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Apex Surveying - Cross Lease
A cross lease is a type of property ownership common in New Zealand, where multiple people own shares in a piece of land and the buildings on it
What is a Cross Lease?
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We provide a full range of surveying services tailored for both urban and rural developments. Our experienced team ensures that every project is executed with precision and compliance.
CROSS-LEASE
A cross lease is a type of property ownership common in New Zealand, where multiple people own shares in a piece of land and the buildings on it.
- You co-own the land with other property owners, and each person has a lease for the portion of the property they live on.
- You don’t own the land beneath your home; instead, you lease the area (usually for 999 years) from the collective group of owners.
- Any changes to the property, like renovations or additions, usually require agreement from all other co-owners.
- Cross lease ownership can complicate buying, selling, or making alterations, as legal updates are needed to reflect changes to the property.
It’s a less flexible form of ownership compared to freehold, but more common in older developments.
Cross-lease Updates
Cross-lease updates are vital to ensure your record of title reflects current structures and changes. If you’ve made modifications to the property, such as adding a deck or new building, updating the cross-lease plan is crucial. Failing to do so may lead to legal issues or complications when selling. Get your cross-lease updates done professionally to stay compliant and avoid unnecessary problems down the road.
Freehold Cross-lease Conversions
Converting a cross-lease property into freehold gives you more control and full ownership of your land. It’s an excellent way to increase the value of your property and eliminate shared land responsibilities. The conversion process can be complex, involving legal paperwork and land surveying, but the long-term benefits are worth it. Consult with experts to make the freehold conversion smooth and stress-free.