CrossLeaseConverter.nz can rectify defective flats plans for properties or convert them to a fee simple (freehold) title at an affordable fixed price
A flats plan is a technical diagram attached to a cross lease title that shows the outline of the buildings on the land. The building is shown as a “flat” or “area” number (e.g. Flat 1 or Area 1) and identifies the “exclusive use” area, which is the building/flat.
If the buildings on-site do not match your cross lease flats plan, your title is likely to be defective. This can happen when a building has been extended or altered, and the outline has changed since your original flats plan was drawn up. It could also be from work that has been carried out without obtaining resource or building consent or consent from the other co-tenants.
Defective flats plans are a major headache for the property owners of a cross-lease title, especially when they come to sell as it can impact the sale price and a buyer's ability to get a mortgage. CrossLeaseConverter.nz has the expertise to update/rectify the flats plan for the registered owner.
No matter how complex your flats plan is, make the most out of your property and contact us about updating your flats plan for an affordable fixed cost.
We no longer recommend rectifying a defective flats plan as a viable solution as opposed to converting to fee simple titles at a known fixed cost
Lawyers or surveyors will often recommend their clients rectify the defective flats plan, rather than considering the alternative (and better!) solution of converting the cross lease to fee simple (freehold).
Rectifying a flats plan
Follows a similar process to cross lease conversion and involves significant time and cost
Does not change the title to a freehold and is still a cross lease agreement
Adds little to no value to the property
Is still less favourable to prospective buyers than a cross lease
Converting to a freehold title:
Means the flats plan is automatically updated during the conversion process
Allows for the once-off cost can be shared between cross lease owners
Can add substantial value to the property
Has a greater appeal to potential buyers
Results in a less complicated sales process
Because cross leases are seen as such a problem, in many cities around NZ, including Auckland, Hamilton and Tauranga, there is now significant activity to improve the ease of converting cross lease housing stock to fee simple (freehold) titles.
With no hidden fees or nasty surprises, CrossLeaseConverter.nz will ensure your flats plan conversion is carried out swiftly.
