Buying and Selling Property
Buying or selling a home for most of us will be the biggest transactions we will make and while it is a very exciting time it can also be a very incredibly stressful time. Negotiating your way through all the terminology used by real estate agents, banks, council (LIM’s) etc can be especially stressful. It is therefore important to make sure that you get it right as your home is normally your biggest asset. Tripp Rolleston & Co welcomes the opportunity to help you navigate your way through this process.
There are lots of different ways to buy a property - you can purchase through a real estate agent, by auction, private sale or buying from a friend or relative. Each has its particular advantages and risks and it's important to have someone working for you in this whatever method of sale or purchase you are undertaking.
There are a number of changes that can be made to the standard agreement for sale and purchase, whether you are buying or selling. If you email us a draft of the agreement before you sign it, we are happy to check it for you - and provided you do your conveyancing with us we won't charge you any more for doing so. This is particularly important if you are buying by auction as you will be purchasing unconditionally, so you need to undertake your due diligence before you bid at the auction.
Please see attached further information from the New Zealand Law Society on the process – “Do the Right Thing”. See your property lawyer”
Kiwi Saver / HomeStart
KiwiSaver First Home Withdrawal
If you’ve been a member of KiwiSaver for 3 years you may be able to withdraw some of your KiwiSaver savings to put towards purchasing your first home. You will need to contact your KiwiSaver provider regarding any entitlement before beginning the purchase process, as in most cases there is a set timeframe set by the providers and you will need to be sure that these timeframes fit within your purchase timeframes. Please contact us and we can talk you through these requirements.
Please also refer to http://www.kiwisaver.govt.nz/new/benefits/home-withdrawl/
You can apply for the HomesStart grant or pre-approval if you have belonged and contributed to a KiwiSaver scheme, complying fund or exempt employer scheme for at least three years.
Please note that Housing New Zealand requires at least four weeks, that is 20 working days, from receiving an application through to paying out the KiwiSaver HomeStart grant. Please also ensure that if you are applying for the grant in order to meet the financial conditions of your agreement for sale and purchase that you do so at least 10 working days prior to the finance confirmation date.
Please also refer to http://www.hnzc.co.nz/ways-we-can-help-you-to-own-a-home/kiwisaver-homestart-grant-and-savings-withdrawal/
Building a house is an exciting time. There are a huge amount of decisions to make - one of the most important decisions is who will be your builder. You should choose a qualified builder who is experienced in building the type of home that you want.
Once you have chosen a builder they will prepare a building contract. These vary enormously and it’s really important that you get your building contract checked by a solicitor before you sign it. If things go well, you will probably never look at the building contract again, but if there is a problem then you will need to rely on the building contract. Problems can arise years after the completion of your new home so it’s very important that you know where you stand before you sign.
The home loan market is very competitive which is good news for borrowers. If you do decide to refinance, your new bank will want to take security over your home which means you will need to instruct your solicitor to discharge your existing mortgage and replace it with a mortgage in favour of your new bank.
We can help you with refinancing with all of the leading banks or other lenders. Please contact us for further information regarding any refinancing.