Last updated 12 June 2020.
Since 2014, around half of the state’s perpetual lessees have converted to freehold. Reasons for converting to freehold include:
If lodged this financial year, the current freehold conversion price for a Grazing Homestead Perpetual Lease (GHPL) is approximately 25% of the current unimproved land value. Unlike previous tenure upgrades prior to 2014, this sum is payable as a lump sum after which the freehold deed of grant will be issued.
As the freeholding price is based on the Unimproved Value (UV) of the lease, we recommend you seek guidance from a rural property valuer (or if you are a member, contact AgForce Rural Property Valuer, John Moore at propertyvaluation@bigpond.com) to get a free appraisal of whether your property’s UV is accurate, or whether it can be lowered.
Sometimes perpetual leases require that additional surveying work be done before they can be converted to freehold. Note that AgForce members are eligible for member-only discounts with a number of surveying consultants.
The Department of Resources, Mines and Energy also recommend that you hold a pre-lodgement meeting with their local staff to talk through the process, timeframes, paperwork and costs. Their website includes further information on the process and the application form.
While a pre-lodgement meeting may help, please ensure that your application is lodged prior to the end of the financial year to avoid cost increases that will be incurred post 30 June.
Depending on how much, if any, commercial timber your lease has on it, Governments may seek to retain ownership of commercial timber species on your lease
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