Abigail Dougherty/Stuff
There are four main types of property ownership in New Zealand: freehold, leasehold, unit title and cross lease.
OPINION: After searching for ages, my partner and I have fallen in love with a perfect little unit. The agent told us it’s a cross lease property and suggested we speak to our lawyer about this. Is this a red flag? Cross leases are probably the most complicated form of property ownership in New Zealand and lots of people struggle to understand them, but that doesn’t mean the property should automatically move to your no-go list. There are four main types of property ownership in New Zealand: freehold, leasehold, unit title and cross lease. Each type means different rights, responsibilities and restrictions for the owner. As long as a buyer gets good legal advice about the cross lease agreement for a particular property, it can still be a suitable option, depending on the person’s individual homeownership needs and goals. What’s most i