CrossLeaseConverter.nz DELETE in Auckland is the only company offering an affordable fixed price to convert your cross lease to a freehold title
The Property Institute of New Zealand estimates homeowners of cross leased properties can suffer value losses of up to 18%. The capable team at CrossLeaseConverter.nz DELETE on the North Shore offer New Zealand's only fixed price cross lease conversion service. With no unforeseen costs, trusted professional partners and strict processes in place, our clients can look forward to a successful freehold conversion.
At CrossLeaseConverter.nz DELETE, our aim is to ensure one point of contact throughout your cross lease conversion, flats plan rectification update or unit title conversion service.
It has never been easier or more beneficial in the current property market to convert your cross leased property, contact the Auckland-based team today and you can look forward to a freehold title in no time.
Simple and effective 14 step conversion process for best results
We have developed a 14-step streamlined process, with one single point of contact for the successful delivery of fee simple titles for multiple cross lease co-owners . Our aim is to keep this process as stress-free as possible for you, and all we need to start is your address. (It is recommended that you discuss a possible conversion with your neighbours before contacting us).
The Process:
- You provide us with your cross lease address and we will send you a conversion proposal and a memorandum of understanding (MOU).
- An Infrastructure report is prepared
- A topographical survey is undertaken of the properties, this will include detail relating to drainage, accessways and services
- A draft subdivision scheme plan for the conversion to fee simple lots is produced for your approval
- An application is made to council for subdivision consent to the conversion
- A conditional subdivision consent is granted for the conversion by council
- The conditions of the subdivision consent are undertaken
- A land transfer survey plan is prepared, boundaries pegged, and as-built plans are finalised
- Application is made to land Information New Zealand (LINZ) for approval as to survey
- Applications are made to council under s.223 and 224c of the RMA
- Our lawyer contacts you and completes anti money laundering ID due diligence
- Mortgagee’s consent to the conversion is requested (if required)
- Final documents are collated, and an application is made for the new titles
- New fee simple titles are issued in each Registered Proprietor’s name(s)
Understanding the difference between a cross lease and a fee simple/freehold title
Cross leases came into effect in New Zealand in the late 1960s to navigate strict subdivision requirements and save developers costs and time. Thanks to the Resource Management Act in 1991 and the Auckland Unitary Plan, cross lease arrangements are now effectively redundant. However, the complexity and resulting issues surrounding existing cross leases continue to cause ongoing frustration for property owners.
Cross leases
Each owner on a cross leased section owns undivided shares in the underlying land, and each party also 'leases' both the dwelling and the land that residence is on from all owners. The duration of the actual lease is usually 999 years. Any improvements to the property will require the consent of all of the parties listed on the cross lease arrangement. This can disrupt or prolong the sale of a property and create issues with financing and insurance cover.
Fee simple
On the other hand, the owner of a fee simple property (commonly referred to as a freehold property) is the absolute owner of both the dwelling and the land on which it is located. Therefore, the owner of a fee simple property can alter or make additions, or even subdivide the property without the neighbour’s consent, (subject to any applicable regulations of the local council).
CrossLeaseConverter.nz DELETE understands how daunting it is to navigate the legalities of a cross lease conversion, which is why we aim to make it as stress-free as possible for you by doing all the hard work on your behalf. Get in touch today and discover how easy and cost-effective our conversion process is.
