What does it mean to own a Cross Lease Property?
In the 1960s rules changed within the Local Authorities which allowed for more than one dwelling to be built on certain areas of land which were too small to subdivide into separate freehold Records of Title.
A Cross Lease Record of Title includes a Flat Plan, which forms part of the Record of Title for the property and records the areas which are used exclusively by each Flat Owner together with any Common Areas which can be used by all Owners.
Here are some things you need to be aware of when buying/owning a Cross Lease Property:-
Any structural alterations and additions to a Flat/Dwelling are usually not allowed without the written consent of the other Flat Owners.
Any additions or alterations which change the external dimensions of the Flats, adding any new buildings onto the land or changing the “footprint” of the building must be recorded on a new Flat Plan which will need to be prepared by a surveyor. In this case, new Records of Title would be issued.
Most Cross Lease documentation provides for maintenance of the buildings, restrictions on use and any sub-leasing, quiet enjoyment and payment of outgoings, such as rates and insurance.
Our Property Team can assist with any queries you may have in relation to the Cross Lease ownership of a property. Please contact us on 3793 880 to discuss.
