Converting A Cross Lease Title To Freehold
A cross lease title is a type of property ownership where two or more owners share ownership of the land and buildings on the property. This means each owner has a separate title to their own unit, but they also have shared rights and responsibilities for the common areas of the property.
For example, if you own a property with a cross lease title, you may need to get the consent of your neighbours before you can make changes to your unit, such as adding a deck or making major renovations. You may also be responsible for paying for things like maintenance of the common areas, such as the driveway or the roof.
Too much hassle?
If you find that the restrictions of a cross lease title are too much for you, you may want to consider converting your title to freehold. Freehold ownership gives you complete ownership of your property, including the land and buildings. This means that you can make changes to your property without having to get the consent of your neighbours, and you are not responsible for paying for the maintenance of the common areas.
Converting a cross lease title to freehold is a complex process that requires the consent of all of the owners of the property. The cost of converting a cross lease title to freehold will vary depending on the size and complexity of the property.
Our Subdivision Law team at Convey Law can assist you with this process. We charge fixed fees for our legal works, which include:
- Reviewing the existing records of title and leases for the crosslease properties
- Liasing with the surveyor, all property owners, and any mortgagees or charge holders for signing all the necessary legal documents
- Preparing documents for submitting all legal documents to Land Information New Zealand to obtain the converted new fee simple titles
|#||Type of work||Price (plus GST)|
|1||Crosslease to Freehold – 2 lots||from $3,500.00|
|2||Crosslease to Freehold – 4 lots||from $3,900.00|
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