March 28, 2022
What Does Cross-Lease Mean In Property Law, Hamilton
f you are looking for a new home in Hamilton and find your dream home you need to check the legal parameters of the property. If it is a cross-lease section should you be concerned? Doing due diligence on the ownership types linked to your shortlisted properties is an excellent step in your property journey. Let us look at ownership options in property law, Hamilton.
Types Of Property Ownership, Hamilton
Property ownership in Hamilton and NZ is mainly executed via four options:
- unit title, and
- cross lease.
The definition of a cross lease is:
a freehold title is shared with holders of individual cross leases. Your cross lease will refer to a specifically defined area within a specific building and it details your leasehold interest in that area.
What Is A Cross Lease?
Understanding a cross lease can be difficult so don’t feel alone if you try to read it and don’t grasp it immediately.
Cross leases do have a history of giving homeowners and courts a headache. The number of challenges experienced is so profound that the legal fraternity has proposed this type of ownership is expunged.
Cross leases came about when larger properties were historically subdivided many times or a building that is split into a few units. If a property has a cross lease title linked to it then you share the land and the dwellings on that land i.e. you have a share in EVERY structure on the defined piece of land.
Cross Lease Details
A cross lease mostly has a nine hundred and ninety-nine year period of lease for a token rental amount, e.g. $1 per annum.
The lease of each leaseholder will define:
- Which areas are exclusive-use for each shareholder,
- Which areas are shared-use,
- Which areas are common-use.
This means your home is defined separately from other areas and clearly excludes other shareholders from this space. It gives you equal use of any shared-use zones e.g. a garden area.
When you are given a cross lease title, you should simultaneously receive a set of plans that show a site plan, a ground floor layout plan of the whole property and a floor plan of your exclusive-use areas. An owner should check the plans carefully to ensure they represent what they are buying as well as the entire property and all structures.
Any changes to the property require mutual agreement from all leaseholders. Some cross leases can be far-reaching and require a full mutual agreement for the painting of your unit’s exterior, fencing, etc. These details are usually where the challenges can arise.
Whilst the above are forewarnings this doesn’t mean all cross leases should be avoided. It is best to use the services of a lawyer so you aren’t tripped up by a misunderstanding of the ramifications of some phrases.
For more property law, Hamilton, help or insights chat to us
If you have been living and working in New Zealand and are thinking of staying on, it is time for you to apply for a resident visa.
New Zealand law is pretty clear-cut about what constitutes a relationship and what will happen if it breaks down.
In every workplace, employers and employees have rights and responsibilities determined by the country's employment laws. As such, every employer and employee is entitled to hire the services of employment advocates in Christchurch when unresolved disputes arise.
Over the past two years, travel anywhere has been challenging to say the least. With most countries placing restrictions on travel, it is difficult to know where you can and cannot go. The lifting of rules has also been done piecemeal, leaving travellers confused by which restrictions apply to them.
If you are buying or selling a property, you may be tempted to go the DIY or kit route to handle all the documentation and paperwork. While it is possible to get this done, the best advice would be to leave these tasks to the professionals.
Under the Privacy Act, companies must uphold a set of rules when collecting and holding their customers' data. Breaches or non-compliance with the Act can lead to unwanted fines.
When relationships are both beginnings and ending, it is time to review the status and ownership of property of the parties involved. Sometimes the situation is simple and can quickly be resolved.
Being an entrepreneur requires you to take on a lot of additional business information that does not relate to your product or service. It will be impossible for you to become a specialist in law, H.R., staff training, health and safety, etc.
If you are looking for a new home in Hamilton and find your dream home you need to check the legal parameters of the property.
As an employee it can often feel as if the ball is in your employer’s court, and that they have all of the power. But that is truly not the case. There are many resources and laws in place that aim at protecting the employee as much as possible, it is all just a matter of educating yourself and making use of these resources.
New Zealand is a beautiful country that is known for its diverse natural surroundings. It also has a wealth of opportunities that can be tapped into and is a safe and peaceful place to raise a family.
If you’ve ever had to buy or sell a property, you’ll be somewhat familiar with the process of property conveyancing. Here at Law Hub, we are a team of lawyers and property conveyancing experts in Hamilton.
New Zealand is definitely an inviting prospect for foreigners. New Zealand is safe, well-run, and has many opportunities! It is a great place to move, and this is evident by the many happy expats living there today.
In late March earlier this year, the Labour Government announced a number of changes regarding the New Zealand housing policy in an attempt to make the housing market more affordable, particularly for first home buyers. This article specifically discusses interest expense deductions on residential properties and how these will change.
While there is more information to know, these are key points everyone should be aware of.
Employment law has not changed due to COVID-19
Employment and health and safety laws still apply at every COVID-19 alert level.
Employers cannot reduce their employees’ legal minimum employment rights, this includes:
• the minimum wage,
• annual and sick leave, and
• having a written employment agreement.
Both parties must always act in good faith. This includes always being open, honest, and communicative with each other.
Why are certain types of construction lending exempt from the LVR restrictions?
Construction exemptions support two forms of housing construction.
The first exemption is available for new dwellings or dwellings under construction, under certain
conditions. This exemption provides support for an increase in the supply of housing, which is an
important part of reducing house price pressures arising from supply shortages (particularly in
Auckland). Reducing such pressures helps to reduce systemic risk in the banking system associated
with any future house price correction.
In New Zealand, we have an intention-based tax system for property.
If you buy a property intending profits to come from capital gains – then you'll pay tax on those capital gains.
If you purchase a property but don't intend to sell it for capital gains – instead using rent as your primary source of income – then any growth in the property's value is not taxed.
On Saturday 8 May 2021, Dee, Ruth, Robin and Carol attended a meeting at Christchurch Community House where National Party spokeswoman on Immigration, Erica Stanford was speaking. She had flown to Christchurch with Kanwaljit Singh Bakshi and was joined by local MP Dale Stephens.
Whether you’re just starting a new job or you've been working for the same company for a while, all employees in New Zealand have rights to protect you in the workplace. Here are our top three best pieces of employment advice for employees.
Taking on employees is a big responsibility for any business. You want them to do their best by you, and your employees expect you to treat them right. An employment relationship is a two way street that is meant to be built on good faith. If you feel like that good faith is being tested or broken, first take a deep breath, then seek advice before taking any action. Here are our top three best pieces of employment advice for employers.
Even if you think your life is simple and you don’t own many assets, you should still have a Will. It can feel like a big deal to go and see a lawyer, so more people are asking, ‘Can I make my own Will?’ There’s a simple answer, but it turns out the question is quite complicated.