{"id":215349,"date":"2022-05-18T20:37:36","date_gmt":"2022-05-18T07:37:36","guid":{"rendered":"https:\/\/legalvision.co.nz\/?p=215349"},"modified":"2024-12-05T18:21:53","modified_gmt":"2024-12-05T05:21:53","slug":"types-of-property-ownership-in-nz","status":"publish","type":"post","link":"https:\/\/legalvision.co.nz\/franchising\/types-of-property-ownership-in-nz\/","title":{"rendered":"What Are the Types of Property Ownership in New Zealand?"},"content":{"rendered":"\n<p>There are many types of land ownership in New Zealand, and each one can impact what you can and cannot do with your property. It is essential to understand the different types of property ownership to understand your rights regarding commercial property. This article will outline the four main types of ownership, which are:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>freehold;<\/li>\n\n\n\n<li>leasehold;<\/li>\n\n\n\n<li>unit title; and<\/li>\n\n\n\n<li>cross lease.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">Freehold Ownership<\/h2>\n\n\n\n<p>Freehold ownership (also known as fee simple) is the most common type of ownership and is usually the most simple. If you have a freehold <a href=\"https:\/\/legalvision.co.nz\/property-and-leasing\/due-diligence-commercial-property\/\">commercial property<\/a>, you have sole ownership of the land and anything built on the land unless there are other interests. You have a right to:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>mortgage the property;\u00a0<\/li>\n\n\n\n<li>sell it; or\u00a0<\/li>\n\n\n\n<li>include it in your will or inheritance.\u00a0<\/li>\n<\/ul>\n\n\n\n<p>Moreover, you will not need to pay rent with a freehold property. You can do whatever you like with the property, as there is no landlord to worry about.&nbsp;<\/p>\n\n\n\n<p>Interests in your property may create restrictions on your ability to use it. These restrictions may include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>easements that give neighbouring property owners rights to use parts of your land to pass over;<\/li>\n\n\n\n<li>covenants that limit what type of commercial property you can build on the land; or<\/li>\n\n\n\n<li>restrictions under the <em>Resource Management Act<\/em>.<\/li>\n<\/ul>\n\n\n\n<p>With freehold ownership of commercial property, you can remain in one place as long as you wish. This provides stability for your company and allows you to establish your business in the market.&nbsp; Furthermore, owning the property this way can increase your company\u2019s asset base, potentially enhancing your company\u2019s borrowing power.&nbsp; However, the upfront costs of freehold ownership are also generally higher since you would be purchasing both the land and the building.<\/p>\n\n\n\n    <div class=\"my-7 lg:my-10 border-y-2 border-gray-100 py-7 lg:py-10 flex flex-col sm:flex-row items-start gap-10\">\n                    <img decoding=\"async\" class=\"w-52 mx-auto my-0! rounded\" src=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/2\/2023\/08\/19114154\/LegalVision-AU-Landlord-Leasing-Terms-Cheat-Sheet.png\" alt=\"Front page of publication\"\n                 loading=\"lazy\" width=\"208\" height=\"298\">\n                <section>\n            <div class=\"text-2xl font-bold\">Landlord Leasing Terms Cheat Sheet<\/div>\n            <div class=\"body-text\">\n                <p>This cheat sheet explains a number of key clauses and gives practical tips to help avoid disputes.<\/p>\n            <\/div>\n            \n\n<a href=\"https:\/\/img.legalvision.com.au\/wp-content\/uploads\/sites\/2\/2023\/08\/LegalVision-NZ-Landlord-Leasing-Terms-Cheat-Sheet.pdf\" class=\" block px-5 py-3.5 max-w-fit bg-orange button__hover transition rounded text-white font-bold text-lg no-underline uppercase leading-tight text-center\" target=\"\" rel=\"\">Download Now<\/a>        <\/section>\n    <\/div>\n\n\n\n\n<h2 class=\"wp-block-heading\">Leasehold Ownership<\/h2>\n\n\n\n<p>Your landlord will own the land you use with a leasehold property ownership. Additionally, you will need to pay rent to them during your tenancy. When you pay rent, you purchase an exclusive right to possess and use the land and commercial property for a certain period. Furthermore, you may use the leasehold land and property for as long as the lease outlines. Other terms that you may find in the lease include:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>parties to the lease;<\/li>\n\n\n\n<li>amount of rent to pay;<\/li>\n\n\n\n<li>rent reviews;<\/li>\n\n\n\n<li>fit-out terms;<\/li>\n\n\n\n<li>your obligations to property maintenance;<\/li>\n\n\n\n<li>description of premises; and<\/li>\n\n\n\n<li>landlord\u2019s responsibility for repairs.