CrossLeaseConverter.nz DELETE in Auckland can rectify or change your defective flats plan to a freehold title at an affordable fixed price
A flats plan is a technical diagram attached to a cross lease title that shows the outline of the buildings on the land. The building is shown as a “flat” or “area” number (e.g. Flat 1 or Area 1) and identifies the “exclusive use” area, which is the building/flat. If a flats plan is defective, it will not be identical to the actual site itself.
Defective flats plans are a major headache for an owner of a cross-lease property, especially when they come to sell it. CrossLeaseConverter.nz DELETE in Auckland has the expertise to correct/rectify the flats plan for the cross leaseholder (a similar process to cross lease conversion) or recommend a fee simple conversion where the potential to add value to the property will significantly outweigh the conversion cost. Our experienced conversion team can also convert unit titles and change cross lease sections into freehold titles at an affordable flat rate.
No matter how complex your flats plan is, make the most out of your property and contact us for a simple conversion or rectifying service at an affordable fixed cost.
What is a defective flats plan and why is it necessary to rectify it?
If the buildings on-site do not match your cross lease flats plan, your title is likely to be defective. This can happen when a building has been extended or altered, and the outline has changed since your original flats plan was drawn up. It could also be from work that has been carried out without obtaining resource or building consent or consent from the other cross lease holders. In either case, this means the flats plan is now deemed “defective” and can greatly impact a property’s sale price and the ability to get finance to buy it.
Our professional team can check your plans and advise on your options for maximum cost-effectiveness and value-adding potential. Depending on your decision, we will then either rectify the cross lease flats plan or, even better, convert your property to a freehold title. A freehold title is the most sought-after title for potential buyers as it means they will own the property and land outright.
With no hidden costs and a proven track record across Auckland, (ite:name) is the name you can trust when it comes to fixing your defective flats plan.
Why is a cross lease conversion the best solution for a defective flats plan?
Lawyers or surveyors will often recommend their clients fix the defective flats plan, rather than considering the alternative (and better!) solution of converting the cross lease to fee simple/freehold.
Rectifying a flats plan:
- follows a similar process to cross lease conversion and involves significant time and cost
- does not change the title to a freehold and is still a cross lease agreement
- adds little to no value to the property
- is still less favourable to prospective buyers than a cross lease
Converting to a freehold title:
- means the flats plan is automatically updated during the conversion process
- allows for the once-off cost can be shared between cross lease owners
- can add substantial value to the property
- has a greater appeal to potential buyers
- results in a less complicated sales process
Because cross leases are seen as such a problem, in many cities around NZ, including Auckland, Hamilton and Tauranga, there is now specific town planning activity to convert housing stock to freehold titles with full subdivision consent.
With no hidden fees or nasty surprises, CrossLeaseConverter.nz DELETE will ensure your flat plan conversion is carried out swiftly. Get in touch today to learn more about our successful 14 step conversion process.
