An Authority publishes a Notice of Acquisition (“NOA”) to formally compulsorily acquire all or part of your property (whether freehold or easement), and has made an offer of compensation to you. The offer is insufficient to enable you to purchase a replacement residence.
Hypothetical fact situation
- We refer to here for the current example
- The property is Debra’s residence.
- After receipt of the offer, Debra established that the amount offered is insufficient for her to purchase reasonably comparable accommodation.
- Debra’s income does not enable her to borrow funds to pay a higher price for a replacement residence.
- Debra now wishes to explore:-
(a) her rights and entitlement to compensation; and
(b) her ability to procure a loan from the Authority to purchase a replacement property.
If your situation is similar to Debra’s, can you answer these questions?
- What is the effect of the publication of the NOA?
- Do you know your rights, obligations and entitlements to compensation which arise from these circumstances?
- How is a claim for compensation made?
- What expert advice is required to support your claim for compensation?
- Are you entitled to seek a loan from the Authority to assist in your purchase of a replacement property?
- Do you know the tax benefits in purchasing a replacement property?
How can we help?
We can help by:-
- Exploring the benefits in retaining a valuer and other professionals to assist in determining the market value of your property;
- Explaining the processes prescribed in the Land Acquisition and Compensation Act 1986 (“the Act“) for the making of your claim for compensation and the Authority’s reply;
- Explaining the items of claim prescribed in the Act which may be applicable to your circumstances;
- Preparing and managing your claim for compensation;
- Explaining the process prescribed in the Act for obtaining a loan from the Authority;
- Explaining the process to be followed to identify and value your replacement property;
- Managing your negotiations with the Authority to obtain a loan; and
- Preparing your loan documents and mortgage.
The making of an appointment
Please make an appointment with us by telephoning one of our solicitors – Selina Clark (03) 9861 7731, Lauren Sullivan (03) 9861 7715 or Desmond Khoo (03) 9861 7763.
At this appointment, please bring the completed Client Information Sheet and as much of the documentation listed therein as you are able to gather as this will aid in the giving of advice.