Is your property fully insured?
There are potential insurance risks for properties that have shared areas, for example multi-storey town houses, semi-detached homes which share a party wall, and cross lease properties which have carports, the Insurance Council of New Zealand has warned.
If your property does not have a body corporate that manages insurance cover for the whole property, and if you and your neighbours have different insurance providers, you may find that any shared property such as carports, party walls and roofs will not be covered by your insurance.
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Extension of Māori Land Court jurisdiction
A significant change to the succession laws relating to Māori land [1] came into force on 6 February 2021 (Waitangi Day).
Te Puni Kōkiri states that the amendments to Te Ture Whenua Māori Act 1993 are intended to better support whānau to succeed to their land by:
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Disclosure of trust information to beneficiaries
The Trusts Act 2019 came into force on 30 January 2021. One major topic of discussion arising from the new Act has been the provisions governing disclosure of trust information to beneficiaries.
The purpose of the new disclosure provisions is to ensure that beneficiaries have sufficient information to enable the terms of the trust and the trustees’ duties to be enforced against the trustees. Historically, in some trusts, disclosure of information has been very limited, and beneficiaries often do not find out they are beneficiaries, or that they are entitled to trust information, for many years. This makes it difficult for beneficiaries to know who to contact, or what kind of information to request, to ensure the trustees are doing their job properly.
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Crown Pastoral Land Reform Bill – submissions open
Introduced to the House in July by the then Minister of Land Information, the Hon Eugenie Sage, the Crown Pastoral Land Reform Bill was drafted in early 2019 following consultation on enduring stewardship of Crown pastoral land. Submissions are now open for you to have your say on this proposed legislation.
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Rules for both owners and renters
With New Zealand’s borders closed and overseas travel restricted for the foreseeable future, many Kiwis will be looking to rent a holiday home for the traditional summer holiday this year.
There are plenty of options on sites such as Bachcare, Bookabach, Holiday Houses and Airbnb as well as renting a holiday house privately. Whether you own a holiday home and are looking for some extra income, or you want to rent a place for the whānau Christmas, there are a few things to remember.
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Time for a contracting out agreement?
You have had years of saving up for the overseas experience many New Zealanders dream of — then a pandemic hits. The London job you thought you had in the bag is no longer an option, and you and your partner are faced with extending the lease on your flat here — that you were eagerly awaiting to escape. What do you do now?
In 2020, many couples have found themselves cashing out what would have been their big OE savings stash and using it for a house deposit. Others have leapt at the banks’ lower interest rates to extend their borrowing and have bought properties that were unattainable only a year ago. All over the country, and particularly in Auckland, the property market is flooded with returning expats who are establishing roots back here — often earlier than anticipated.
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As the daylight hours extend, so too does the list of summer jobs that have been building up over the past year. On that list for many will be replacing those rickety old boundary fences that surround your house. Before you rip them all down, we have a case study that clarifies why it’s so important not to rush.
John’s fence
John believes that his boundary fences should be rebuilt; he approaches his three neighbours to discuss this.
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Allowing for Covid-related settlement delays
When New Zealand headed into Covid Level 4 in March, real estate transactions stalled because of difficulties completing essential elements of settlement, such as the legal paperwork, giving of vacant possession and the inability of moving companies to access the property. In response, a number of buyers and sellers adjusted their agreements to delay settlement until alert levels decreased.
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‘Estate’, ‘ownership with others’ and ‘interests’
Before you buy a property it is important that you understand exactly what you are purchasing. Your property title records (or should record) all of the interests that affect your title. That way, you are fully informed about any rights or obligations you may have – before you buy.
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Consents not needed for small builds
Changes to the Building Act 2004 came into force on 31 August 2020. The changes vary the circumstances under which you are required to obtain a building consent.
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