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 Landlorda 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
Uncertainty continues to cast its shadow over the housing market but economist Tony Alexander has put together a list of reasons which offset the negatives and mean the market remains well-supported.
Global ratings agency Standards & Poors is the latest to join the chorus of predictions around potential house price falls in New Zealand – and they’re picking a 10% drop.
Auckland ’s long-term future is sound as well situated residential developments will always sell and demand for affordable housing remains strong, a leading non-bank property financier says.
New mortgage borrowing rose by roughly $1.6 billion in May as the property market showed signs of recovery from the Covid-19 lockdown.