07 3555 633316% increase in purchase price enables sea change
“Leslie” loved her house in Carseldine. She worked not far away, and had lived there for many years. She’d settled in very comfortably with her partner Michael, and they considered it their “forever home”.
The letter that changed everything
The Department of Transport wrote to Leslie, advising that they wanted her property, so that they could knock it down to build a flyover across a trainline.
This project was part of a long-term strategy that the Department had been working on, spending a lot of time and money in putting flyovers over train lines to reduce the number of railway/road crossings. While a welcome safety measure for Queenslanders, it also meant that this line would become suitable for highspeed trains to run on those tracks.
Understandably, Leslie was quite distraught to receive this notice. The impact of this letter led to health problems for both Leslie and Michael, as their future was now uncertain.
A valuation that caused more stress
After inspecting the property, the Department’s valuer came in with a figure that was distressing for Leslie to hear. The amount was arrived at because the rear of the property backed onto a main road (despite the fact that the property fronted onto a quiet street) and was valued like every other house in the area.
But Leslie’s property was not like every other house in the area. She had purchased it because it had special features that her and Michael needed, like a space for a large shed, which they built to store Michael’s collection of cars.
A government challenge
Early in the process Leslie engaged NPR Law to help her, and she also engaged an independent Valuer to ascertain the true value of her property.
Leslie’s Valuer did his research and found other property sales that aligned with the features of Leslie’s property, and his valuation was some 16% higher than that proposed by the Department’s Valuer.
We entered negotiations with the Government and their Valuer, which resulted in both parties agreeing on the higher price. We were also able to negotiate for an increase in the disturbance items, and ensure that Leslie’s legal and valuation costs were covered.
A new beginning for them
Although distraught at losing her much loved home, Leslie went in search of their next home, and decided to move north for a sea change from Brisbane, which is getting busier and busier all the time.
She found a property that she really like, that was on sale for significantly less than the payout she was receiving from the Department, so she was able to buy the property, move in straight away and settle all at the same time. The added bonus was that this strategy left her with a tidy amount to help fund her future.
The key learning – getting professional help may result in a silver lining.
The value of every property is up for debate, because every property is unique.
Engaging a team of Valuers and property law specialists is key. They know what to look for when analysing a property and its value, and they know where to look for the nuances that make all the difference. We are delighted that we were able to help ensure that Leslie was compensated fairly for her property, and could put the stress behind her to move to a quieter property by the coast, and have funds left over to fund future retirement activities.