Definition of cross lease in English:

cross lease

noun

NZ
  • A contract by which a block of flats or townhouses is held in joint ownership, with each unit leased from the group as a whole, usually as a way of bypassing planning restrictions.

    ‘many cross leases were created with buildings of different ages’
    as modifier ‘a cross lease property’
    • ‘The cheapest property to sell in Auckland was a three bedroom, weatherboard home on a cross-leased section in the west Auckland suburb of Kelston.’
    • ‘In 1982, he cross-leased a section and built a townhouse on the front.’
    • ‘It's being marketed as a "vacant site for your grand design" on a 374sq m half share of a cross-leased plot.’
    • ‘Plans to cross-lease and further develop the neighbouring land were well advanced.’
    • ‘They applied for consent to cross-lease the two dwellings.’
    • ‘There are very few homes cross-leased or subdivided in Westmere.’
    • ‘It had two bathrooms and a single garage and was on a cross-leased section.’
    • ‘The plaintiffs and defendants had cross-leased apartments on Minehaha Avenue, Takapuna.’
    • ‘It was subject to tight building restrictions because it was on a cross-leased site.’
    • ‘This was conditional on the vendor obtaining a new title for the property, the property being cross-leased.’

verb

NZ
  • Place (a block of flats or townhouses) in joint ownership, with each unit leased from the group as a whole, usually as a way of bypassing planning restrictions.

    ‘decisions require the unanimous support of all owners where the properties are cross-leased’