Case Studies

Existing Tenure:
Four cross lease titles with a ¼ share in the fee simple of 2,154 m2

Conversion Tenure:
Four fee simple titles and a Jointly Owned Access Lot (JOAL)

Our Fixed Fee:
$60,869.57 plus GST

Conversion Duration:
Start 29 April 2022 - 23 December 2022

Description of Properties:
Four substantial flats in an established high value amenity courtyard arrangement with common fire walls connecting each separate dwelling with garages, car ports and open car parks in the common area.

The Problem:
The two external flats had extensions built and defective flats plans significantly reducing their market value and saleability. The owners had been trying for four years to convert to fee simple but had not been successful in getting all the parties to agree to the conversion.

Our Solution:
We presented a fixed fee to the owners and held a vote under the ‘decision making clause’ of the cross-lease deed to convert the existing four flats to five fee simple lots – one lot being the driveway and car parking lot owned in equal shares by the other four lots.

Outcome:
The vote was successful, and the conversion is underway and is likely to be finished within six months at the fixed cost.

Existing Tenure:
Two cross lease titles with a ½ share in the fee simple of 1,273 m2

Conversion Tenure:
Two fee simple titles Lot 1 – 731 m2 and Lot 2 – 542 m2

Conversion Budget:
$30,000 plus GST

Actual Budget:
$30,112 plus GST

Conversion Duration:
Start - 22 October 2021 to Finish - 6 April 2022 (84 working days)

Description of Properties:
Flat 1 was a new build dwelling that had gone over budget and needed to be sold. Flat 2 was built in the 1980’s and is well established. Both market values circa $3,000,000.

Existing Services:
A search of the property files held by Auckland Council provided us with reasonably accurate private drainage with both houses having direct access to the public wastewater and storm water. Both have separate driveways, power, and telecoms services.

Subdivision Consent:
Granted on 23 November 2021 with no 224c conditions (Start plus 21 working days)

Outcome:
The new build dwelling was taken to the market shortly after we obtained Subdivision Consent.

Existing Tenure:
Two cross lease titles with a ½ share in the fee simple

Conversion Tenure:
Two fee simple titles

Conversion Budget:
$31,000 plus GST

Actual Budget:
$30,277 plus GST

Conversion Duration:
6 months (excluding Level 3 and 4 lockdowns)

Description of Properties:
These are well established substantive dwellings built in the 1990’s. Flat 1 has its own frontage and access directly onto Cecil Road. Flat 2 has a separate accessway as part of its exclusive use area.

Existing Services:
A search of the property files held by Auckland Council provided us with reasonably accurate private drainage with both houses having direct access to the public wastewater and each had a modern private soakage pit in their exclusive use area. Our CCTV Report confirmed the drainage plans and found both Flats had extensive silt in their stormwater pipes. Both have separate power and telecoms services.