A note, You can only destroy the way-point if you are the lot owner or the way-point owner, and you will not be refunded the full 3 Lapis Blocks, you will only get the amount of lapis dye that you normally get from ore, so double check you are standing in the right place before you add your way-point.
Extra, you cannot set a way-point in a plot that you do not own or are not lot allowed on, and it has been said that in the upcoming fort system, only fort members will be able to use way-points.