A tenant who is entering into a commercial lease usually has a particular purpose in mind for which the premises will be used. Translating this into an appropriate ‘permitted use’ in the lease can be problematic. The ‘permitted use’ is often no more than a few words, but it is an important term that needs […]
Archive | Property
Who is Eligible for the Residential Care Subsidy?
Recently I was talking to a client who was worried about his elderly parents. Although still living in their own home they could no longer live independently. They had been assessed as needing full time residential care. My client was concerned about how his parents would be able to afford to live in a rest […]
Family’s dispute over $2m house
A recent NZ Herald article illustrates the need to have a Property Sharing Agreement when co-owning property with family or friends. A retired Auckland couple have recently taken their son and daughter-in-law to the High Court in a dispute about the arrangements for the sale of a property the four own together. The son and […]
Division of Relationship Property
A recent Sunday Star Times article reported a Family Court decision awarding a Wellington woman a 70% division of relationship property. This departure from the 50/50 division could be a significant development in how the Courts treat the division of relationship property. The couple separated in 2008 after 28 years of marriage. The woman had […]
Appetite for Destruction
The Environment Court’s decision in Lambton Quay Properties Nominee Ltd v The Wellington City Council [2013] NZEnvC 238 has given commercial property owners a steer as to how District Plans will be interpreted against the Building Act 2004, and the Resource Management Act (RMA) as to the ability to demolish earthquake prone heritage buildings. Key […]
Stop Press – Impact of LVR Changes
It is interesting to note that ASB has led the charge in withdrawing high LVR finance pre-approvals. We expect the other major banks to follow suit in short order. Our sources indicate that finance approval processing times for non-bank lenders who are not covered by the Reserve Bank restrictions have been pushed out due to […]
Home Insurance – Change to Sum Insured
Insurance companies offering policies in New Zealand are now required by their reinsurers to change the basis of their policies. In recent times, home insurance has been arranged on the basis of full replacement using the floor area of your home. This has been criticised by reinsurers following the Christchurch quakes, because it has not […]
Have you been asked to guarantee a loan?
Recently a longstanding client came to see me about a guarantee she had been asked to sign on behalf of her son and daughter-in-law. The young couple were buying their first home and did not have enough cash to meet the Bank’s lending criteria. The Bank was asking for a guarantee from my client, to […]
Deposits on First Homes
I have spoken to a number of first home buyers about the proposed new deposit rules for first home loans. Within the next few months the Reserve Bank could introduce loan-to-value ratio (LVR) restrictions on banks. These restrictions mean home buyers may soon need a minimum deposit of 20% of the property’s value before a […]
Buyer Beware – Is your new home an ex-P lab?
Recent current affairs programmes have highlighted the issues faced by some home buyers who unwittingly purchase ex-P laboratories. Most buyers are aware of the need to obtain a LIM report from Council, and a builder’s report. But, despite the risks (financially and to health), not many purchasers are getting homes tested to find out if […]