Timeshare Resorts – successful wind up of the Taupo Village Resort

In October 2018 the owners of the timeshare weeks at the Village Resort Taupo passed a Special Resolution to wind up their timeshare.   An Extraordinary General Meeting had been called by the Body Corporation Chairman following a majority decision at the AGM to explore this option.   In March this year we successfully applied to the High Court and obtained orders under sections 187 to 189 of the Land Titles Act to collapse the timeshare ownership weeks into a single […]

How new Anti Money Laundering (AML) legislation affects our clients

New  Zealand has passed a law called the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (“the AML/CFT law” for short). The purpose of the law reflects New Zealand’s commitment to the international initiative to counter the impact that criminal activity has on people and economies within the global community. Why we need to ask you for information Recent changes to the AML/CFT Act mean that from 1 July 2018 lawyers must comply with its requirements. Lawyers must do a […]

Extension of the bright-line test to five years

As part of Budget 2015, the Government announced that it would introduce a bright-line test for the sale of residential property. The new Government has extended the period to five years while maintaining the other policy settings. This requires tax to be paid on any gains from the sale of residential property that is bought and sold within five years, with limited exceptions, including the sale of the main family home. The definition of “residential land” covered by the bright-line test […]

Short of money? Debt consolidation can help

The progress of many families means that over time extra children, business expansion or changing homes and vehicles leads to additional term loans and hire purchases being added to the family housing debt without a comprehensive plan for paying it back. Debt consolidation can actually reduce monthly outgoings leaving more funds available to live on.  If your own bank does not co-operate other banks may assist with refinancing incentives. Instead of borrowing additional funds on hire purchases to replace your […]

Kiwisaver – Homestart Grant update 2017

Kiwisaver has two features to help you buy your first property – the Kiwisaver Home Start Grant and the Kiwisaver First Home Withdrawal. The Kiwisaver Home Start Grant provides eligible first home buyers with a grant up to $5,000 for individuals and up to $10,000 where there are two or more eligible buyers to purchase an existing older home. In addition, the Kiwisaver Home Start Grant also provides eligible first home buyers with a grant of up to $10,000 for […]

Subdivisions – releasing retirement capital

For property owners in or approaching retirement, the move to a retirement village or just downsizing can be economically challenging. The subdivision of the existing family home can avoid or at least delay the need to enter into either an occupation licence in a retirement village or the upgrade to a newer but smaller residential unit.  Both of these options can significantly reduce the deposable capital for retirees without always producing the best lifestyle outcomes. There is no doubt that […]

Baby Boomers burden – Assisting our children to purchase their first home

Sometimes the difference between securing a property and missing out for first home buyers is the assistance that their parents can provide in finding the required purchase price.    The risks of gifting home deposit to your children Parents are sometimes reluctant to make sizable gifts where their children are in relatively new relationships and are purchasing a property together with their partner.  The intermingling effect of the purchase using these funds means that after 3 years duration the contribution […]

Why you need a Due Diligence clause when buying commercial property

The recent earthquakes in Christchurch and Kaikoura have been a good wake up call for buying and selling commercial property. As Hawke’s Bay is also a region with seismic activity, our commercial lawyers strongly advise you include a due diligence clause into a sales and purchase agreement for commercial property because earthquakes aren’t the only potential risk. What’s the advantage of a due diligence clause? If you make your sale and purchase agreement subject to due diligence you are able […]

Building Guarantees – do I need one?

The Building Act provides implied warranties for all residential building work, however it’s not all plain sailing.  A system of licensing now exists for licensed building practitioners to carry out building work, and this scheme is designed to ensure that major work is carried out by competent trades people who are held accountable for their work if anything goes wrong. The remedies available to owners include: Disputes Tribunal for claims up to $20,000.00; Arbitration; Claims with the Weathertight Homes Tribunal; […]

Code Compliance Certificate – what’s the story?

Whether you are looking to purchase a new home, renovate an existing one or start from scratch, a code compliance certificate will be an important step in the process.  This article addresses some of the common questions relating to code compliance certificates.  What is a Code Compliance Certificate? A code compliance certificate confirms that any building work done on a property complies with the relevant building consent and the Building Code.  The local territorial authority (city or district council) has […]