Services / Cross Lease

Cross Lease Updates

Under cross lease ownership when you make changes to your property typically a cross lease update is required.

The cross lease update is a straight forward process which requires

1. a minor resource consent,
2. compliance certifications,
3. a land transfer survey
4. legal dealings to update your title
   • including sign-off from the other cross lease parties (typically)

Everest as cross lease specialists undertake and manage steps 1-3 before handing over to your solicitor to complete the title registration.

It is common at property sale time that the need for a cross lease update is identified. Often banks and solicitors will review properties and identify that the legal Flats Plan / Cross Lease Plan does not reflect the current structures and boundaries – the term ‘defective title’ is often used to describe this situation. A defective title is viewed as a limitation on sale and can affect lending ability for purchasers and other aspects. The update process can be time-consuming so we recommend talking to us early so that we ensure your property sale strategy stays on track. In the event that you are under time pressure let us know and we can look at methods to speed this process up.