What happens in a Commercial Lease Termination?3 March 2022
Investment Property with Scott Lachmund7 April 2022
Can my property be resumed?
With a large number of projects anticipated over the coming years, property owners may receive notices of intention to resume. These can apply to both residential and commercial property. These can include City Council, Local Council or a Queensland or Federal government.
What does this mean for you and how can you receive compensation if a Government Agency intends to resume your property? When you receive a notice of intention to resume it is important that you obtain immediate advice on the consequences that the resumption will have on your property. You also will need to know the appropriate level of compensation to which you are entitled given the circumstances. When you receive such a notice, it is time to immediately engage a resumption lawyer and a property valuer.
What do I need to know?
When you receive a Notice of Intention to Resume you should know that:
- The majority of claims settle without the need for court proceedings;
- You are entitled to fair compensation from the government agency and in most cases you are entitled to your legal costs and the costs of a property valuer;
- Time limits apply to making a claim;
- Experts may need to be engaged to assist your claim of the costs of which are usually paid by the government agency and which can be covered by our office.
When to get help.
A number of major infrastructure projects have been foreshadowed by the Queensland Government as a result of the population growth in Queensland, in particular the Brisbane City Council including the Airport Link, the Northern Link, Legacy Way, the Northern Busway and the Cross River Rail Link. It is important that where your property is affected that you obtain expert advice fast to handle your claim for compensation.