I own a duplex on the Gold Coast it is a single level 2 bedroom, i have just signed a contract to buy the other duplex and it settles in February next year, it is tennanted out, i want to make it one big house and build another story over the top of both of the duplex's.
My question is
1 – How do i make 2 titles into 1 ( duplex into a house ) 2- How do i get the banks to make the security 1 house from 2 if it is with 2 diffrent lenders ?
Any advice would be great, both the duplex are in the same names ( me and my wife's) obviosly i will be asking the tennats to leave when the agreement is up
1) The Council will approve the new property (assuming you meet the relevant Building Requirments) and the Titles office in Qld will agree to amalgamate the Titles into 1.
2) This is a problem as you cannot have 2 lenders on the same title.
Only thing i can suggest here is that you get one of the loans refinanced with the other lender you have used on the other duplex. Without doing this you will have an issue and wont be able to proceed.
Richard Taylor | Australia's leading private lender