Tag: Banks

Banks

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December 10, 2010

It is me or is everyone getting frustrated with Banks?  We need clarification when dealing with Conveyancing Practitioners.

The Conveyancing Industry in New Zealand has been in effect for 2 years. In Australia the Conveyancing Industry has existed for over 30 years.

In New Zealand the Solicitors also represent the Banks in either a sale or purchase settlement and the Bank pays no representation fee. The fee is incorporated in the fee charged by the Solicitor to the Vendor or Purchaser. Conflict of interest in my opinion.

Anyway the Banks who will allow Conveyancing Practitioners to act are Bank of New Zealand, New Zealand Home Loans, TSB Bank and Kiwibank. It is long overdue the other Banks – ASB, Westpac, and ANZ National Bank of NZ get with the program.

Furthermore it is the choice of the Vendor or Purchaser to use a Conveyancing Practitioner not the Bank to advise who must represent them.

Any opinions, comments or feedback greatly appreciated. :)

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ANZ Bank and National Bank Customers Canterbury

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September 16, 2010

For any clients who have settlements up and coming in the Canterbury area and have financed through either the ANZ Bank or the National Bank should be aware prior to the draw down of any loan the Banks require the following:

1.  Full replacement insurance without a 21 day stand down period.

2.  A report from a structural engineer confirming the property hasn’t been damaged, unless the Bank advises otherwise.

3.  Acknowledgement that the customer has received advice about their risks in buying a property at this time.

The 21 days stand down restriction on the insurance means a client won’t be able to make a claim for any damage caused by an earth quake within 21 day period from the date the insurance started.

We recommend all client’s contact their insurance companies directly to obtain further information.

Please leave your feed back and comments, or if you have any queries or questions please contact Kim 0800 2 87878. :)

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Leaking Homes New Zealand

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May 21, 2010

On 17th May the Government announced financial assistance to help owners with leaky homes to rectify their properties. This package is not accepted by all as the solution to their problems but it is a step in the right direction.

The financial assistance is a equity share proposal where the Government would provide 25% of the agreed cost of repairs, the local body would provide a further 25% of the agreed cost of repairs and the owner would contribute the remaining 50% of cost of repair.

Where the owner was required to finance the 50% of their cost of repair, the government would provide a loan guarantee. This is subject to the owner being able to meet the banks standard lending criteria.

Parties who qualify for the financial assistance are the ones who are able to pursue a claim under the Weathertight Homes Resolution Services Acgt 2006.

To qualify:

* the property must be used as a private residence.

* there must be leaks.

* the water leaks must have caused damage to the property.

* it must be no more than 10 years since the construction or alterations leaks occurred.

This is an initiative by the New Zealand Government. For further information on this matter please do not hesitate to give us a call.

Regards the team at Property Conveyancing Services Limited :)

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Buying a Property

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April 21, 2010

Most people find the process of purchasing a property a daunting and scary experience, but rest assured it can be one of the most fantastic experiences. The first step to undertaking a property purchase is research and understanding what it is you need to be looking for. This blog is designed to give you some useful tools to help you.

Step 1. Understanding the market and area in which you want to purchase a property. There is lots of information available on line today.

Some of the resources you could use would be the local property press, quotable value, real estate agents property advertisers, estate agents or statistics from the Real Estate Institute of NZ to name a few.

Step 2. Speak with a professional Mortgage Broker to assess your ability to borrow funds and how much deposit you will be required to pay once the Agreement is confirmed unconditional. They will also look at the best loan structure to suit your needs.

This will also help you guage the price market in which you can buy.

Step 3. Check with the local council as to what the annual rates are. Is there any water charges applicable? How much will the insurance cost? What are your Conveyancing and Settlement fees? These costs will also need to be factored into your budget.

Step 4. Make a wish list of what it is you are looking for in the house in your market price.

Some things to consider :

- Schools.
- Public transport.
- Library.
- Shopping Centres.
- Sports and Recreation facilities.
- Banks.
- Post offices.
- These are but to name a few.

Step 5. Take your time and visit open homes to see what you get for your investment. Never buy on emotion. I have personally been guilty of this and it can be costly.

Step 6. Prior to entering into any Sale and Purchase Agreement make a trip to the local Council and check the property file. You will find a lot of information about the property you are intending to purchase.

Step 7. Once you have found your dream home contact your Conveyancing Practitioner to get the appropriate advice about what conditions should be included in your Sale and Purchase Agreement. They can also conduct a Title Search to see what encumbrances are registered as there could be some which affect the use of the land.

Above all enjoy the experience. When you engage the right Professionals the process will be hassle free.

If there is any further information you need please contact us, or is there anything in particular you would like to know?

Please leave your comments and feed back below we would love to hear from you Kim :)

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