Misc

Property problems: Law review might clarify investment issues

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

Monday, December 13th 2004

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.

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Heartland Bank - Online 6.69
SBS FirstHome Combo 6.74
Wairarapa Building Society 6.95
Unity 6.99
Co-operative Bank - First Home Special 7.04
ICBC 7.05
China Construction Bank 7.09
BNZ - Classic 7.24
ASB Bank 7.24
ANZ Special 7.24
TSB Special 7.24
Unity First Home Buyer special 6.45
Heartland Bank - Online 6.45
China Construction Bank 6.75
TSB Special 6.75
ICBC 6.75
ANZ Special 6.79
ASB Bank 6.79
AIA - Go Home Loans 6.79
Kiwibank Special 6.79
BNZ - Classic 6.79
Unity 6.79
Westpac Special 6.39
China Construction Bank 6.40
ICBC 6.49
SBS Bank Special 6.55
Kiwibank Special 6.55
BNZ - Classic 6.55
Co-operative Bank - Owner Occ 6.55
ASB Bank 6.55
AIA - Go Home Loans 6.55
TSB Special 6.59
Kainga Ora 6.99
SBS FirstHome Combo 6.19
AIA - Back My Build 6.19
ANZ Blueprint to Build 7.39
Credit Union Auckland 7.70
ICBC 7.85
Heartland Bank - Online 7.99
Pepper Money Essential 8.29
Co-operative Bank - Owner Occ 8.40
Co-operative Bank - Standard 8.40
First Credit Union Standard 8.50
Kiwibank 8.50

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