What is a cross-lease?
If your home is on a cross-lease title, you own a shared fee simple interest and a leasehold interest. You and your neighbour(s) together own the underlying land. That ownership is an undivided share. There are many reasons to consider changing this title.
- Get autonomy over your own land and buildings;
- Make more alterations to the exterior of your home or change its footprint without your neighbour’s consent;
- Resolve on-going issues with a defective cross-lease title;
- Make it easier to borrow against and insure your property;
- Potentially improve market appeal and add to the property’s value.
It’s best to make sure all owners are fully on board before you start. We will then prepare an agreement for all parties to sign. It will detail each owner’s responsibilities and how the cross-leasing is to be completed.
What our clients say…
“Following an article in NZ Herald early in 2019 we contacted AlexanderDorrington about a plan we had as three owners on a cross-lease property on the North Shore. AlexanderDorrington offered a cost-efficient, one-stop service to convert our three properties to Fee Simple and presented as experts in their advocacy of the process.
We confirmed their appointment, along with their excellent surveying partner, Yeomans, mid-2019.
The whole process was completed in early 2020 without issue and effectively just under budget. Sure there were moments of anxiety along the way as this was a totally new ball-game to us all. The whole process was managed professionally with excellent communication at all times and obviously a most professional working relationship especially with Council. We simply had no issues and we put that down to excellent planning throughout.
Personally, I wouldn’t hesitate to recommend AlexanderDorrington and their one-stop conversion to fee simple package for anyone contemplating such action.”
Mike Howard, Milford
We can convert a cross-lease with up to 3 properties on it for $6,000 plus GST and disbursements.
Terms and conditions: This price applies to cross-leases with no more than one mortgage per property. Work on any additional issues will be charged at our current hourly rate. Full co-operation of all owners is required to eliminate hold-ups or delays caused by absence. Additional fees apply should delays occur.
- Find out more about the benefits of converting, read our cross-lease articles.
- We were interviewed about our work on cross-lease conversions by NZ Herald. Read the article, Cross about cross-lease: Battles from the property combat zone.