The bright-line test changed on 1 July 2024, reducing the bright-line period back to two years for residential property sales – a bright day for some property owners. What is the Bright-line test? The Bright-line test sets out a timeframe where if a sale of a residential property occurs, the profit gained may count as …
Bright-line tax changes: what property owners need to know Read More »
What is a reverse mortgage? A reverse mortgage is a loan for people over 60 years of age that allows them to access equity in their property in order to release cash to them. We see many clients benefit from these loans, using the funds for necessary improvements or maintenance that enable them to stay …
Getting onto, or moving up, the property ladder can be challenging. To get a deal across the line, purchasers are increasingly looking to alternative ownership options. One option we commonly see is co-ownership of property between family members. Taking matters a step further than the traditional parental guarantee of a child’s purchase, we are now …
Buying property with family: fun or potential fiasco? Read More »
The Property Law Act 2007 (Act) provides a “code” governing the cancellation of a lease by the lessor (Landlord) for breach of covenant or condition by the lessee (Tenant). The “code” is contained in sections 244 to 264 of the Act (Cancellation Code). The codification of the lease cancellation provisions of the Act means that, …
Cancelling a lease for breach of covenant or condition under the Property Law Act 2007 Read More »
The apartment building is suffering from building defects, what should be done? Defects (whether workmanship, or materials) commonly lead to weathertightness issues and further deterioration of the building and materials. Depending on when the building was constructed, or previous remedial work carried out, there may also be various warranty periods that are important. Where an …
Building and weathertightness defects – information for Body Corporates and owners Read More »
The Water Services Act 2021 (“the Act”) has become a key consideration for rural water supply arrangements. The Act is being implemented in a staged manner, and some additional requirements have just come into effect. While its main purpose is focussed on safe drinking water, it also sets out obligations with respect to wastewater and …
Inflation and the rising cost of living is affecting a lot of New Zealanders. Those who entered the property market with record low interest rates may start to feel the pinch as these rates continue to climb. So what should you do if you can’t meet your mortgage repayments? Talk to your lender If you …
What happens if you can’t make your mortgage repayments? Read More »
Neighbours are commonly grappling with issues about their fences: one neighbour may want to upgrade a boundary fence and the other refuses to pay their fair share, you may find out that your boundary fence is not on the true boundary of your property, or your neighbour may have built a fence which obstructs your …
After much delay and consideration, amendment of the Unit Titles Act 2010 and associated regulations have been approved. The amendments modify the law in many significant ways. These amendments were designed to improve the transparency and accountability of bodies corporate in their day-to-day running, ensure that potential buyers of unit titles obtain appropriate information from …
Amendments to the Unit Titles Act – what owners need to know Read More »
The amendments to the Unit Titles Act 2010 and Unit Titles Regulations 2011 bring about many significant changes for body corporate managers. These amendments were designed to improve the transparency and accountability of bodies corporate in their day-to-day running, ensure that potential buyers of unit titles obtain appropriate information from a vendor, establish professional standards …
Amendments to the Unit Titles Act – what managers need to know Read More »
