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STRATA SCHEMES DEVELOPMENT ACT 2015 - SECT 49
Effect of merger of leasehold estate with lessor's reversion
49 Effect of merger of leasehold estate with lessor's reversion
(1) This section applies if the Registrar-General receives a notice given
under section 48 and an application in the approved form before the
leasehold strata scheme to which the notice and application relate is
terminated.
(2) The Registrar-General must, if satisfied that the application
has been properly made, record in the Register the matters the
Registrar-General considers appropriate to effect the merger of the leasehold
and reversionary estates.
(3) When the Registrar-General makes the record--
(a) the leasehold strata scheme becomes a freehold strata scheme, and
(b) the
strata plan for the leasehold strata scheme becomes a strata plan for the
freehold strata scheme, and
(c) subject to paragraph (e), each former lot in
the leasehold strata scheme vests in the former owner of the lot for an estate
in fee simple, and
(d) the former common property in the
leasehold strata scheme, other than common property under an
accepted lease or sublease, vests in the owners corporation for an estate in
fee simple, and
(e) the fee simple estate in a lot in relation to which a
merger has not been recorded in the Register is held subject to the former
lease of the lot, and
(f) a registered mortgage, charge, covenant charge,
easement, restriction on the use of land or positive covenant conferring or
imposing rights or obligations in relation to the former leases of lots or the
former lots confers or imposes equivalent rights or obligations in relation to
the lots created, and
(g) a registered easement, restriction on the use of
land or positive covenant conferring or imposing rights or obligations in
relation to the former common property confers or imposes equivalent rights or
obligations in relation to the common property created, and
(h) subject to
paragraph (e), the former leases of each former lot and the former lease of
the former common property are determined.
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