New South Wales Consolidated Acts

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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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