Forum Replies Created
- Originally posted by munjy:
Instead of working a 2nd job to pay for renovating your IP or PPOR, why not do them yourself? That’s if you’re handy enough.
Personally, I’m not creative or imaginative enough to invest to create wealth. I need to trade time for money. So I do longer hours/overtime to try to get ahead as opposed to a 2nd job. I feel that you need a certain amount of equity to start with – especially with property investing.
Regards
Hi,
We are doing the renovations ourselves. But it still costs money (lots of it!)
I am trying to think of other ways to make money besides getting a 2nd job. Hmmmmmmmmm, well if egg donations were paid for in Australia I might consider doing something like that.
Will have to put my Thinking Cap on and think of some creative ways to make some extra cash….
cheers,
pasandbecMooky,
I have a great Investment Property for sale in Ngunnawal, Canberra, if you’re interested?
Are we allowed to advertise our properties here?? [blush2]
pasandbec
Just got off the phone from the one and only Land Surveyor in the Town we’re buying in. He knows the place well (old, wise man) and he pegged out the (what we thought was the offending) neighbours property!! He was supposed to go back and peg out the fence boundary but the neighbours never got him back to do it and they just put the fence up themselves. The fence is not too far away from the house so one would assume that it’s positioned within it’s rights.
The old land survey my solicitor gave me from 1953 is actually showing an old boundary line (the unbroken line) that has been superseded by the new boundary line (the bold, unbroken line).
BTW: This man also said that that old doctrine only applies to Systems Land and that the land we’re looking to purchase is Torren Title and therefore the doctrine does NOT apply.
So, after much stress, it looks like all is well and we can proceed with the purchase, yay!
And I was so close to pulling out! All I needed was to speak with this man this morning.
Oh, and for saying that that unbroken line was an encroaching fence, I think I should sack my solicitor!!!
I should have said way earlier that that diagram (I read the tiny writing – it’s a really old land survey) I got from my solicitor (that shows the encroachment) dates back to 1953. I guess that means that the neighbours own that land (according to that doctrine Tools published)…..
Bugger. Well I guess that resolves the issue somewhat and I can stop tearing my hair out!
Tools,
What if it’s not the original fence that is on the property? The fence in this case is very new.
We’d be prepared to pay for a new fence if it means we get our land back (or most of it – as close to the boundary as practically possible). We would put the cheapest one up that we could find.
An update – have asked my solicitor to ask if Vendor would be willing to pay half the costs of getting a Land Survey done. Because that is the first step…..
have only spoken to our solicitor, my mortgage broker (great man), I have not approached the R/E agent about the matter at all.
jhopper,
Have not spoken to the Vendor personally, all communication is going through our and their solicitor. But when our solicitor asked them about it they said they didn’t know of any encroachment! I don’t know if they’re bulls*&ting or what.
What WOULD the implications be if we tore the neighbours fence down and built our own as close to the boundary as possible???
Providing the land survey proves what the boundary lines are, of course!!
Well, we are not too concerned about the land size. Although I do think it’s unfair that the neighbours have built onto our land, and for that, I think we should get compensated. However, my main concern lies in when WE sell it in years to come. Are we going to have trouble selling it for the exact same reason???
Dazzling,
If we’re in the right, won’t the offending neighbours end up having to pay all the court costs?
Originally posted by marsden:Perhaps I missed it but have you actually had the land surveyed. I have found that boundaries are a bit loose in some country areas but people do not usually build without being sure that they are, in fact, on their own land. I suggest you do not make a move until you have the land surveyed and marked.
Thanks for your reply Marsden.
We have not had a Land Survey done (yet), I am only going by a diagram my solicitor showed me that has a bird’s eye view of the properties’ boundaries. The bold line indicates the boundary line and the broken line is where the neighbours have built a fence. Also, going by visual inspection. The neighbour’s fence overlaps the driveway of the property we’re buying.Thanks for your reply Wylie,
I rang the local council (where the house is) and they have said what my solicitor said “It is a private matter between the owners”.
They said the first step is to get a Land Survey done by Surveyor to determine EXACTLY what the properties’ boundaries are and go from there. Discuss with neighbour, then go to Small Claims Court or higher….
But I think my solicitor should be doing more than saying “buy now, worry about it later”….
I like to know what I’m up for BEFORE HAND.
Will see what he said to my partner thsi morning about it all.
Yes I haven’t been very happy with the solicitors here so far. I have not lived here long and have not found one I’ve been very impressed with yet.
I live in Orange, NSW, so if anyone can recommend a good one to me…..!?
Hi Xenia,
Haven’t brought yet, we’re going to exchange in the next few days.
Our solicitor said that when we buy it it’s up to us to approach the neighbour about the matter and take it from there. My partner is going back there today to get some more advise from him because they have encorached on more land than we orignally thought (by the looks of it). And their house is encoraching (we originally thought it might have just been land, so easy to move a fence, but not so with a house.
I don’t know how long they’ve had the land but their house is very new looking so perhaps not long at all.
We still want the place but we’re just wondering how to go about this matter.
thanks,
pasandbec“Other means” hmmmmmmmmmm
I wonder if we could get a Personal Loan for the 20% deposit.
I wonder if my Mum will lend me the 20%.
It seems SO silly since my current IP is for sale anyway, and as soon as that sale goes through…..I’ll have the 20% in cash
pasandbec
Originally posted by Mobile Mortgage:You would need to increase/refinance your current loan to 90% or 95% LVR and you will incur mortgage insurance.
E.g. Combined property value = $510.000
Equity @ 90% = $459.000
Less $410.000 balance owing = $49.000 available as a deposit on the new loan.Regards
Steven
Mortgage BrokerMobile Mortgage Market
Ph: 0402 483 216
[email protected]
http://www.mobilemortgagemarket.com.auPLEASE note comments made should not be taken as specific taxation, financial, legal or investment advice.
But this would leave us in the SAME position, i.e. having to paying mortgage insurance, wouldn’t it?? [confused2]
Originally posted by Terryw:80% of your IP value is $224,000. That means you can borrow an additional $39,000 securred against this property.
To avoid cross collateralising the two loans, you could take an extra loan with your existing lender separate (ie split) to the current loan. Then you could go to another lender, using this as 20% deposit and borrow the rest.
Terryw
Discover Home Loans
North Sydney
[email protected]Terry,
What type of loan could we get from our current bank which allows us to get a 20% deposit for the house? We are with Bankwest.
If/when this happens, you’re saying we can go to another bank and borrow the remainder of the money we need, without paying Mortgage Insurance?
We have an offer and acceptance on this place for $64,000. We want to borrow $36,000 extra for renovations to this place and renovations to our PPOR, making the loan a total of $100,000.
pasandbec
Thanks for all your replies.
I’d rather stay with the same bank with our new loan, rather than borrowing 20% from current bank and borrowing the rest from another bank. But I guess if it avoids LMI, I would do that. However, wouldn’t the next bank want us to re-finance all the loans with them?
Do all you big-time investors always pay lots of $ in Mortgage Insurance? Or do you have enough equity not to?
I how we can avoid it!
thanks,
pasandbecThanks,
What is a split loan?
We have equity in our current IP, not our PPOR.
Current IP worth about $280,000
Owing $185,000Current PPOR worth about $230,000
Owing $225,000New (proposed) IP purchase price $64,000 (excluding stamp duty, legal fees, etc etc)
thanks,
pasandbec
