Under the provisions of the Land Acquisition and Compensation Act 1986, land may be acquired by government department and agencies for public purposes. If your land is acquired through compulsory acquisition, the state is required to pay you compensation.
A property may be acquired by the state for purposes such as new roads/freeways, railways, road widening/deviations, parks, reservoirs, sewerage works and drainage reserves. There are often conflicting opinions about the values of the acquired properties as well as the methodologies used to value the property. Valuers must consider judicial precedents when choosing a valuation methodology, rationale and theory. Proposed works can also cause concern about potential detrimental impact on the value of your property.
In Victoria, compensation for compulsory acquisition of interests in land is assessed in accordance with theLand Acquisition and Compensation Act 1986 and/or the Planning and Environment Act 1987.
Having your property acquired through compulsory acquisition can be an emotional and stressful process. LGM Advisors land acquisitions lawyers in Victoria are here to help guide you through the process and to ensure that you get fully compensated. We are here to help you recover the value of your property as well as the loss of its potential, cost of any damage to your business, your relocation and associated expenses as well as ‘solatium’ being intangible and non pecuniary disadvantages you may suffer as a result of the acquisition.
If the amount of the offer for compensation by the acquiring authority is greater than $5000 you can also obtain an advance of compensation.
If you have received a Notice of Acquisition contact LGM Advisors Victorian land acquisition lawyers on +61 3 9832 0608 or by email at firstname.lastname@example.org. Pursuant to the Land Acquisition and Compensation Act 1986, the acquiring authority must make an offer within 14 days of the Notice of Acquisition. The offer will usually be provided with a certificate of valuation and it is important that you obtain advice and an independent valuation to determine whether the amount being offered is a fair value for the interest being acquired.