The Opal Tower Saga started around Christmas Eve. Many Residents heard the big cracking sound before being informed that the building might not be safe.
Very soon, residents in the building were evacuated and spent the Christmas eve, the Boxing Day and the New Year, and also until now in a place which they would not call HOME.
The OPAL TOWER Saga raises many issues, some to do with the 6 years building warranty; the building quality and also to do with the benefits and costs of using Private Certifier in NSW to inspect the quality or the soundness of the building.
However, there is one thing which many of us might overlook, which is the differences between a freehold title and strata title.
OPAL tower is a high raised building with many people living in there, and all of them has a strata title.
A strata title has its own legal implication, but basically, it means that the owner of the strata titled unit only own the inner space of the building and not the external wall, and it also shares the common area with other Strata Titled owners.
This main differences would make the repair of the building difficult and expensive, an issue of one area might cause damage to other unitholders place, and the Strata Titled owners are not in the position to say or be involved with the repair of the buildings. If it is a freehold house, and if there is some issue with the house in term of structural problem, then it would be straightforward for the Free Hold Owner to call a repairman and fix the issue.
As professional mortgage brokers in Ashfield and Adelaide, our job is to help you to settle the house with a better home loan product.
However, our professional and dedicated home loan broker from EG Home Loan will also help you to have that commercial rationale and to support you along the settlement process.
The differences between Strata Titled and other titles can be explained by Lawyers or Conveyancer, but we will explain those concepts more align with real-life examples hence to make sure you understand the practical implications of the different title.
If you are an owner in the OPAL tower, please come and talk to one of our professional Mortgage Broker, please give Cindy a call on 0403418759, and she and her team will help you to look at the loan issue of this OPAL Tower.