Types of Property Ownership

This guide outlines the four common types of property ownership in New Zealand. We strongly recommend having your solicitor review the ownership title before making any purchase offers.

Freehold:

With freehold ownership, you have full ownership of the land and any buildings on it.

Cross-lease:

In a cross-lease, you own a share of the freehold title usually with one other person. This method was popular for property subdivisions in the 1970s and 1980s across the country.

Unit Title (Strata Title):

This type of ownership is typical for units and apartment-style properties with multiple dwellings. You own your specific unit and also share ownership of common areas such hallways and gardens. Some buildings have a Body Corporate that oversees the overall management and maintenance of the property.

Leasehold:

In a leasehold property, you own the building or improvements on the land, but not the land itself. You purchase the right to occupy the land for a set number of years. When considering a leasehold property, it’s crucial to determine the remaining lease years, the timing of the next review, and associated costs.

If you have any questions regarding suitable loan options, please don’t hesitate to reach out. We are here to assist you in realising your vision of the future.

Blue Water Mortgages, New Plymouth, Taranaki.