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