Purchasing your lease
Leases are bought and sold in the same way as freehold property. However, when people 'buy' leases they are in fact only buying the improvements on the leased land and the right to lease the land from the state.
New Crown land legislation has come into force this year allowing eligible leaseholders to purchase their Western Lands Lease. A series of information sessions were held around the state to provide more information to leaseholders, such as the eligibility criteria, application and assessment process, plus price and payment options.
Information sessions were held at Lightning Ridge, Coomealla, Balranald, Hillston and Cobar during February and March.
The final information session is:
- Broken Hill, Thursday 5 April, 6.30 pm, Broken Hill Racecourse
Changes to the leasing legislation
The new Crown Land Management Act 2016 (the Act) allows eligible Western Lands Leases to be purchased, which will convert the title to freehold.
Some leaseholders in the Western Division have been able to purchase their Western Lands Lease for some time; these include urban leases for business and residential purposes and a number of agricultural leases.
The new Act provides a new opportunity for grazing leaseholders in the Western Division.
Leaseholders who currently hold purchase rights continue to be able to apply to purchase their lease under the Act.
The Act includes criteria to guide the department’s assessment of all applications to purchase a lease.
The Purchasing Crown leasehold land to obtain freehold title policy and guideline provides a framework for assessing and determining applications to purchase a lease.
For lessees wanting to lodge an objection to the purchase price when purchasing Crown leasehold land, a policy and guideline is available.
Page link: https://www.industry.nsw.gov.au/lands/use/leases/western/purchasing-your-lease