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STRATA SCHEMES DEVELOPMENT ACT 2015 - SECT 12
Effect on leases of registration of strata plan for leasehold strata scheme
(1) Subsection (2) applies if, immediately before registration of a
strata plan for a leasehold strata scheme, the whole of the parcel was subject
to a lease or leases registered under the Real Property Act 1900 (each a
"registered lease" ) and intended to be wholly or partly replaced by leases
(each a
"replacement lease" ) of the lots and the common property shown on the plan.
(2) On registration of the strata plan-- (a) each registered lease is
determined (each a
"determined lease" ) to the extent it related to the lots and common property,
and
(b) any estate, interest or caveat affecting a determined lease affects a
replacement lease to the extent it relates to the lots, and
(c) all rights
and obligations of the lessee, under a determined lease, existing immediately
before the registration continue to be exercisable, or may be discharged, by
that lessee as if the lease had not been determined, other than to the extent
that the rights and obligations are-- (i) inconsistent with the provisions of
a replacement lease, or
(ii) varied by the relevant parties.
(3) Subsection
(4) applies if, immediately before registration of a plan as a strata plan for
a leasehold strata scheme, the parcel was subject to 2 or more
registered leases intended to subsist after registration of the plan as leases
of the lots shown on the plan.
(4) On registration of the strata plan-- (a)
each lease that, immediately before the registration, was a lease of a part of
the parcel that corresponds to a lot shown on the plan becomes a lease of that
lot for the remainder of the term of the lease, subject to any estate,
interest or caveat affecting the lease immediately before the registration,
and
(b) if any part of the parcel comprised in the plan is shown as
common property, a lease affecting that part immediately before the
registration is determined to the extent it relates to the common property.
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