Important things are said, the deal breaker might be the cross lease terms and conditions, however I prefer cross lease investment properties because of lower rates, less land to deal with and “control” dealing with neighbours. On cross lease properties trees and pets are not a problem. Over the time certainly the option to buy the other party is a prospect, too.
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cross lease pros and cons?
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Should be able to. I'd need to see the title first, but the odds are that it is the underlying freehold that has the interest in the shared driveway, whether that be by easement or an undivided share in the driveway lot. Since you're just reverting from cross-lease to the underlying freehold, there is a good chance all would be fine.
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IMO cross lease is all right for buy & hold as the price tends to be lower comparing to freehold, therefore better rental yield. Not so good for property trading as it's harder to sell.
Converting from crosslease to freehold takes some time and money which is again not so much of a problem when selling after a long enough period of holding. Quite a blocker for a fast moving trading stock though.
In your case, if it ticks all the other boxes, I wouldn't worry.
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Originally posted by north shore View PostThanks, is it worth changing from a cross-lease, I'm sure North Shore City or now Auckland City has a host of charges to make it happen!!
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