Hi all!
I'm after some advice on what to do in the case of our IP having 2 addresses – one on the main rd and one on the side street where the driveway entry is. The design of the block is an L shape where the two streets run parallel to the "L"
On the residex, rp data reports and strata plans, the unit is listed as 9-15 Mansfield ave (a back street where the majority of the units sit and where the driveway entry is) however on the sales contract it is listed as 288-290 Kingsway – the main rd through Caringbah NSW where the mail boxes are.
I've just recently had the property refinanced and the original valuation was $350k. Now this was a bit of a shock because we know units in the same block in the same position as ours to the main rd have sold for $400k+ – similar size and layout. So we contested this and submitted the comparable sales details and this was the reply from the mortgage broker:
"The bank received an updated valuation report. However the Mortgage Insurer wasnt happy on the following grounds:
Revised valuation report based on fresh comparable sales from ‘Mansfield Avenue’ has been considered and rejected by the mortgage insurer as these are not considered to be direct comparables due to ‘Kingsway’ being an arterial road and subject to heavy traffic. In view of this the valuation for $350,000.00 stands."
So it seems they dont realise that these comparable sales are actually directly comparable physically, just not on paper.
So my question is, how can we change the address on our mortgage documents to the Mansfield ave address??
Any advice is appreciated!!
Cheers,
KRHthere are 2 ways of determining the street address of a property – one is Aust Post (the postal address, which in this case is the kingsway) and secondly Dept of Lands (lot and title details confirm property is Mansfield st not the Kingsway). Push the issue with the valuer that the properties on the Kingsway do have a Mansfield st address. Go to: http://imagery.maps.nsw.gov.au/
Thanks a lot for that link scott no mates! That will be a great help.
Cheers,
KRHIt seems that the issue isnt the address, it is that at least half your property is on a main road. Others that are selling that are further down the less busy road don’t have the same issues with traffic and road noise that yours does.
Hi all
I think you will find that what ever is on the Title is the only legal aaddress, irrespective of what Australia Post thinks it is ( they may have a different address for the convenience of their mailing / delivery systems). If this is likely to cause legal confusion I urge you to seek legal advice as to the higher authority.. I suspect it is the Title documents, it certanly would be if the property was in Adelaide / SA..the home of the Torrens Title system
Warm regards
SueMIT | Owen Real Estate
Email MeThanks Sue, would the conveyancer that carried out the settlement be able to help me out with that or would it have to be a solicitor?
Mattnz, the issue is actually the documented address because the insurer didn't accept comparible sales figures for a unit in the same position as mine on the main road (one level above our unit) because they were listed on the databases as mansfield ave – not the kingsway. It seems that they just saw 'the kingsway' on the forms and didn't accept anything without that same street name.
Cheers,
KRH
ok I am with you now. apologies.
Very touchy the mortgage insurers now days. The valuation may have read noise pollution and that is now a reason for them to decline. Is the loan a Low Doc or Full Doc? What LVR? My dealings with the mortgage insurers know days are nightmarish. The valuer should have really noted the report is known by two (2) addresses.
Let me know if i can help.
L.A
Hi L.A,
The loan is a full doc loan and we are looking at increasing the loan to 90% LVR. Do you think we should try another lender?
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