New South Wales Consolidated Acts

STRATA SCHEMES DEVELOPMENT ACT 2015 - SECT 16

16 Effect of registration of strata plan of subdivision or consolidation for leasehold strata scheme

(1) On the registration of a plan as a strata plan of subdivision or strata plan of consolidation for a leasehold strata scheme--

(a) a lease of a development lot, or other lot the subject of the subdivision or consolidation, is determined (each a
"determined lease" ), and

(b) a lease of common property ceases to apply to a lot created by the subdivision or consolidation, and

(c) any estate, interest or a caveat affecting a determined lease affects the replacement leases accompanying the plan to the extent they relate to lots, and

(d) the leasehold estate in any common property created vests in the owners corporation as lessee for the remainder of the term of the lease of the common property, and

(e) 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 the 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) extinguished or varied by the relevant parties.

(2) A plan that, under this Act, is lodged for registration as a strata plan of subdivision for a leasehold strata scheme and is required to be accompanied by a lease or leases to be registered under the Real Property Act 1900 is taken to have been registered only when the lease or leases are registered under that Act.