A cross-lease is where multiple individuals own an undivided share of land and a lease for part of the land/building. This building will then be leased back to them (often for a term of 999 years) and recorded on the Record of Title. In other words, in a cross lease title, property owners share ownership of the land and the buildings on it. If you hold a cross lease, you are a part-owner of every building on the plot of land – not just the one you occupy – with the other leaseholders.
A purchaser of a cross lease property can object to the title if the flats plan is defective. If alterations or additions have been made to the flat so the exterior dimensions have changed, the vendor will be unable to give a valid leasehold title to the alterations/additions and the title is defective.
We can help you to update the cross lease plan (flat plan) which will subsequently update your cross lease title.
Please contact us using the link if you would like to get free quote and timeframe to update your cross lease title.
