Shared Ownership of Land in New Zealand
There is a legal mechanism that grants title to a unit on a defined part of a single allotment of land. This mechanism is the Unit Titles Act 1972.
Prior to the passing of the Unit Titles Act 1972 artificial schemes were created to cater for the new phenomenon of ownership flats. These schemes were attempts to use parts of the law for purposes not originally intended. The schemes include the company lease scheme and the cross lease scheme. All observers acknowledge that these schemes are irreparably flawed.
Cornwall Court is governed by a company lease scheme. Despite the advantages of unit titles Cornwall Court has not exercised the option to convert open to it in law.
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