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Land Transfer Act 2017

Dealings in estates and interests in land - Leases

94: Surrender of lease

You could also call this:

"What happens when you give up a lease"

Illustration for Land Transfer Act 2017

You need to use a lease surrender instrument to register the surrender of a registered lease. This instrument must contain the prescribed information. You must execute the lease surrender instrument as the lessor or the lessee. You cannot surrender a lease with a mortgage or sublease without the consent of the mortgagee or sublessee. However, you do not need the sublessee's consent if you surrender the lease under section 216 of the Property Law Act 2007 and lodge the new lease immediately. If you surrender a lease with the consent of a mortgagee or sublessee, the mortgage or sublease will be extinguished if it is not registered on the record of title of a replacement lease under section 95. The Registrar must then cancel the entry on the record of title.

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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=DLM6731235.

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Part 3Dealings in estates and interests in land
Leases

94Surrender of lease

  1. A lease surrender instrument must be used in order to register the surrender of a registered lease.

  2. The lease surrender instrument must contain the prescribed information.

  3. The lease surrender instrument must be executed by—

  4. the lessor; and
    1. the lessee.

      1. A lease subject to a mortgage or a sublease must not be surrendered without the consent of the mortgagee or sublessee.

      2. The consent of a sublessee to the surrender of a lease is not required if—

      3. the lease surrender instrument states that the lease is surrendered under section 216 of the Property Law Act 2007; and
        1. the new lease is lodged for registration immediately after the lease surrender instrument.

          1. If a lease is surrendered with the consent of a mortgagee or sublessee and the mortgage or sublease is not registered on the record of title of a replacement lease under section 95,—

          2. the mortgage or sublease is extinguished; and
            1. the Registrar must cancel the entry on the record of title.

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