This can increase property value, provide greater flexibility, and offer more control without the constraints of cross-lease, or unit title agreements. However, the process can be complex, particularly if disagreements arise with the other cross lease, or unit title owners.
Key Considerations.
-
Legal Procedures:
- Engage a surveyor to conduct a title survey to confirm property boundaries and details.
- Obtain consent from other cross-lease or unit owners for the conversion and have an agreement signed by all parties before applying to Council for consent.
- Obtain a resource consent decision from Council for the conversion.
- Prepare and submit the necessary documents to the land registry (LINZ) for approval.
-
Costs:
- Survey Fees: Scheme plan and Land Transfer Plan.
- Legal Fees: Costs legal advice and drafting, and LINZ fees.
- Council: Costs for resource consent decision.
- Valuation and Compensation: Property valuation to determine compensation payable to other cross-lease owners (if any).
- Valuation for cancellation of unit titles: The valuation determines the value of the units and is a necessary part of the application process for cancelling the unit title.
How We Can Help.
Our Property Team provides expert guidance throughout the conversion process, including:
-
Agreement Preparation
Drafting an agreement between the other cross-lease or unit title owners, to outline cost contributions, work scope, consideration payable (if applicable).
-
Liaison Services
Coordinating with planners, surveyors, valuers, LINZ, neighbours and their solicitors, banks, and the Council (if necessary).
-
Legal Documentation
Preparing all required legal documents to obtain new freehold titles.
Maximise your property’s potential to make it a more valuable asset. Get in touch to discuss how we can assist you in converting your property to a freehold title.