Owner Walks Away From $2.1m Home
|October 28, 2013||Posted by Staff under Uncategorized|
The owner of a $2.1 million Auckland house has abandoned her property, after leasehold payments skyrocketed from $8,300 a year to more than $70,000.
The case has implications for others who own properties on leasehold land.
Neighbours expressed horror about the situation, saying they now feared massive increases in ground rent and others abandoning their houses in the desirable, leafy area.
The 1,297sq m site is owned by the Cornwall Park Trust Board, which charges residents ground rents; they own the house, not the land.
There are hundreds of hectares in Auckland under leasehold tenure, which many people have decried.