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

Return to market form

There’s been a rallying of the market with the latest REINZ data showing both sales volumes and median house prices noticeably up with the onset of Spring.

House Prices

No stopping Capital price rises

There’s no sign of a slow-down in Wellington’s property prices with Trade Me Property’s latest data showing that asking prices continue to rise solidly.

Commercial

NZ proptech start-up scores major investor

Auckland-based commercial property disrupter, Jasper, has raised $2.3 million in seed funding following investment from European asset manager M7 Real Estate.

Mortgages

LVR loosening likely - ANZ

LVR restrictions were never meant to be a permanent feature of New Zealand’s housing market and ANZ economists argue that some further relaxing of them could soon be on the cards.

Site by PHP Developer