Good+Title is a professional joint venture service between one of New Zealand’s only specialist property law firms Overend & Associates and Survus Consultants, using their combined experience and expertise to bring you a ‘one-stop agency’ and fixed prices for Change of Tenure subdivisions in both the Auckland District and wider Canterbury.
If you are thinking about converting your property from a Cross lease to a fee simple title Congratulations – this is one of the best things you could do in respect of your property.
Cross leases have a long history of causing difficulties for their owners, solicitors, and real estate agents, and this is reflected in a value discount being applied to them. Any amendment to a building outline on a Cross-lease Plan since the original Cross-lease Plan was done is required to be rectified with a new Flat Plan being prepared to reflect the new building outline. This is a common problem often discovered at the time of sale and inevitably holds up the sale process, often causing delays and frustration in a chain of property transactions. In addition, such a process requires the signatures and agreement from the other Flat owners on the property, which can also cause issues particularly with absentee owners and the like.
As an alternative to a new Flat Plan, having a Fee Simple title rather than a cross lease will mean that you have much greater flexibility in what you can do with your property, is much more likely to avoid disputes, and, if and when you decide to sell, makes it easier to sell the property and generally increases its marketability and sale value.
If you are keen to explore this more head over to Good+Title and get in touch, we would love to help you get your property in order.