sec.457Terms of pre-Wolfe freeholding leases

### sec.457 Terms of pre-Wolfe freeholding leases The following provisions also apply to pre-Wolfe freeholding leases— the length of the term of the lease and purchase price (including commercial timber) for which a pre-Wolfe freeholding lease was issued continue to apply; lease payments are instalments that pay out the purchase price of the land; instalments do not attract interest; if the remaining purchase price is paid in cash during a lease, a discount, prescribed under the regulations, applies; regulations may prescribe minimum instalments for all but the final payment; the length of the term of a lease may increase or decrease because of changes to minimum instalments or hardship concessions or deferrals; the land must be surveyed, at the lessee’s expense, for inclusion in the freehold land register; the Minister may require the preparation of a compiled plan before the deed of grant is issued; the final payment must include the appropriate fees prescribed under the Land Title Act 1994 for the issue of a deed of grant. To remove any doubt, it is declared that the purchase price for a pre-Wolfe freeholding lease is not reduced by any deferral for hardship that may apply under a rent and instalment regulation. The discount mentioned in subsection (1) (d) does not apply to the amount of the remaining purchase price that, in the records of the department about the payment of the purchase price, is attributable to the value of commercial timber. s 457 amd 1997 No. 78 s 65 ; 2014 No. 29 s 91 (sec.457-ssec.1) The following provisions also apply to pre-Wolfe freeholding leases— the length of the term of the lease and purchase price (including commercial timber) for which a pre-Wolfe freeholding lease was issued continue to apply; lease payments are instalments that pay out the purchase price of the land; instalments do not attract interest; if the remaining purchase price is paid in cash during a lease, a discount, prescribed under the regulations, applies; regulations may prescribe minimum instalments for all but the final payment; the length of the term of a lease may increase or decrease because of changes to minimum instalments or hardship concessions or deferrals; the land must be surveyed, at the lessee’s expense, for inclusion in the freehold land register; the Minister may require the preparation of a compiled plan before the deed of grant is issued; the final payment must include the appropriate fees prescribed under the Land Title Act 1994 for the issue of a deed of grant. (sec.457-ssec.2) To remove any doubt, it is declared that the purchase price for a pre-Wolfe freeholding lease is not reduced by any deferral for hardship that may apply under a rent and instalment regulation. (sec.457-ssec.3) The discount mentioned in subsection (1) (d) does not apply to the amount of the remaining purchase price that, in the records of the department about the payment of the purchase price, is attributable to the value of commercial timber. - (a) the length of the term of the lease and purchase price (including commercial timber) for which a pre-Wolfe freeholding lease was issued continue to apply; - (b) lease payments are instalments that pay out the purchase price of the land; - (c) instalments do not attract interest; - (d) if the remaining purchase price is paid in cash during a lease, a discount, prescribed under the regulations, applies; - (e) regulations may prescribe minimum instalments for all but the final payment; - (f) the length of the term of a lease may increase or decrease because of changes to minimum instalments or hardship concessions or deferrals; - (g) the land must be surveyed, at the lessee’s expense, for inclusion in the freehold land register; - (h) the Minister may require the preparation of a compiled plan before the deed of grant is issued; - (i) the final payment must include the appropriate fees prescribed under the Land Title Act 1994 for the issue of a deed of grant.