49when - • Service Company exists but does not function. *Applicant - reg’d proprietors • No Service Company • Use Form 50 • Applicant - reg’d proprietors • very rare and potentially uggglyyyy eg: see LP66422 PS328085L

  13. Conversion Plans No boundary alteration = No Certification & No Fieldwork. Any alteration to plan must be done in a following section 32 Purpose of Plan “THIS IS A CONVERSION OF STRATUM LP64610” LRS accept minor changes to clarify building boundaries only (eg. Median/Interior/Exterior Face)

  14. Encumbrances following Conversion Plan Registration • Encumbrances which cease to exist • All easements created within the stratum plan • All covenants, charges & service agreements relating to the stratum plan. • Encumbrances retained • Easements created post stratum plan • Easements & covenants existing prior to the registration of the Stratum Plan • Mortgages, Leases, Caveats & Statutory Charges remain if not related to the Stratum Plan (Service Company).

  15. Twin Dwellings (Stratum) One building. Shared party wall. 3 lots. Extent of lots 1 & 2 Extent of lot 3 (residual land)

  16. Twin Dwellings Proprietorship LP73906 Lot 1 = Reg Prop – Kevin Rudd Lot 2 = Reg Prop – John Howard Lot 3 (residual land) = 2 * ½ shares Kevin Rudd 1/2 John Howard 1/2

  17. Twin Dwellings Boundaries have altered. Plan must be certified. Title as a result of Subdivision would be not in common ownership (NICO). Lot 4 = KR lot1, KR & JH ½ each lot 3 Transfers to sort out p’ship. Mortgages – as to part . Banks lose Power of Sale. Discharges & New Mortgages prepared.

  18. Questions

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