<\/li>\n<\/ul>\n\n\n\n<p>With leasehold ownership, your business can change locations at the end of the lease term if you wish. Unlike a freehold, you are not bound to an expensive property because you decide to purchase it outright. A leasehold property is excellent if you intend to move locations or are testing the market to see where your business will thrive best. However, the <a href=\"https:\/\/legalvision.co.nz\/property-and-leasing\/commercial-rent-review\/\">regular rent reviews<\/a> may increase your costs over time, impacting your business\u2019 cash flow. Whilst you can negotiate the terms of your lease, a detailed understanding of market dynamics is required.<\/p>\n\n\n\n\n<a href=\"#content-next\"\n   class=\"block p-4 mt-10 text-xl font-bold text-center text-white no-underline bg-gray-800 rounded-t-xl\">\n    Continue reading this article below the form\n    <i class=\"text-xl fa-regular fa-arrow-down\"><\/i>\n<\/a>\n<div class=\"px-6 pt-10 pb-12 mb-10 text-center bg-gray-100 rounded-b-xl sm:px-12 test\">\n    <div class=\"mb-8 text-2xl font-bold text-orange\">\n        Need legal advice?\n        <br>\n        <span class=\"text-lg not-prose\">\n                            Call <a href=\"tel:+64800005570\" class=\"not-prose\">0800 005 570<\/a> for urgent assistance.\n                <br>\n                Otherwise, complete this form, and we will contact you within one business day.\n                    <\/span>\n    <\/div>\n\n    \n\n<div class=\"not-prose flex justify-center text-left gform_input_bg_white    \">\n    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For example, as a unit owner, you will own:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>your specific unit and any accessory units such as parking spaces, storage areas, and courtyards outlined in the record of title; and<\/li>\n\n\n\n<li>an undivided share of ownership of the common property, such as lifts, stairs, lobbies, and gardens.<\/li>\n<\/ul>\n\n\n\n<p>Once you enter into a unit title ownership, you will automatically become a part of the body corporate. In this case, all unit owners will act as a group. The <a href=\"https:\/\/www.legislation.govt.nz\/act\/public\/2010\/0022\/latest\/DLM1160440.html\"><em>Unit Titles Act<\/em><\/a> governs the body corporate and outlines the powers and duties of the body. Before you make any decisions, a certain percentage of the body corporate will need to approve them. Generally, this number is 50% or 75% of the unit owners. You should note that you must pay a fee to the body corporate.<\/p>\n\n\n\n<p>Before buying into a unit title ownership, you can ask to read the corporate body rules. This will tell you how you and others can use the areas and what areas you own. In addition, the rules will give you an idea of what fees you need to pay and what the body expects of you as a member. As a result, you can understand the body\u2019s services, such as rubbish collection and cleaning communal areas.<\/p>\n\n\n\n<p>Before purchasing, the seller of the property must provide you with the following information:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/legalvision.co.nz\/property-and-leasing\/pre-contract-disclosure-statement\/\">pre-contract disclosure statement<\/a>, which they will provide before you enter into the sale and purchase agreement;<\/li>\n\n\n\n<li>pre-settlement disclosure statement, which they will provide after you enter into the sale and purchase agreement; and<\/li>\n\n\n\n<li>any additional information you request regarding the body corporate.<\/li>\n<\/ul>\n\n\n\n<p>Another factor you should consider is the ongoing corporate fees. These fees are used by the body corporate to cover:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>building maintenance;<\/li>\n\n\n\n<li>insurance; and\u00a0<\/li>\n\n\n\n<li>other amenities for the common areas of the building.