sec.462Terms of post-Wolfe freeholding leases

### sec.462 Terms of post-Wolfe freeholding leases The following provisions apply to post-Wolfe freeholding leases— lease payments are instalments that pay out the purchase price of the land; instalments attract a rate of interest prescribed under the regulations; if the remaining purchase price is paid in cash during a lease, no discount 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 deferral; 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. These terms apply to both existing post-Wolfe freeholding leases and post-Wolfe freeholding leases issued under this Act. To remove any doubt, it is declared that the purchase price for a post-Wolfe freeholding lease is not reduced by any deferral for hardship that may apply under a rent and instalment regulation. s 462 amd 2009 No. 5 s 42 ; 2013 No. 23 s 352 sch 1 pt 1 ; 2014 No. 29 s 92 (sec.462-ssec.1) The following provisions apply to post-Wolfe freeholding leases— lease payments are instalments that pay out the purchase price of the land; instalments attract a rate of interest prescribed under the regulations; if the remaining purchase price is paid in cash during a lease, no discount 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 deferral; 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. These terms apply to both existing post-Wolfe freeholding leases and post-Wolfe freeholding leases issued under this Act. (sec.462-ssec.2) To remove any doubt, it is declared that the purchase price for a post-Wolfe freeholding lease is not reduced by any deferral for hardship that may apply under a rent and instalment regulation. - (a) lease payments are instalments that pay out the purchase price of the land; - (b) instalments attract a rate of interest prescribed under the regulations; - (c) if the remaining purchase price is paid in cash during a lease, no discount applies; - (d) regulations may prescribe minimum instalments for all but the final payment; - (e) the length of the term of a lease may increase or decrease because of changes to minimum instalments or hardship deferral; - (f) the land must be surveyed, at the lessee’s expense, for inclusion in the freehold land register; - (g) the Minister may require the preparation of a compiled plan before the deed of grant is issued; - (h) the final payment must include the appropriate fees prescribed under the Land Title Act 1994 for the issue of a deed of grant.