Leasehold

Leasehold tenure is where you own a property - but not the land it sits on. You lease the land on various terms and conditions and with regular rent reviews.

What is leasehold?

If you come from London… or China… you’ll understand that tenure of land can be ‘freehold’ or ‘leasehold’. If you are Australian the concept is so foreign, we are in touch with Australian investors who have bought leasehold in New Zealand without knowing it.

There are various types of leasehold tenure in the Auckland CBD.

City Sales is expert on leasehold and holds copies of leases along with an understanding of review mechanisms. The term of a lease is either ‘in perpetuity’ (forever) or ‘terminating’ (currently 50 , 90 or 150 years depending on the address).

As leasehold buyers avoid paying for the land itself (instead opting to lease the land), and most leasehold land is in Auckland’s premier locations, at some stage in your life by buying leasehold you may elect to only spend a modest amount for the best address and usually the most glamorous architecture and style.

Your cost of living might be higher because of the Ground Rent. But to balance that your mortgage might be half that of freehold.

City Sales believes that rogue selling by unlicensed salespeople to uninformed buyers has led to adverse publicity relating to leasehold ownership and that this has unfairly repressed prices.

What do I do if I own leasehold?

Being informed expertly is the first step and it is critical because many of our other leasehold owners are not informed.

City Sales is expert on leasehold and freehold property and can advise on value ‘parameters’ i.e. how your location and proximity to a rent review can affect the value of your apartment.

City Sales advocates aggressively in the media, particularly on radio, the value of leasehold apartments and the lifestyle it accommodates.

Let us advise you and promote for you.

Contact us today