Moreton Bay homeowners who were told their new-builds or long-term homes would be taken by the State Government for planned and proposed Bruce Highway upgrades are being urged to investigate their legal rights.
Slater and Gordon Land Acquisitions Senior Associate Adrian McMillan said those targeted by the QLD Government, some of whose homes were still under construction, could be eligible for the Department of Main Roads' early resumption policy, where compensation could potentially be claimed as soon as possible, to avoid financial hardship.
"It may be in the best interests of the homeowners to begin the acquisition process with the State Government as quickly as possible to know where they stand financially, especially in an uncertain market. It's best to seek independent legal advice to guide you through the process of working with the State Government to fast track the resumption and compensation to get as close to the current market value as possible. These owners have had the carpet ripped from underneath them and waiting until midway through next year simply won't be an option for them," Mr McMillan said.
"House values may have fallen while some may be looking at the value of an incomplete home. These issues require advice and may be better managed if owners are proactive. Some new owners in Griffin development may have additional complications, including with contractual obligations to complete building works or involving questions about whether the developer knew of the proposed acquisition and failed to disclose it at the time of selling the land.
"Having an expert valuer, engaged by a lawyer, undertake a market value assessment carried out as soon as possible may help owners decide how to deal with circumstances of incomplete builds or the timing of the acquisition."
Mr McMillan said many owners would likely be eligible for the State Government's early resumption policy as they would not be in a financial position to cover relocation costs as well as stamp duty and deposits in order to purchase a new home.
"These residents and homeowners would likely meet the criteria to push the resumption forward and avoid waiting until the middle of next year for the compensation. It's the least the State Government could do for them. The owners will likely face a raft of unexpected costs as a result of this news and they have the right be informed of the different avenues available to them to cover these," he said.
"It's been particularly cruel timing with some of the Griffin owners not even having had the chance to see their home completed or move in. Owners are facing very unique and challenging circumstances and should gain back as much control as possible by seeking legal advice to understand the benefits available to them."
