A strata scheme may be terminated for a number of reasons including, it is no longer viable or beneficial to residents to be part of a strata scheme, or if the owners corporation decides it would be in the owners interests to redevelop. The termination of a strata scheme requires all owners to be in agreeance.
The Registrar General’s Guidelines outlines further information on the Termination of Strata Scheme by the Registrar General page.
A strata scheme may also eb terminated by the Supreme Court of NSW.
Strata renewal
In November 2016, Part 10 of the Strata Schemes Development Act 2015 introduced a new way for owners of freehold strata lots to end their scheme.
The process allows strata owners to collectively sell or redevelop their strata complex in circumstances where not all (but at least 75%) of owners agree.
The Office of the Registrar General administer this Act and have set out further information on their website. For more information about lodgment and registration of strata renewal document. Contact us by email at ldr@nswlrs.com.au.