Forum Replies Created
Thx Terry. Yes the LVR is 80% so will lend 80% of the valuation result. Say the As If Complete result = $2.5mm & the In One Line = $2mm (20% discount). I can get over the line on the 0.8×2.5mm val but probably not the 0.8x2mm val so do you think banks would weigh it up and confirm unconditional approval or is it a hard rule that in one line val must be used for construction of multi units on one title even though you will strata?
The block of units were built back in 40’s + in v. poor condition so req a major reno (Im basically bulldozing + rebuilding). The location is waterfront in a premium location. The ‘as if complete’ valuations are 1.2m / 1.3m / 1.5m. I intend to hold forever + even live in the penthouse one day.
Thx Terryw. Our arrangement is simply joint owners + based on a handshake (sibling) – we had signed a partnership agreement when there was 3 parties with 3 equal shares in the investment property – but I bought out one party + we never re-signed a new partnership agreement. Im thinking we will need to seek a solicitor to review + confirm how to split via a deed of partition like your suggested. Thx again.
