Other interests in land
Issue: Specified estates in land
Submission
(Chartered Accountants Australia and New Zealand)
It should be communicated widely and explicitly that the proposed changes affect all transfers of “specified estates in land”. For instance, land other than residential land will be affected.
Comment
Plain English guidance for buyers, sellers and conveyancers will be provided.
Recommendation
That the submission be noted.
Issue: Cross lease properties included
Submission
(Auckland District Law Society)
Cross lease properties should also be included within the definition of “specified estate in land”.
Comment
Cross lease properties are a form of leasehold estate in land so are already included as a specified estate in land in s156A of the Bill.
Recommendation
That the submission be noted.