Hi, we have a cross lease that is a little unusual. Our cross lease title says we have 75% share and neighbor has 25% share. The actual exclusive use boundaries are a little different - we have exclusive use of 78% and the neighbour 22% of the combined area.
We have a proposal under way to convert this to freehold. What will happen to the CV? The survey and resource consents are all based on the exclusive use boundary and everything has been approved by council and it is ready to be deposited with LINZ. However, it has ground to a halt because the neighbour has changed his mind and does not agree to proceed.
His main concern that the title says 25% but when he ends up with 22% his CV will drop, and this has become a sticking point to him agreeing to the freeholding.
Cheers
JohnO
We have a proposal under way to convert this to freehold. What will happen to the CV? The survey and resource consents are all based on the exclusive use boundary and everything has been approved by council and it is ready to be deposited with LINZ. However, it has ground to a halt because the neighbour has changed his mind and does not agree to proceed.
His main concern that the title says 25% but when he ends up with 22% his CV will drop, and this has become a sticking point to him agreeing to the freeholding.
Cheers
JohnO
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