All Topics / Help Needed! / Shared driveway battleaxe block (victoria) – strata?

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  • Profile photo of Shell HShell H
    Participant
    @shell-h
    Join Date: 2010
    Post Count: 32

    Hi Guys,  once again I am stumped on something and turn to all my 'mentors' on propertyinvesting.com!    One of my investment properties is at the rear of a battleaxe block, with appox 2mt sq of 'shared driveway'.  I have been contacted by the owner in the front property who has told me that we need to set up a strata for this section of driveway.  I was thinking i could have just taken out a common property insurance policy on the shared section of driveway and split the costs, as this is what i have done with another property that we have with a similar set up around the corner from this one.  The front owner is insisting that we need the strata.  Could someone please share their thoughts on this, am I completely off chart here?  Thanking you all in advance.  Michelle

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,024

    Hi Michelle

    Hope you are keeping well.

    Have to say you are correct and there is no requirement to set up a Strata for the common area.

    Can’t remember the full details of the property but you will probably find that the land has access easements on it which is common.

    Just ring a good General Insurance Broker and get a quote or two.

    Cheers

    Yours in Finance

    Richard Taylor | Australia's leading private lender

    Profile photo of Shell HShell H
    Participant
    @shell-h
    Join Date: 2010
    Post Count: 32

    Hi Richard,

    A very late ‘thank you’ to your answer on this! Been a bit slack on the forum and had my head in work too much – I’ve been doing too much wine business & not enough property business of late!

    I’m glad I stuck with my guns and took out the common insurance – which nice dentally is nearly as much as the insurance of the building :)

    Thanks!

    Michelle

Viewing 3 posts - 1 through 3 (of 3 total)

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