Introducing Leasehold Strata
The WA 2016 Strata Title Act Reform will introduce many new types of strata, including leasehold strata.
Video Summary Of the Leasehold Strata Scheme
A Type Of Fixed Strata
Leasehold strata is actually a type of fixed strata with a fixed term of anywhere between 20 and 99 years. It lets you purchase the rights to own and live within a certain property for the period of time left on that strata.
For instance, if the leasehold is for 20 years and you purchase the property five years after it commenced, you only have 15 years’ ownership rights left.
This is particularly useful for land which is unable to be sold or transferred, but can instead be developed for the use of the community for a set period of time.
A leasehold strata apartment will be managed by the strata company, but each leaseholder has the right to say how they would like it to be managed, as well as the ability to sell their leasehold without the landowner’s consent.
To access our extensive strata experience, please contact us.
You may also be interested in:
- Staged Strata Development Reforms
- Community Title Schemes
- Improved Strata Management
- Simplified Strata Dispute Resolution
- Better Strata Buyer Information
- Terminating Strata Reform
- Strata Basics