Tag: 10c

Cross Lease Titles

September 20, 2009

A Cross Lease Title is also known as a Composite Title. In simple terms: The owner of a Cross Lease Title holds an undivided share as tenants in common in the fee simple of the whole of the land upon which the flats are erected. Essentially the share will depend upon the numberĀ  of flats on the property. There is than a Leasehold estate with a Lease generally for 999 years for the flat itself, furthermore a nominal amount of rent @ 10c is contained in the Lease. When purchasing a Cross Lease Title it is very important that you obtain a copy of the Cross Lease Title and all encumbrances associated with the property prior to signing any Agreement for Sale and Purchase. Contact your Conveyancing Practitioner to obtain the search, they will ensure your interests are protected. Remember we can be contacted on 0800 2 87878 Happy Real Estate Warm regards

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