News, updates and other stories about cross leases - find them here:
Case Study: What Can Go Wrong With a Cross Lease ... And Why You Want to Convert Before You Need To | Ep. 338
In this episode, we are again joined by Amber Arkell from Good Title to talk about what can go wrong within a cross lease.
Amber specifically touches on the fact that a Cross-lease conversion can take up to 8 months to complete, which is why you need to conduct a conversion before you actually need to. If you wait, it'll be too late
Cross Leases – The "Poor-Mans Subdivision" – Everything Property Investors Need to Know | Ep. 337
In this episode, we are joined by Amber Arkell from Good Title to talk about the fundamentals of Cross-leases and what investors need to know about them.
Of particular interest, Amber references the Opportunity Knocks report, an article written by Dr. Michael Rehm showing the value discount on Cross Lease and Unit Title properties. This shows that for Auckland based cross lease properties, they are 7-18% cheaper than they would be had they been freehold.
Here are some things to know before you buy that cross lease property
I can't tell you whether a cross lease property is right for you or not, but I strongly recommend engaging a lawyer before you make any decisions, especially to review the terms of the cross lease. Their first step should be to check that the property you are interested in matches the one marked on the flats plan.
Cross about cross-lease: Battles from the property combat zone
Homeowners barred from renting or selling to "persons with brown skin", a battle over a deck at a $2 million home, neighbours extorting money from each other and the disputed demolition of a Hillsborough house -- these are just some of the issues which have come to light in disputes about cross-lease titles.
Cross-lease properties can be 'ticking time bombs', warns top lawyer
Thinking of adding a garage, deck or pergola to your cross-lease property or getting a dog? Beware, a top lawyer says, warning owners of more than 100,000 Auckland properties that people sometimes overlook their legal obligations by making changes without neighbours' written consent or in breach of their cross leases.
Neighbours at war over fences, blocked driveways and dog poo
A shared driveway in West Auckland has become a nightmare for Nina Khetan. She said she was sick of her driveway being blocked by cards adn the neighbour's dog relieving itself on her lawn. But what upset Khetan the most was her inability to landscape a strip of her land.
Christchurch family's rebuild botched, can't sell land tied up in cross lease
Michelle and David McLean say an earthquake-damaged cross lease has ruined their life in Christchurch. The McLeans have now left Christchurch but are still stuck with shares in an empty Edgeware plot. "I would never have bought this place if I'd known all this," Michelle McLean said.
Cross-leases are probably the most complicated form of property ownership in New Zealand and lots of people struggle to understand them. They can be so troublesome that the Law Commission has even recommended they are abolished.