We need your advice re should we merge 2 lots of land into one tittle ?
We own 2 lots of land next to each other in a busy road , opposite a shopping centre . Should we merge them to one tilte or leave them separate ? Our future plan is building a bussiness site or multiple level apartments .
Your opinion is greatly appreciated ! Thank you .
Merging 2 Lots of Land Title. Should or Shouldn't?
Ebayee on 20/08/2015 - 23:58
Last edited 20/08/2015 - 23:59
Last edited 20/08/2015 - 23:59
Comments
As GK says, depends on what you're plans are, and only you know that.
If you need them joined for building permission - merge. e.g. Council may require a certain number of carparks. If you plan to build, later sell, then better to have the two on one title. Also could mean one set of fees and less hassle when selling - for both sides.
If you're planning two separate unrelated developments - don't.
What I initially thought of is if you were a pensioner… Centrelink counts the block with the home on it as your residence, therefore not considered an asset and does not reduce a pension. But if a pensioner owned another block, the one without the home on it, is counted as an asset. Depending on what it's worth (and what other assets they have) they may lose some $. Paying to rejoin the two titles into one, eliminates that problem - which is just ridiculous, but that's just typical government. (For the first 2 acres or hectares anyway, I believe.)
I think this is a question that should be answered by your architect. Whatever suits your development approval really.
Thank you guys
I'm no expert on property, but I suggest that without more information it would be hard for anyone to say. It would be better if you could state why you are thinking of merging them before you have 'concrete plans', and conversely, why you think it might not be such a good idea to do it at this early stage.
For example, what are the financial ramifications of merging the titles? In the short term? In the long term? What are the pros, and what are the cons of merging the titles before you're ready to plonk a building down that traverses both properties? Would rates become a lot cheaper? Would the number of council approvals required to develop be halved? etc.
My 'gut feeling' suggestion would be not to merge them until you have a solid plan for the real estate mapped out / decided. Doing sommat like that prematurely/before you have decided on / committed to a precise course of action (i.e. development plan) could actually end up being a waste of many thousands of bucks.