Well, I have just accepted the terms of a loan offer from my bank so the formal purchase process begins. Assuming the bank accepts the property valuation, that I am paying for to be done, then the contracts merry-go-round commences.

I was amused to read this in the bank's hefty T&C document:

"Notices [from the bank] are considered to be fully effective, despite that at the date of the service you are:

* lacking in mental capacity
* dead
* ..."

I guess if I were in either of the above states I wouldn't be too worried about missing a letter from the bank.

Meanwhile my solicitor has been moving forward on as much information seeking as can be done upfront, including a strata inspection report.

As the saying goes, barring any unforeseen circumstances, I'm hoping to get this wrapped by Christmas. Otherwise nothing much gets done in January.

Where does the workshop come in?
Do you do electronics for work,
so I can send my radio when I break it properly?

Good luck anyway

Electronics is just one of my numerous interests. I don't do it for a living and I try to avoid doing work for others except as very occasional special favours to friends wherein I only charge for parts used.

Over the last year or so my current workshop, which is my garage, has filled up with stuff needing work to the point where it's now unusable as either a workshop or a garage -- merely storage.

So, I resolved to do something about that and in the end decided to purchase suitable commercial premises, which I have described earlier in the 'OPG' thread.

Monthly rental on such units that are located close to where I live is higher than repayments on the size of loan I needed so the decision was easy.

Once I take possession of it I get my garage back, and I have a nice, clean, well lit and cool (no tin roof!) environment in which to work/play with secure access 24x7.

I will also have room to garage one of my cars which is currently housed in an 'OPG'.

Ah, nice one. Good luck then.
Also doubles as a get away from everything shed

Also doubles as a get away from everything shed

Exactly!

I'm not going to reveal the location to anybody, other than those necessary, as I absolutely do want to be able to get away from "everything" and actually get uninterrupted work done in peace and quiet.

I have a project list that is currently 35 items long! There was no way I could make a dent in that the way things are at present.

As a bonus, I can clear out a lot of clutter from the house, too. I am considering installing a compactus in the workshop to store stuff that is "surplus to daily requirements".

I can tell you where my shed was last, because that's not
where it will be next. A bit like the Tardis:
http://www.youtube.com/watch?v=N0HdB7_Fck4.
It exists for the purpose of giving me continuous time,
but it's always for software, not hardware.

As it's a strata title you are buying, I'd be checking that the Body Corporate doesn't have rules banning the sounds of vintage radio, sparks, curses, yelps of triumph, occasional breaking glass, or puffs of acrid grey smoke.

Maven

LOL!

As it happens, early in my due diligence process I did check out permissible use with the Local Council in respect of the original DA and the provisions of current strata bylaws for the complex, and it's all good.

BTW: Since 1997 'Body Corporate' is old terminology. Nowadays it's the Owners Corporation.

Okay, following a satisfactory commercial property valuation (24 pages long and costing me $1,100) the bank approved my finance deal yesterday, so I have signed the purchase contract and paid the deposit.

I'm hoping to settle before Christmas, but the process is now entirely in the hands of solicitors and bank staff, all of whom assure me that they would like to have this finalised before Santa comes.

The next waiting period begins ...

Sounds like it is all happening. The solicitor will probably put his hand in your pocket for a few quid before you get to heat up the soldering iron though.

All this talk about workshops is making me ponder on getting mine back in order. I live in a flat and have a lockup down stairs and I always manage to find something to throw on the council clean-up pile which happens about every nine weeks but the amount of floor space is as consumed as it ever was.

I've said this before, I know, but I am going to have a big summer cleaning of the garage and a lot more is going to get the heave ho. I also have numerous consoles from the 30s and 40s ready to go to a generous buyer too but as they are up the back I can't yet photograph them.

The solicitor will probably put his hand in your pocket for a few quid before you get to heat up the soldering iron though.

The solicitor's fees are only about 1% of the transaction cost. It's the GST and stamp duty that irks me. Then there's the raft of bank fees to get this happening.

I still remember the pre-GST agreement between the states and the Commonwealth that allowed the states to have 100% of the GST revenue provided they abolish all stamp duties. Now they want the Commonwealth to raise the GST to 12%.

As for the banks, only a banking or insurance business model allows a corporate entity to charge you for the privilege of being in debt to them, as if being slugged megadollars in interest and premiums wasn't enough already.

I still remember the pre-GST agreement between the states and the Commonwealth that allowed the states to have 100% of the GST revenue provided they abolish all stamp duties.

So do I. Every time I see the words 'stamp duty' I'm reminded of it.

The thing about banks is that it's hard to avoid them when purchasing property. As it happens, they swung me a pretty good deal. I guess it pays to be a long time customer and to have a good credit record.

I don't like debt, so I intend to pay this one down as quickly as possible.

The vendor tells me that they have signed the contract so we have finally exchanged contracts. Onward to settlement day, which largely depends on how fast the bank can move.

There's a slim chance I may get this before Christmas, otherwise nothing will happen until mid January I guess owing to the usual business shutdown during the silly season.

Stumped up the stamp duty cheque yesterday. Bank says it can settle within 3 days of receiving notice of proposed title transfer. Solicitor is waiting for confirmation of the rates and land tax situation from their search company. This step is the usual bottleneck, especially just before Christmas, but there's still a chance I may have the keys before the business holiday break.