\u00a0<\/li>\n<\/ul>\n\n\n\n<p>These fees can fluctuate and may affect your budget planning. As such, you should plan for these changing conditions as best as possible.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Cross Lease Ownership<\/h2>\n\n\n\n<p>If you own a cross lease property, you will have the following two interests in the property:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>a share of the freehold title in common with other cross leaseholders; and<\/li>\n\n\n\n<li>a leasehold interest in the specific area and building you occupy.<\/li>\n<\/ul>\n\n\n\n<p>This means you and the other cross-leaseholders own the entire property together but have individual rights to use specific parts. You will often find parts of the property designated as common property. A legal framework usually manages this type of shared ownership. These frameworks outline everyone\u2019s rights and responsibilities related to property.<\/p>\n\n\n\n<p>The cross lease title will show the building plan you intend to occupy. You should check the title to ensure that you are entering into a lease for the property you want and whether your neighbours have any interests or easements in your land. In addition to this, you can check if there are areas that your neighbours have an exclusive right to use and what the common areas are for all cross leaseholders.&nbsp;<\/p>\n\n\n\n<p>With a cross lease ownership, most cross-leaseholders must approve any changes you wish to make to your building. Depending on the lease terms, you may need permission from other owners to make structural changes to your building, such as putting up a fence. Also, by sharing responsibilities with other cross-leaseholders, you may experience unexpected costs if the other parties do not meet their obligations. Ultimately, the lease may restrict what you can and cannot do with the property.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Key Takeaways<\/h2>\n\n\n\n<p>Before buying your commercial property, you should consider which types of property ownership you wish to enter. The main types of property ownership include:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>freehold;\u00a0<\/li>\n\n\n\n<li>leasehold;\u00a0<\/li>\n\n\n\n<li>unit title; or\u00a0<\/li>\n\n\n\n<li>cross lease ownership.\u00a0<\/li>\n<\/ul>\n\n\n\n<p>Each of these options affects what rights you have to your property and what obligations you may need to fulfil. <\/p>\n\n\n\n<p>If you need help choosing the right type of ownership for your business, you can contact our <a href=\"https:\/\/legalvision.co.nz\/leasing-lawyers-lp\">property lawyers<\/a>, who can help you as part of our LegalVision membership. You will have unlimited access to lawyers who can answer your questions and draft and review your documents for a low monthly fee. Call us today on <a href=\"tel:+64800005570\" class=\"AVANSERnumber dynamic-number\">0800 005 570<\/a> or visit our <a href=\"https:\/\/legalvision.co.nz\/membership\/\">membership page<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Frequently Asked Questions<\/h2>\n\n\n\n<div class=\"schema-faq wp-block-yoast-faq-block\"><div class=\"schema-faq-section\" id=\"faq-question-1730866401928\"><strong class=\"schema-faq-question\"><strong>What should I know before renovating a property with a unit title?<\/strong><\/strong> <p class=\"schema-faq-answer\">Before beginning renovations on a unit title property, review the body corporate\u2019s rules and submit your renovation plans for their approval. Ensure that your planned changes comply with the body corporate guidelines and minimise disruptions to other occupants. Securing these approvals helps avoid potential disputes and streamline the renovation process.<\/p> <\/div> <div class=\"schema-faq-section\" id=\"faq-question-1730866415641\"><strong class=\"schema-faq-question\"><strong>How do I manage repairs on a cross lease property?<\/strong><\/strong> <p class=\"schema-faq-answer\">Handling repairs in a cross lease property often involves coordinating with other leaseholders to ensure consistency, agreement on responsibilities, and shared costs. Refer to your lease agreement for specific guidance on managing repairs, as it will outline the necessary steps and requirements for cooperative maintenance<\/p> <\/div> <\/div>\n\n\n\n<h3 class=\"wp-block-heading\"><\/h3>\n<div class=\"not-prose m-feedback-prompt\">\n    <!