Legal representatives should have received this from Jason at Ceerose today:
"We have received an interim occupation certificate for the above property (see attached) and are in the process of meeting the requirements for the final occupation certificate.
As indicated in our last email, we have lodged the strata plan. The allocated strata plan number is SP92496. Since then we have received a few requisitions from the Land and Property Information which have in the main been addressed. We are in the process of meeting the final requisition, which is to obtain a signoff from Council in respect to the public domain works to release the voluntary planning agreement from the title. Those public domain works have been complete and we coordinating the required release.
Accordingly, we expect to be able to issue the registration package to purchasers solicitors within the next 7 days.
We will be able settle any time after the registration package has been issued to purchasers and would encourage purchasers to coordinate settlements with this office as early as possible after receiving that notice. Otherwise we would refer you to the contract provisions in respect to due settlement dates.
Further instructions concerning the settlement process will be contained in our notice of registration letter."
Thank you Elana and Graham. We have received this today as well. THANK GOD! Just one more notice to wait for...hopefully all this happens within 7 days without any further delays. Fingers crossed!
ReplyDeleteMy solicitor also received this fantastic news today - wonderful :)
ReplyDeleteHi Guys, have any of your solicitors shared their thoughts on the achievability of the 7 day timeline? Ours thinks that could take longer.
ReplyDeleteNot mine but I don't think they know. I was at HM today and there was a council car there and perhaps four or five tradesmen. Complete guesswork but I think they were working on whatever the council wants finalised in the public space (see Jason's comment above). So hopefully that was achieved as it looked like the resources were on the job.
ReplyDeleteHard to believe the amount of red tape and bureacracy involved.
ReplyDeleteHi Future Neighbours / Owners,
ReplyDeleteQuick question: has anyone got a substantially (10% plus) higher bank valuation than the Contract Price? It seems totally crazy to me - CBA valuer just did a lazy valuation and put the contract price on it. We have been disputing this and provided comparable sales data, based on which our apartment would sell for over 20% higher than the contract price. Further, the Contract Price is a 2012 price, the market has gone up by over 40% over the last 3 years. We are now re-signing the loan docs because the loan amount has to be less and more needs to be contributed to the 20% equity. I am aware of the APRA tightenibg recently, but this still seems absurd. Anyone has any comments / thoughts? Do you think the valuation can be re-done later to achieve a higher price or will it be the same lazy valuer doing this work and will just put the contract price on it? I understand the valuer cannot look at the sales in the same building. So, does it mean that even if apartments in Harbour Mill keep selling for significantly more, those who do not sell will be stuck with contract price valuations because the apartment sale next door doesn't count? Thanks all.
my one bed was under 600 when purchased and was valued by ANZ recently at just over 700... so yeah, I think there is something wrong with your valuation. There have already been sales in the building anyway (all much higher than purchase price). Unsure if your bank only considers purchase price when working out equity; I specifically went with ANZ because they take current value when deciding equity.
DeleteHi Elena
ReplyDeleteI know bank valuations are conservative but placing a 2012 valuation on the apartment after what has happened in the Sydney market in the last 3 years seems a little crazy.
Our CBRE agent estimated prices had risen by at least 50% and some friends of ours who have also bought in the building received similar information from their agent, although perhaps CBRE were going a little over the top.
You only need to see the prices MEZZO sold for on the other side of Wentworth park to see the level of increase, 3 bed penthouses in that building were selling 12 months ago from $2.3m, well up from the Harbour Mill prices.
Brad
Elena, sadly you got a very slack valuer which can happen and which is sad and causes frustration. Has your broker stuck it up them. In a normal purchase you can expect only the contract price but off the plan they should be at current price. There has been sales in the building that can back that up, have your broker send them prices through (hopefully a few were about the same size as yours). Unless you need the money at the moment I wouldn't put myself through it and wait till you're in and have it redone when you want to increase the amount you have or want to refinance. There is a chance you'll get the same valuer especially if you stay with the same bank so have your broker request someone else next time. I really thought the type of valuer you got had been moved out of the business but I guess not, i would have had my broker contact the CEO of the firm and have a good chat. Not sure if your broker did an upfront valuation (CBA allow this as do many lenders now), ANZ and Aussie do it for free. If it's done upfront the broker gets the valuation before it goes to the bank and then there's a chance to negotiate (with proof of resent sales) if the price doesn't seem right before it gets to the bank. If it wasn't done upfront the valuation usually goes to the bank directly and the valuer won't budge to save face unless your broker can find 3 compariable sales and even then the valuer can argue no properties are the same. If CBA don't come to the party they don't deserve your business, the other majors have packages, Westpac has the Premier advantage package, ANZ the breakfree package and so on. They usually price to get your business. I know you got a good discount but they're very similar. Realistically its too late to change now as you want to move in but remember this when you want to refinance or do a variation on your Mortgage. Valuers can cause a lot of grief, I know sometimes people have unreal expectations of the value of their property but in this case the valuer was wrong.
