Cross-lease titles were all the rage from the late 1950s – 1980’s, but as times change, so do buyer preferences. As more and more homeowners choose to convert their cross-lease titles to fee simple, we’ve taken the opportunity to discuss all things Cross-lease properties in a recent podcast interview with The Property Academy. Please view our additional information on Cross-lease properties here
The Property Academy Podcast is a daily show that gives you insight, analysis and strategies for how to get the most out of the NZ property market.
Why would I want to convert my cross-lease?
There are a few common (and sensible) reasons to convert a cross-lease property:
- Maximise your market value
Fee simple titles are easier to market and sell, as buyers taking on a cross-lease property are generally aware that they’re also partially taking on the neighbours property - and the potential for future disputes.
- Full control over your property
Renovate, alter, and improve your property, without having to gain consent from your neighbours.
- Defective title
If the buildings on your property don’t match the latest Flats Plan (the legal outline of each property that form part of the title) on the cross-lease title, your title is defective and will need to be rectified - either by updating the cross-lease title itself, or by converting to fee simple.
Seems pretty straightforward, right?
If you’re sitting on a cross-lease title and you think your neighbours would be open to sharing the benefits of converting to fee simple, get in touch. We can answer any questions, and get you started on the process of converting a cross-lease title in Christchurch, or anywhere else in Canterbury for that matter.