PavMember@pavJoin Date: 2004Post Count: 7
Can anyone explain what does 1/2 interest mean
Want to put an offer on a house in NZ but not sure if it is ok. It is in good a surburb.
PMiniMogulParticipant@minimogulJoin Date: 2002Post Count: 1,414
Sounds like it is part of the description of the title which is a cross-lease.
I.e. once upon a time NZ had quarter acre sections with a big back yard and nowadays you quite often find a section with two houses on it, one front and one back. They could have a shared driveway so it is not a true complete subdivision, because of the right of way, but you do still ‘own the land’. So it is not leasehold, it is freehold, BUT instead of owning (say) 440 square meters, you would own ‘1/2 share in 880 sm’ and then you would have something called the ‘flats plan’ which would show on the land where your bit is, where the other house’s bit is, and where the common area is.
Nowadays the councils don’t like you to do cross-leases so much, but they were very very common as a sort of cheapo way of subdividing.
nothing wrong with it, very common, get your lawyer to check the title and explain it to you.
Also I have a pdf about it, email me if you want me to send it to you.
MiniPavMember@pavJoin Date: 2004Post Count: 7
Thank you very much Mini. It is much appreciated. If its not too much trouble could you send me the pdf file please.