Question about a unit

[Winoryoulearn]

Hi Guys,

I am looking at a unit in Auckland that price has been dropped by 100k over the past 6 months. I have a question that I'm assuming will be a simple one for most on here: on the "title" document, it says the unit is a "title: 1/3 share fee simple" however, underneath it says "estate: leasehold" and then "999 years computed from 1969".

Does this mean this property is leasehold? Or is this normal for every unit where you "share" the land? I've seen this on unit titles before but never bought one. They are wanting late 500s for the unit.

I hope my question lay out isn't to confusing for a Friday

Cheers

[sidinz]

It's a crosslease. Not the same thing as a unit title.

[Anthonyacat]

Yep - Not 'leasehold' at all, just an old way of subdividing land. It does come with caveats though, especially if you want to change what's on the land. Have a google for Crosslease.

[Bobsyouruncle]

Get a copy of the lease and the "flats plan". They will tell you everything you might need to know.

[watchful]

Hi Guys,

I am looking at a unit in Auckland that price has been dropped by 100k over the past 6 months. I have a question that I'm assuming will be a simple one for most on here: on the "title" document, it says the unit is a "title: 1/3 share fee simple" however, underneath it says "estate: leasehold" and then "999 years computed from 1969".

Does this mean this property is leasehold? Or is this normal for every unit where you "share" the land? I've seen this on unit titles before but never bought one. They are wanting late 500s for the unit.

I hope my question lay out isn't to confusing for a Friday

Cheers

A very good chance that property is going to be a whole lot cheaper in the short/medium term. Good luck with the negotiations.

[Beano]

Do not forget to allow for more legal costs
You will have to write up another agreement in 999 years