The Strata Titles Amendment Act, which came into effect on May 1st 2020, introduces an alternative form of land ownership to Western Australia, Leasehold Strata Schemes.
A Leasehold Strata Scheme is a form of land ownership where lots in a strata scheme may be bought, sold and mortgaged but only for a fixed term between 20 and 99 years.
Once the act comes into effect, an individual strata lease will be required for each lot and owners will have permission to sell their lease without the consent of the landlord.
Unlike the current freehold strata schemes, individuals will not become owners, instead they will be referred to as long-term tenants. This means when the strata lease expires, the long-term tenants’ ownership of the property will also expire.
More information on Leasehold schemes can be found on the Landgate website.