How do I find out who owns a property in NZ?
Access property ownership and boundaries data through the LINZ Data Service. LINZ is the authoritative source of land title and cadastral survey records for New Zealand. These records contain information about property ownership and boundaries, and are essential to maintain property rights across the country.
Are Taylor Wimpey Homes Freehold?
Since September 2017, all of our houses have been marketed on a freehold basis, except in exceptional circumstances, such as where Taylor Wimpey does not own the overall development site on a freehold basis or also in rare cases such as where the development is built on shared structures.
Why do I pay ground rent on a freehold property?
As a legal term, ground rent specifically refers to regular payments made by a holder of a leasehold property to the freeholder or a superior leaseholder, as required under a lease. In this sense, a ground rent is created when a freehold piece of land is sold on a long lease or leases.
Can you be charged ground rent on a freehold property?
Property sales are either on a leasehold or freehold basis. When you buy a freehold property you own the property and the land it sits on. If your property is a leasehold property you’ll have to pay an annual charge, known as ground rent, to the person who owns the freehold.
What is ground rent on a property?
The ground rent is the monthly fee that a homeowner pays to the holder of the leasehold property. So if the property you are living in has a leasehold, you can expect to pay a ground rent every month for essentially living on that land.
Can I refuse to pay ground rent?
You do not have to pay ground rent unless your landlord has sent you a formal, written demand for it. They can take legal action if you do not pay after you’ve received the demand. Your landlord can recover unpaid ground rent going back 6 years – they can ask you for the full amount in one go.
What happens if you dont pay ground rent?
If you don’t pay your ground rent, the freeholder can apply to the court for repossession of the property. This type of action is known as ‘forfeiture’. The freeholder can only start taking court action if: You’re three or more years in arrears with your ground rent.
What is an acceptable ground rent?
Ground rent up to 0.1 per cent of the current market value is acceptable. They may accept ground rent up to 0.2 per cent of the current market value subject to review. Property price linked escalations are not acceptable.
Can I buy out my ground rent?
Generally speaking, where the tenant has constructed buildings and carried out works which have increased the value of the land they have the right to buy out the ground rent and thus acquire the landlord’s interest.
What are the disadvantages of buying a leasehold property?
Some of the cons of leasehold include: You might need to pay an annual ground rent or service charge, both of which could be expensive. You may not be allowed to carry out major refurbishment or extension works. Sometimes this will require consent from the freeholder, and there’s no guarantee they’ll say yes.
Do all leaseholders pay ground rent?
Leaseholders usually pay ground rent too. The rules a leaseholder must follow are governed by a contract, known as the lease. It can include restrictions on what they can do to a property. However, some houses are also leasehold, although this is more common outside of London.
Is 125 year lease long enough?
The majority of residential leases used to be for a term of 99 years, but more recently leases on modern purpose-built flats have been for 125 years or longer. Most leases on ex-local authority flats are also for 125 years. The value of a leasehold flat diminishes as the lease gets shorter.
How many years should be left on a lease?
As a general rule of thumb, if the lease is less than 90 years you should almost certainly try to extend it because: Properties with shorter leases are less valuable than ones with long leases (this is particularly true if leases are below 80 years)
What happens at the end of a 999 year lease?
When the lease comes to an end, the ownership of the property automatically goes back to the freeholder. All flats in England and Wales will be leasehold properties. The leases are usually for a term of 99 or 125 years, but there are some leases which can be for 999 years.
How much does it cost to increase a lease?
Typical cost to extend a lease on a £500,000 flat by 90 years. Extension costs and added value from Homehold, based on Upper Tribunal Guidance. Estimated for a flat worth £500,000 once the lease is extended, with £100 ground rent rising by £100 for each 33 years of the term.