Any reflective comments from cross lease owners please.
Ive been looking for a long time for the ideal principal place of residence. I dont invest in property anymore, outside existin Aus stuff.
I found a gorgeous home in a nice suburb. 10yrs old architect driven non leaky monolithic home with all the bells and whistles. $200k below the CV,, not that I follow CV, but its market value isnt much difference based on 6 months of watching sales prices.
However Auck seems to have taken a jump in the last 4 months, so I feel any major crash that bloomberg etc are predicting, I should be covered.
My main issue is its cross lease. Due to how its only common area being the drive being used by other homes not on the cross lease and a LIM that spells it all out very well. But I just dont like the concept of not being freehold. However I dont think the owner lives in the older main house. It doesnt seem it will have compliance issues due to recent sales would have shown up the same compliance issues if it was. so thats not an issue, it seems the issue could be the person may just flat out say NO, you cant pay for converting the titles.
How do other people who own and live in cross lease properties feel? Would you like to convert your title but cant?
Its cetainly a great buy if it were freehold, but cross lease even though its not possible for neighbout issues to occur (which can occur on any title anyway), it just feels odd. Was a bizarre way for people to get around zoning issues in the day. IMO the council is partly responsible and should allow people to convert individual titles, find a way to make that legality work etc. :-)