-- Thumbs up\/down bar -->\n    <div class=\"m-feedback-prompt__main\">\n        <div class=\"m-feedback-prompt__title\">Was this article helpful?<\/div>\n        <div>\n            <!--span class=\"m-feedback-prompt__button--text\">Thanks!<\/span-->\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--yes\"\n                    data-analytics-link=\"feedback-prompt:yes\" aria-label=\"Agree\">\n                <i class=\"fa-regular fa-thumbs-up fa-3x\"><\/i>\n            <\/button>\n            <button type=\"button\" class=\"m-feedback-prompt__button m-feedback-prompt__button--no\"\n                    data-analytics-link=\"feedback-prompt:no\" aria-label=\"Disagree\">\n                <i class=\"fa-regular fa-thumbs-down fa-3x\"><\/i>\n            <\/button>\n        <\/div>\n    <\/div>\n\n    <!-- Feedback form -->\n    <div class=\"m-feedback-prompt__form\">\n        <div class=\"m-feedback-prompt__form--thanks \">\n            <div>Thanks!<\/div>\n            <p>\n                We appreciate your feedback \u2013 your submission has been successfully received.            <\/p>\n        <\/div>\n        <form id=\"contact-form\" class=\"m-feedback-prompt__form--form\" action=\"\" method=\"post\">\n            <input type=\"hidden\" id=\"authenticity_token\" name=\"authenticity_token\" value=\"3bc3beddae\" \/><input type=\"hidden\" name=\"_wp_http_referer\" value=\"\/api\/wp\/v2\/posts\/215349\" \/>            <input value=\"https:\/\/legalvision.co.nz\/franchising\/types-of-property-ownership-in-nz\/\" type=\"hidden\" name=\"currenturl\"\n                   id=\"currenturl\">\n            <input value=\"What Are the Types of Property Ownership in New Zealand?\" type=\"hidden\" name=\"currenttitle\"\n                   id=\"currenttitle\">\n            <label>\n                <!-- display on thumbs-up -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--yes\">\n                    Can you tell us <span class=\"font-semibold\">why<\/span> you found it helpful?\n                <\/span>\n\n                <!-- display on thumbs-down -->\n                <span class=\"m-feedback-prompt__feedback m-feedback-prompt__feedback--no text-lg\">\n                    How can we better improve this article?\n                <\/span>\n                <textarea name=\"feedbackmessage\" id=\"feedbackmessage\" required><\/textarea>\n            <\/label>\n\n            <div class=\"m-feedback-prompt__form--error\" id=\"form-submit-error\"><\/div>\n            <button id=\"submit-contact-form-button\" type=\"submit\" name=\"commit\" class=\"m-feedback-prompt__form--submit\"\n                    data-analytics-link=\"feedback-prompt:submit\">\n                Submit            <\/button>\n        <\/form>\n    <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>There are many types of land ownership in New Zealand, and each one can impact what you can and cannot do with your property. It is essential to understand the different types of property ownership to understand your rights regarding commercial property. This article will outline the four main types of ownership, which are: Freehold<a href=\"https:\/\/legalvision.co.nz\/franchising\/types-of-property-ownership-in-nz\/\">Continue reading <span class=\"sr-only\">&#8220;What Are the Types of Property Ownership in New Zealand?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":13513,"featured_media":225048,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"207995,1639,210611,212178,201905,1559","_relevanssi_noindex_reason":"","editor_notices":[],"footnotes":""},"categories":[7,11],"tags":[25,54,1269,1441,1442,1443,1444],"class_list":["post-215349","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-franchising","category-property-and-leasing","tag-small-business","tag-medium-business","tag-leasing","tag-property-ownership","tag-freehold","tag-unit-title","tag-cross-lease"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>What Are the Types of Property Ownership in NZ? 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