According to the rules of Cross lease properties, the owners all have equal share of the freehold title. So with this train of thought – does it follow that the exclusive areas should also be equal in size? Eg for a 800sqm, 2 unit property, minus 100sqm for common property like a shared driveway, leaves 700sqm exclusive area divided by 2. I.e. 350sqm each
So then what happens if unit 1 is 400sqm exclusive area (fenced), and the exclusive area for unit 2 is 300sqm. Does Unit 2 have any legal rights to challenge the internal boundaries?
Similarly, does anyone know how council rate valuations are calculated for cross lease properties? Do Council calculate a land value for the whole title, then split it equally among the number of owners? If so then in the above scenario that would mean one owner is effectively subsidising their neighbours’ larger share of the property with the enjoyment that comes with it!
Anyone seen this before? Or considered before purchasing?