Change of Tenure Subdivisions
These are where an existing Cross lease tenure (or less often Unit title Tenure) is changed to a fee simple tenure. Usually it is undertaken where there has been alterations to Flats that have not been rectified with a new Flat Plan, as this is a far better option as it gives full control to each respective Flat owners as set out in the ‘Fee simple’ description above. Although the cost is generally quite a bit more than an updated Flat Plan, generally the additional cost would be more than picked up in future sale prices.
Solicitors have a common dislike of Cross leases as it is difficult for them to approve a title without knowing what the outline of a Flat is on a site without having it clarified by a surveyor. These are very popular post earthquake where existing Flats are being rebuilt in a different location and size to the original Flats that were on the site. We love these and can almost do them blindfolded. Call us now.