Property problems: Law review might clarify investment issues

Monday 13 December 2004

Q: I own several apartments as investments but I have been frustrated with the different way the apartment blocks are managed. Some of my recent problems are:

* The amount of money I have to pay to the body corporate for some of my apartments is too big for the services I get in return.

* I just bought two units in an apartment block and now I have been stung with

By The Landlord

a bill for big repairs.

* I have fallen into a dispute with other co-owners. I am told the only way to resolve it is by going to court.

Another investor told me that the Government was going to change the law in the area. Will this help me?

A: From how you have described your properties we expect they are all unit titles. This area of law is dealt with by the Unit Titles Act 1972, and it is under review.

The type of problems you have experienced are among the factors leading to the decision to review the law and it is possible that the changes will help you in the future.

The Government has just released a discussion document on unit titles and is calling for submissions.

Read More - Opens in a new window
Commenting is closed

Property News

Consents fall could have been worse

New dwellings consents dropped in April. That didn’t surprise anyone but economists were surprised that the drop wasn’t bigger.

House Prices

House price drops are short-lived - Alexander

Periods of house price decline are rare and "short-lived", says economist Tony Alexander, amid forecasts of a drop of 10%-15% this year.


Resilience needed in face of change

The Reserve Bank says the commercial property sector is vulnerable to the Covid-19 crisis. But PMG Funds' chief executive believes that while there’ll be short-term pain, the biggest long-term impact will be structural change.


Mortgage lending slumps to record low in April

Mortgage lending fell to its lowest level on record last month as the property market ground to a halt during the Covid-19 lockdown.

Site by PHP Developer