Buyer Beware
More and more properties are being offered for sale as a mortgagee sale. This can provide the opportunity for a bargain, however the risks involved cannot be underestimated. Our advice? Before you buy at mortgagee sale, consult your legal adviser.
Here are a few practical tips to help you.
Building a House?
You’ve found the perfect site, finalised the plans and specifications, arranged your finance and your builder has now given you a building contract to sign, but you’re not sure what you should be looking at.
The important question is: Does the building contract accurately record the terms agreed with the builder? It is therefore important to read your contract carefully and ensure that you fully understand its terms and conditions.
Minimise your purchase risk with a LIM
When buying a property, you have the option of obtaining a Land Information Memorandum, commonly known as a “LIM”.
A LIM is issued by the Local Council (“Council”) and provides information that the Council holds on file about the property.
Our Fence - Who Pays?
Most people will know that there are ways to compel a neighbour to contribute towards paying for a shared boundary fence; here is what you need to know before you commit yourself to the work and the expense. Whilst there will be exceptions (for example there is a fencing covenant, a swimming pool is involved, or you are buying land recently subdivided) the Fencing Act 1978 does provide for adjoining occupiers sharing the cost of fencing boundaries.
'Distressed Property' and the Mortgagee's Right of Sale
What is ‘Distressed Property’?
There have been a number of instances of good clients suffering from what I call a “distressed property” in recent times as a result of the recession. The “distressed property” in many cases is not necessarily the family home. More often than not it is a property purchased by the client as an investment, often immediately before the recession began.
Typically the market value of the property has eroded significantly since the date of purchase, sometimes to the point where the client’s equity in the property is negative. However, for a variety of reasons, the client has not sold the property, or not been able to sell.
