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5385 posts

Uber Geek


  # 2117981 1-Nov-2018 16:51
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If anyone is looking at buying a unit title property (like an apartment) they should be aware that there is a list of documentation the vendor should provide.

 

Unit titles are well worth getting legal advice on.





Mike



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  # 2117991 1-Nov-2018 17:25
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It's a block of apartments on the North Shore and I think there are about 40? other similar apartments there. Thanks for the comments so far, very helpful.
So if something needs repairing I need to do it or the Body Corporate arranges it (a la a landlord)?

 
 
 
 


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  # 2117999 1-Nov-2018 17:50

quickymart: It's a block of apartments on the North Shore and I think there are about 40? other similar apartments there. Thanks for the comments so far, very helpful.
So if something needs repairing I need to do it or the Body Corporate arranges it (a la a landlord)?


Check the underlying title as well. There are some apartment buildings in the Albany area that are on leasehold land. The developer kept the freehold interest, so they can get an income stream forever from that building.

There was also the situation with some of the apartments built on the former railway land near the Port. The developer hid the fact that the land was leasehold by prepaying 10 years or so worth of ground rent. Some people got caught out by it.





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Master Geek

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  # 2118035 1-Nov-2018 18:34
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Repairs and maintenance - who pays depends upon whether the repair or maintenance is within the unit boundary of your property or in the common area of the complex. The unit boundary is the midpoint of your walls. So you pay if you need to repair the sliding door that leads onto you balcony or you to repaint the inside of your apartment. The outside of your apartment is painted by the body corporate and paid from the fees that you have contributed to.

 

However if there are repairs to an element of the building that serves more than just your apartment e.g the roof of a multi story apartment then the BC pays not the owner of the top apartment. 

 

Who does the work depends - the BC will have requirements that need to be followed so that any work that is done by you is to standard etc and not adversely affecting another apartment owner etc.

 

It can be complicated but a well functioning BC committee (which is elected by all owners) should be able to ensure that all interests are protected and taken into account.

 

The point is I think that if you don't think you can cope with this approach to matters that affect your home then apartments are probably not for you. On the other hand there are many positives to apartment living that you can't get owning a stand alone property.




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Uber Geek


  # 2118051 1-Nov-2018 19:22
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So say if I wanted to knock down a wall to make a room larger, the body corporate has to give approval? That sort of thing?



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Uber Geek


  # 2118707 2-Nov-2018 18:18
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Okay, so that's all good then? That's not so bad :)

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Master Geek

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  # 2118711 2-Nov-2018 18:49
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Yes to make alterations it does involve the body corporate as the integrity of the whole complex needs to be considered - you knocking down a wall may effect fire rating issues or watertightness issues for your next door neighbour be they be next to you, below you or above you etc etc.

 

 

 

 


 
 
 
 




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Uber Geek


  # 2118805 2-Nov-2018 23:23
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Fair enough. So it sounds kind of like renting but kind of not (as in you still own the place), right?


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Ultimate Geek


  # 2118810 3-Nov-2018 00:09
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with all the things i read about Body Corporate

 

I will never live in a place that has one

 

 





 

 

 


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Master Geek

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  # 2118825 3-Nov-2018 07:12
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Except you are both the landlord and the tenant. The BC is an elected committee of the owners.

 

How this works is set out in law in the Unit Titles Act 2010. http://www.legislation.govt.nz/act/public/2010/0022/latest/DLM1160440.html#DLM1160699

 

If you are buying an apartment then it is worth reading through the Act as it gives the answers to many questions.


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  # 2118884 3-Nov-2018 10:24
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quickymart:

 

Fair enough. So it sounds kind of like renting but kind of not (as in you still own the place), right?

 

 

A better way of thinking about it is that you own a share of the wider complex. 

 

It sounds like you are very new to housing investment, so I would strongly recommend that you pick up a copy of a book called Buyer Beware by Maria Slade. This covers all the processes and pitfalls of buying all types of residential property.




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Uber Geek


  # 2118922 3-Nov-2018 11:42
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Thanks, I'll have a look for it.
Is there any sort of public register as to how much body corporate fees for a property would be, or is that information not publicly available?



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Uber Geek


  # 2119352 4-Nov-2018 09:51
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I may also look into Kiwibuild as well since someone mentioned it, just there doesn't seem to be anything on the North Shore (and I don't mean Whenuapai/Hobsonville, I'm thinking Beach Haven/Birkdale/Birkenhead).


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  # 2119365 4-Nov-2018 11:12
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A few points:

 

1. If you're looking at buying an apartment (as compared with, say, a terrace house), you are going to have a body corporate. The parts of the property that are common to all the unit owners have to be managed.

 

2. If this is your first venture into home ownership I suggest you find a solicitor with whom you're comfortable before you contemplate any purchase. You may be able to read the Unit Titles Act and the bylaws of a body corporate, but are you fluent in Legalese?

 

3. Buying any apartment or other unit off the plans (not that this is your stated intention) may not be a good idea for you. Because of a quirk in the laws, you may find that, months into the building process, the developer can demand more money from you or walk away from the deal. (I was warned off such a purchase by our solicitor for precisely this reason. I am not a lawyer and would appreciate the input of one of Geekzone's resident legal eagles in this regard.)




4672 posts

Uber Geek


  # 2119452 4-Nov-2018 13:29
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Sorry, I forgot to add, I'm looking at already-built houses, not a new build (except for the Kiwibuild thing). All I would like is a 3 bedroom place with enough room for myself and my family, without it breaking the bank. It's a pity the banks (speaking of them) don't do no-deposit mortgages anymore :(

 

And yes, this is my first venture into the home-buying arena. Wish I hadn't left it so late, but things change...


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