ReplyDeleteGeorge
Hi Guys,
DeleteWow - thank you for giving us encouragement that this valuation is wrong. Our broker has confirmed it is too late to change banks now, as this will be 4-5 weeks extra. We have fought hard with this valuer and provided 3 comparable sales around Harbour Mill. We couldn't provide sales in Harbour Mill, because the valuer says he cannot take into account sales in the same building. So, as we really want to move in - we are putting more equity in and resigning the loan docs but this is taking time again. Very frustrating! Definitely need to re-do the valuation next year. Unbelievable. I think Graham and Elana have named this blog to match exactly what this has been for all of us... A real JOURNEY.
Dear Graham and Elana,
ReplyDeleteI have been corresponding with Ceerose on 2 matters which oher Purchasers may find useful to know. I provide these below for the blog:
1) Question about Defects Lists - status and process. Here is the response from the Vendor: "The builder is attending to defect issues at present and will continue to do so leading up to and following settlement. Please be remind that the purchaser's sale contract provides a mechanism in respect
to the notification of defects within the three months following settlement. If particular items have not be resolved prior to settlement, they will be addressed in accordance with the
defect rectification mechanism contained within the contract."
2) Possible occupation pre-settlement (for people like Brad for example, whose lease expires soon, and in the case where for some reason Jason's expectation that all sign-offs will be done in 7 days does not hold up and we all have to wait longer):
"in principle we can entertain a licence agreement request for early occupation for purchasers who have significant reasons why they need to move in early and before settlement - ie significant means things like having no other place to live.
You will need to get your lawyer to formally request this. Pre-settlement occupation will be subject to
1. Evidence of the reason for early occupation - ie a copy of the lease showing the expiry date or eviction notice or something like that.
2. Purchasers making all reasonable efforts to settle as early as possible - understanding this is subject to banks being ready
3. The pre-settlement occupation period will not be indefinite and the licence fee will be at a commercial rate.
We are not keen on encouraging pre-settlement occupation requests as it is unusual and can present practical difficulties on getting settlements to occur on time if people have already moved in. Accordingly we require such requests to be accompanied by the evidence referred to above.
The decision whether or not to grant pre settlement occupation will be at our sole discretion."
Hope this may be helpful for someone here on the blog.
PS George, I am not sure if having a family get together on your rooftop counts as a significant reason for pre-settlement occupation.... :-) let's all hope that there will be no need for early occupation, as everything will be done within 7 days as Jason thinks!
ReplyDeleteThanks Elena, yes I don't think it will but we're staying positive that we'll be in by the 19th. We have the cash in the bank and can settle as soon as the solicitors get it together. We might not have any furniture but we've ordered the tables and chairs, catering and french champagne for upstairs so we should have plenty of room.
ReplyDeleteThanks about the defects info, I knew about the three month thing but my solicitor (who is also a friend) wants me to get all the list in something official before settlement (she's very anal), but I'm trying to tell her we have to be in there, so I'm forwarding the page to her if she wants it included somewhere but Im ready to run around with the cheque at a days notice (im sure everyone is).
Did anyone order the television & audio package from Domaine Monde? Curious to know if it has been installed in your apartment yet. Joe from Domaine Monde does not return calls.
ReplyDeleteHi David
DeleteWe also ordered the package, I believe all the pre wiring has been done, but Ceerose would not let Domaine Monde complete any further works (ie install speakers in the ceiling, TV's etc until after settlement has occurred). I have had a few discussions with Chris Olsen from Domaine Monde (I think he is their Ops Manager). Once settlement timing is known we need to arrange an installation time with him, his contact email is chris@demainmonde.com.au. Check with Chris but I think they also need WIFI up and running before the install.
Brad
Thanks Brad
DeleteWe were contacted by Domaine Monde for media system but declined their proposal. With today's and new technology on wireless, we do not need to pull wires all over the place. One such product is Sonos and we can also control lighting wireless using WeBo.
ReplyDeleteRegards
Vincent
Hi Vincent,
ReplyDeleteFully agree with you. We wish we hadn't ordered the sound system, but already done! We currently have a Bose wireless speaker - it is fantastic and connected to spotify on ipads and phones wirelessly. On the bright side, the benefits of Domaine Monde are that there will be no electrical wires/cords seen anywhere, as power sockets are raised and everything is hidden. They also told us that they asked Ceerose to reinforce /strengthen the wall between the living room and bedroom so heavy TVs can be mounted on both sides. Kind regards, Elena