KW Consultants Explain Cross Lease Titles
KW Consultants deliver quality, practical development solutions with a quick turnaround, whether it be surveyors on site, engineering design or resource consent applications, and today they look at Cross Lease Titles.
As they explain, a cross lease title is a legal document which describes your rights regarding the land which the title is registered against. With this title, you share the land with other owners—all of whom have an equal portion—and enjoy exclusive use of a flat or building which is leased from the other owners. These exclusive use areas may include buildings, or other areas set out on the cross lease flats plan. Common areas such as driveways are held in common ownership with all the owners.
As experts in Auckland cross lease property, KW Consultants can help you manage this often-confusing area of property ownership. Your property title will outline if your property is cross lease, fee simple or unit title, but if you are unsure what type of title your real estate property holds, you can their team to look into your property and advise you free of charge.
Cross leases can be a trickier form of ownership, particularly if you or the other leaseholders want to develop your site or carry out work on your buildings. All external building works will require written consent from the other leaseholders, including any banks with a registered interest. If permission is not gained from co-leaseholders, this can result in a civil matter and work may be halted.
All building amendments also need to be registered on an updated flats plan, adding extra costs to any development. Having an equal share in the underlying parcel of land means that any development of the site allows Auckland Unitary Planning rules for building and inaccessible areas to be assessed against the whole site. This often allows the construction of a larger building than is possible on a fee simple title, adding extra value to the property. Of course, this will have to be signed off by your co-leaseholders.
Requiring approval from the other leaseholders can be a nuisance if you are developing your site. Conversely, it can give you some control over the development of the rest of the property. If the other leaseholders wish to build—blocking your views or impacting on the value of your property in the process—you can restrict these works.
You can call the KW Consultants team for a free consultation on your cross lease property in New Zealand, and for more information on surveyors Auckland, cross lease conversions and subdividing land please go to https://www.kwconsultants.co.nz .