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.