Don’t assume converting your cross-lease title will be a complicated and expensive task. With the right people engaged to carry out the work, you can save a lot of time, money and unnecessary administration.
Here at AlexanderDorrington, we have carried out many cross-lease to fee simple conversions. We know how to navigate the numerous legal issues and how to best manage the various interests of all of the parties. That’s a big part of closing the deal. Managing neighbourly relationships can often be difficult so it’s important to ensure it is done well. Our clients have been impressed with how fast we’ve been able to obtain their new fee simple freehold titles and the relative ease with which the title conversion was achieved.
We use tried and tested systems which enable us to estimate realistic time frames and pricing that aligns with your budget. Look at what you would gain from the process before putting it in the too-hard basket.
The benefits of a fee simple title as opposed to a cross lease title
- obtain a simpler title for your property;
- gain exclusive ownership and possession of the land and buildings you own;
- make more alterations to the exterior of your home without your neighbours’ consent;
- change the footprint of your home without your neighbour’s consent;
- increase the value of your home;
- make it easier to obtain a mortgage from the banks; and
- get less complicated insurance policies.
Are you thinking of selling?
Real estate agents tell us:
- buyers tend to favour homes with a fee simple titles over those on cross-lease titles;
- many cross-lease titles are not clear in outlining what is common property and what is exclusive property;
- cross-lease titles are not normally updated when additions and alterations are carried out on a property, making the title defective; and
- the overall process of selling a cross-lease property is more complex and tends to have more issues prior to settlement.
To convert your cross-lease, you will need to take the following steps:
- discuss the idea with your cross-lease neighbour(s);
- contact your local Council to understand how zoning may affect you; and
- talk to a surveyor about the surveying and planning aspects of your property.
We can also recommend surveyors and advise on Council zoning plans. If you are already working with a surveyor, it’s likely they will know us by industry reputation. We will work together to make your title conversion plans real.
Lastly, bring in your lawyer early on in the process. We can help you to understand exactly what’s involved in converting your title to a fee simple. Once you have this information, you can make an informed choice on whether or not to go ahead. Call me, or Debra Dorrington, on (09) 375 2770 so we can get the ball rolling for you.
By Zak Nasir