What is a Cross Lease Title?
A cross lease is a form of property ownership where you own a portion (but undivided share) of a freehold title in addition to a lease over your dwelling. This might involve a single site with two or more dwellings and often comprise a row of flats or terraced dwellings.
Challenges Associated with Cross Lease Properties
Cross lease properties often pose several challenges, with the primary concern being the requirement for unanimous agreement among all cross lease owners for any alterations to individual properties or shared communal areas.
Multiple property owners sharing ownership of the land can result in conflicts over land use, maintenance duties, and decision-making processes. Cross lease properties typically come with detailed terms and restrictions outlined in the cross lease agreement, which may limit property modifications and alterations.
Securing consent from fellow cross lease owners for renovations or modifications often results in delays and complications. Moreover, shared access rights or utility easements within cross lease arrangements may spark disputes or pose challenges in administering these shared privileges.
The complexities of cross lease arrangements can also affect the marketability of the property. Furthermore, uncertainties surrounding land titles and boundaries can introduce legal ambiguities.
Why convert your Cross Lease title to Freehold?
Whilst we always want to maintain good relationships with our neighbours, converting your cross lease title to freehold enables you to take full ownership of your site. This grants you the freedom to undertake additions or alterations, or even new development without needing approval of your neighbour.
Freehold sites are often more appealing to potential buyers due to the increased flexibility they offer. As a result, they typically command higher prices in the market compared to cross lease sites.
Unlock the potential of your property with Civix. Our team of skilled professionals, including Licensed Cadastral Surveyors, Chartered Professional Engineers, and Planners are ready to facilitate the conversion of your cross lease title to freehold.
Contact Us For Cross Lease Conversion
We know dealing with the legal side of converting a cross lease can be overwhelming. That's why we're here to take the hard work off your hands and make it stress-free for you.
Our experts in planning, engineering, and surveying will be handling your cross lease freehold NZ conversion, making the process easy.
Reach out to us today to chat about your options. We can even assist with fixing a defective cross lease title (flats plan).
Just share your cross lease property address, and we'll share an estimate for cross lease to fee simple cost.
