There are a number of compulsory acquisitions occurring in Penrith at the moment, including the one along Mulgoa Road for the road widening. It is vitally important that people obtain good legal advice from a specialist in the area, as the family home is often a large financial investment and good advice can make a significant difference.
Get legal advice early
If a lawyer assist you and the valuer in the early negotiations the early offers will be higher. We are currently involved with a client who is having their property compulsorily acquired, not at Mulgoa but another client, and before they came to see us their best offer following their negotiation and the assistance of a valuer was $425,000. We have no settled it for $551,000 plus legal costs, which includes valuer's costs and other disbursements.
Under the relevant Act there is a thing called Disturbance, this is not compensation for disturbing you from your property. It is in fact to compensate you for professional advisers. The costs of getting a lawyer to help you are covered by RMS, even if it is an owner initiated acquisition. We are happy to act on the basis that we will get paid when the matter is finalised, so your legal costs are covered. You will not be asked to pay any money for lawyers up front.
Get legal advice early
We recommend that you come and see us from the beginning. We can also help you to find a valuer. In a recent case we successfully argued with RMS that we should firstly carry out a valuation on the basis of the existing zoning, but would then add a certain premium on top because there was a real likelihood of the property being re-zoned to allow for commercial development within the next five to ten years. Save yourself the stress and the lost sleep, find out what your property is really worth, don't guess.
Make an appointment
Make an appointment to see Bruce Coode today. He has been practising in the Penrith area for forty years, he is an experienced property lawyer who particularly specialises in compulsory acquisitions. He will speak to you in plain English, explain the process to you, and let you know what the next steps are.
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