Issues with neighbours are mainly irrelevant to a crosslease. A crosslease is a share of the whole land parcel. It was commonly used in the 70's and 80's when the cost of subdivison meant this loophole method was preferrable. This was cleaned up in 1991 RMA changes.
Things to consider with a crosslease have been laid out above involving physical changes to the building. Many flat plans do not have rules around fences on your private area, so some of the warnings I think are bit over the top. Read the flat plan!
One thing I didnt understand was you DO own the property, you just share it. I thought the word "lease" meant the other person owned the land and it was a 999yr lease. So even if they say no to me raising the roof, oh well. That is the only change I had intended, but 3 years off anyway.
I totally agree. I was curious to see if anyone else felt this way.
Another thing, just because you are freehold doesnt mean the neighbour cant block your easement/drive with his boat the same as they can on a cross lease.
As itxt points out its all in the paper work.
This particular property I am looking at is ABUNDANT with plans and legalities, Im use to reading them but got lost there was so much haha, especially the builders/architects log as the house is being built i couldnt read his hand writing rofl.
Im offering roughly 18% less than what its peak value was, given Auckland has reclaimed a big chunk in the last 4 months of that 10% loss, I feel Im almost making money just by buying it for the price. If Auck does get back to its peak in late 2016 (which is a few % away I believe), then I feel Im definitely safe guarding against any end of the world economics like bloomberg has us at (2nd most likely country in the world to majorly crash ie 40%). No doubt I think we are due a correction, but I dont think it will be as bad as Ireland 08. We produce some physical goods, Dairy worries me with it becoming unpopular in some countries and Tourism has always worried me.
If i make 15% via the purchase, I feel thats all anyone can do in this market to mitigate risk, aside from paying the same amount to rent (if you put the amount as interest only it works out exactly the same as the 2 bedroom shoe box in central auck we had rented with screaming babies and neighbours who after 2 talks wont stop partying until 3am on a Wednesday to Sunday). Im getting too old for the city, does that make sense?
I "think" its a good move, bank manager said its a good buy and hes so grouchie but he was pleasantly surprised. Im middle aged, all my money is locked up Aussie, my friend who Im thinking of getting back with as a partner wants a baby, I want a baby. And if all goes well I can retire up Kerikeri in 10 years (oh such a long way off though).