"Anyone who does not understand the freehold leasehold distinction shouldn't be signing a contract for any property"Featured comment
Disgruntled leaseholders of Cornwall Park Trust Board residential properties in the plush inner city Auckland suburb of One Tree Hill have erected large billboards in a bid to name and shame board members.
The board has repeatedly defended the use of 21-year “Glasgow” leases despite rocketing ground rents that have led to some lessees to abandon their million-dollar homes.
Signs appeared have on Campbell Rd next to the park (scroll to end to view). One includes pictures of board members John Clarke, Adrienne Young-Cooper, Keith Smith and John McConnell.
The billboards say ground leases for some homes are up by 2900% and use the label "homewreckers."
Cornwall Park director Michael Ayrton says the board is disappointed with the actions and that the signs are misleading.
“We have settled 95% of the leases and are expected to complete the rest shortly,” he says.
The board is still having discussions and will soon confirm which leaseholders will be invited to join a leadership group to work toward modernising the lease agreements.
Mr Ayrton refuses to comment on whether the leaseholders of the specific properties that feature in the signs have had their leases settled.
Leaseholders association chairman Don Tilbrook told NBR ONLINE he was aware of the signs but the group had not actively agreed to them.