Partial acquisition of property
There are times when an acquisition will only involve part of a property, and if this is the case, you will be given a plan outlining the partial acquisition from the acquiring agency. This plan will include details such as an outline of the area/dimensions of the part that is being acquired as well as the proposed boundary changes resulting from the partial acquisition.
How partial property acquisition is valued
Partial property acquisitions are normally valued through a ‘before and after method’ which involves:
- ‘Before valuation,’ where the value of the entire property before the project proposal is decided
- ‘After valuation,’ which involves determining the value of the property after the acquisition
The compensation that you will be paid is determined by working out the difference between the before/after valuations.
Requesting that all of your property be acquired
While the entirety of your property may not be necessary for the acquisition, there are times when an acquiring agency may acquire the entire property. This can happen if the partial acquisition significantly affects the rest of the property and a complete acquisition becomes necessary.
You also have the option to request that the entirety of your property is acquired by the acquiring agency, although the agency will need to approve this.
Property adjustments
When your property is partially acquired, the agency in charge of the acquisition will negotiate with you on all necessary adjustments to your property due to the partial acquisition, which may include modifications to fences and driveways.
If your property is being partially acquired, we can help you receive the compensation you deserve. Get in touch with us today at 02 8318 0771 or contact us here.