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Discounts Agreed for Leasehold Sales
28 July 2011
Discounts Agreed for Leasehold Sales
Hawke’s Bay Regional Council has agreed to offer a 17.5% discount to residential leaseholders wanting to freehold.
Leaseholders who are occupying their properties can take advantage of the 17.5% discount on the purchase price of freeholding their property as long as the sale and purchase is settled by 30 June 2012.
Investor leaseholders who are not occupying their leasehold property and have rented their property out, can take a 10% discount on the purchase price, by that same date.
The Council wants to encourage more leaseholders to freehold, as it will reinvest the money gained from the sales of these property to help fund economic and environmental projects to benefit the region as a whole.
Council Group Manager Paul Drury estimates that a number of leaseholders will be encouraged by this discount to freehold, but by no means all leaseholders will be able to do so.
Owners of cross lease properties can receive a contribution from Council of $1000 towards the legal costs of freeholding a cross lease property, again if the sale is completed by 30 June 2012. This contribution is in recognition of the additional special difficulties cross leaseholders have in freeholding their properties.
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