Buying Your Home
When you decide to purchase a new home, the first thing you need to do is familiarise yourself with the various types of property ownership. You want to make sure you are looking at the right type of property for you.
The most common type of property ownership is what is known as a Fee Simple. This is where you own the building and the land it is built on. It is subject only to any restrictions registered on the title and local planning provisions.
Other forms of property ownership include unit titles (usually associated with apartments), cross leases (a shared ownership model where two or more owners own the land and lease parts of the land to each other), company share (where you own shares in a company rather than an interest in land) and occupational licenses (used for retirement villages).
Each type of property ownership brings with it its own peculiar features, some of which can impact on value and the extent to which a property can be used.
For details of the steps involved in the process, see our recent, in-depth article: Buying a Home – The Legal Process.
Surrounding yourself with the right people
You will find the process easier to manage and less stressful if you surround yourself with advisors who can assist you in making the right. You will need the assistance of mortgage brokers, valuers and real estate agents you can rely on, but at the heart of a successful purchase is having a close working relationship with a lawyer who is familiar with all aspects of your property purchase.
As you work through the process with the HomeLegal team, you will benefit from legal advice and assistance on everything from understanding the complete purchase process, the particular features of the type of property you’re looking to buy, drafting of your purchase contract (including any necessary conditions), documenting your loan and security documents (which may include KiwiSaver and HomeStart), and ensuring settlement is completed and your title is registered.
Choosing the right law firm for your property purchase
Looking for advice on how to buy a house or property? The most important aspect of a smooth property transaction is choosing to work with a dedicated team of property law specialists, available to you at all times when you need assistance.
At HomeLegal, we pride ourselves on the excellence of our conveyancing services. Our service is customer centric and provided by lawyers with strong support from specialist conveyancing legal executives. We’re happy to meet in person at one of our physical offices in Wellington, Lower Hutt, or Upper Hutt.
Please feel free to contact Home Legal or call us on 0508 HOMELEGAL today for a no-obligation, introductory discussion of your proposed purchase.