We can help you change from company title to strata title management
As leaders in property services, we can help you modernise and switch
As the specialist company title arm of Body Corporate Services (BCS) — one of Australia’s leading strata management companies, we have the expertise and industry knowledge to take you building from company title to strata title.
Many company title properties look to change to strata title because of strata’s democratic and straightforward processes. As some of Australia’s leading company title management and strata specialists, we can move you and your company from shareholders and directors to become an owners corporation and committee within strata title.
Changing titles typically takes one year as a process and requires thorough and careful management to make sure it’s done correctly, and that the right applications are made. Our managers can assist to project manage the transition to reduce administrative burdens and risk.
To make the switch to strata management, our managers will:
- Communicate with directors and shareholders about the change and how to ‘resolve to convert’.
- Flag potential stamp duty issues and recommend expert lawyers and contractors that are needed. Our managers will also work to liaise between contractors and the company throughout the process.
- Confirm the strata plan is lodged with NSW Land Registry Services via a development approval and arrange for shareholders to vote to approve the strata plan.
- Confirm the building meets council approval complies with the Building Code of Australia or falls under an exemption, is fire compliant, doesn’t disturb low-income housing, and can meet separate water meter requirements.
- Make sure the land is transferred via NSW Land Registry Services to individual owners.
- Advise on the final process and requirements of winding up the company.
Seamlessly, handover from Sydney Company Title Management to BCS or the PICA Group family network of services which best suits your needs. Transferring within the Sydney Company Title Management family means all the same benefits and outstanding service.
Considering whether to move to strata title management?
With company title being an older form of land ownership, it’s common for companies to switch to strata title. Companies and shareholders are motivated for a range of reasons including fairer decision-making processes, not having to seek permission on incoming shareholders or lessees, clearly defined common property and private property boundary lines, and having a legal interest in the real estate.
It’s not to say that one is better than the other, as company title and strata title and different benefits to suit individual communities and buildings. As specialists, however, we like to show the pros and cons of both kinds of community living to make sure you are happy with where you choose to live and invest.
Benefits of company title living:
- If you are a director of the company, you have significant powers over the property like who can move in and whether renting takes place.
- Generally, company titled buildings are mostly occupied by owners and shareholder rather than renters or lessees.
- Where renting does take place, lessees are approved by the board of directors.
- It is usually easier and quicker for Sydney Company Title Management, or other management providers, to fix issues around the property.
Benefits of strata living:
- It is a fair and democratic decision-making process, where common property and individual owner property is clearly defined.
- Individual owners don’t get any say on what happens with another owner’s lot (such as whether they rent or who they sell to).
- Generally, strata title adds value to the property. Although, company titled buildings tend to be older with sort after period features.
Strata schemes are governed under strata-specific legislation which often makes the rules and requirements more akin to contemporary living.
Learn more about changing from a company title to strata title management
Thinking of moving from company title to strata title management? Simply fill out the form and our team will be in touch soon with more information on the next steps.