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  1. #371
    Join Date
    Sep 2007
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    Auckland
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    Good article on interest.co.nz on the pitfalls to watch out for when buying apartments.

    http://www.interest.co.nz/property/8...st-some-issues

  2. #372
    Join Date
    Mar 2015
    Location
    Brisbane Wellington Auckland
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    513

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    Quote Originally Posted by Davo36 View Post
    Good article on interest.co.nz on the pitfalls to watch out for when buying apartments.

    http://www.interest.co.nz/property/8...st-some-issues
    Good posting
    Are many PT investors switching to be buyers of the land underneath the units?

  3. #373
    Join Date
    Apr 2016
    Posts
    2,343

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    In Auckland that's pretty tightly held. A lot of it by Maori.

  4. #374
    Join Date
    Sep 2008
    Posts
    7,006

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    interestingly enough

    in the uk, where we got the idea of leasehold land

    there are complaints that expanding the victorian leasehold system to modern times

    is a modern evil

    the chief executive of the HomeOwners Alliance, said:

    “Unscrupulous players within the industry have turned what has been a form of tenure for centuries into a money-grabbing scheme that has left thousands of buyers across the country trapped in properties that are now essentially unsaleable.



    “Leasehold houses, doubling of ground rents and unfair clauses are leaving homeowners in a nightmare situation and the government is clearly not treating the issue with the severity it deserves.

    These people need help and they need it now.”


    https://www.theguardian.com/money/20...s-ground-rents

    as bob says leasehold rights aren't commonly advertised here

    and could attract negative attention
    Last edited by eri; 12-08-2017 at 09:04 PM.
    have you defeated them?
    your demons

  5. #375
    Join Date
    Apr 2016
    Posts
    2,343

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    Exactly what's happening around Greenlane and Meadowbank, (Auckland). St Johns college trust board are raking it in. I saw a lovely 5 bed house go for 55K last year.

  6. #376
    Join Date
    Oct 2013
    Posts
    1,433

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    Had no idea it was St Johns College that owned that land. At least it's going towards education and not some multi-billionaire's yacht fund.
    AAT Accounting Services - Property Specialist Accounting - AATAccounting.co.nz
    Lower fees for investors, traders & real estate agents!
    [email protected] for more information.

  7. #377
    Join Date
    Apr 2016
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    2,343

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    There's 2 main land owners, I forget the other one. Both generally don't ever let you freehold. Many people just walk away. They took someone to court not long ago over unpaid leases but the publicity caused them to back down if I recall correctly.

  8. #378
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    Sep 2007
    Location
    Auckland
    Posts
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    You're thinking of Cornwall Trust who own Cornwall Park and the land under the houses around it. The leases fund the maintenance of the park, so no, they never sell them. Because then they'd run out of income sources.

    Yes a Chinese lady didn't pay. So they took her to court and were half successful. She played the "It's too big a rise" card along with the "We are unsophisticated people who don't speak good english" card.

  9. #379
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    Apr 2016
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    2,343

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    Yep that's right Cornwall. One place I looked at in Greenlane I could buy practically for nothing but the weekly lease was around $800 and it was going to go much higher in 2022. At some point they will have to reset them surely?

  10. #380
    Join Date
    Oct 2013
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    Isn't that exactly contrary to our argument in the other thread? The leases are based on land values, which you've argued can continue doubling forever. If land values can, why can't ground rents?

    Of course, my argument is exactly as you've stated here. At some point they'll have to reset them, simply because no one will be willing to buy the houses. They will take existing owners to court over unpaid dues, repossess the leasehold, and would have to pay someone to 'buy' it from them. A nonsense scenario.
    AAT Accounting Services - Property Specialist Accounting - AATAccounting.co.nz
    Lower fees for investors, traders & real estate agents!
    [email protected] for more information.


 

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