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 Christmas eve, Boxing Day, and the New Year, and also until now in a place that they would not call HOME.
The OPAL TOWER Saga raises many issues, some to do with the 6-year building warranty; the building quality, and also to do with the benefits and costs of using a Private Certifier in NSW to inspect the quality or the soundness of the building. However, there is one thing that many of us might overlook, which is the differences between a freehold title and a strata title.
OPAL tower is a high-raised building with many people living there, and all of them have a strata title.
A strata title has its legal implications, but basically, it means that the owner of the strata-titled unit only owns the inner space of the building and not the external wall and it also shares the common area with other strata-titled owners.
These main differences would make the repair of the building difficult and expensive, an issue in one area might cause damage to other unit holders 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 terms of structural problems, then it would be straightforward for the freehold owner to call a repairman and fix the issue.
As professional mortgage brokers in Ashfield and Adelaide, our job is to help you settle the house with a better home loan product.
Why is Opal Tower Hard to repair
However, our professional and dedicated home loan broker from EG Home Loan will also help you to have that commercial rationale and 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 in alignment with real-life examples to make sure you understand the practical implications of the different titles. If you are an owner of OPAL Tower, please come and talk to one of our professional Mortgage brokers, please give Cindy a call at 0403418759, and she and her team will help you look at the loan issue of this OPAL Tower.