I am considering a purchase of three rental houses on what I’m told is a cross lease land situation. Has any one else made a similar purchase and are there any strange legal implications that are known? I read that the NZ Govt. was looking at abolishing all cross leasing in the future and possibly making existing owners to convert (at some personal expense!) to more standard forms of ownership or division? I need to give a reply on purchase agreemnt soon so I hope someone can help? Thanks to all!
Hi
I own a cross leased property in NZ and as far as I know the most significant thing to be aware of is if you want to add a garage or… then you will need to get the permision of the other cross lease owner.
Try this thread from the Property Talk forum
http://www.propertytalk.co.nz/modules.php?name=Forums&file=viewtopic&t=956&highlight=cross+leased
It will answer some of your questions.
Tamara
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