January 2021 - Ucol-shareholders

Kiwibank Home Loan Approval conditional
by Maria Callau 14 Jan '21

14 Jan '21

Hello everybody, We also received good news from Stephen Edge - Kiwibank today. They have approved our home loan with the following condition: *"This approval assumes the property Covenant is removed and the Body Corporate rules are changed to standard format."* See you all tonight. Kind Regards, *Maria Callau* 0211847490 *SUR *Architecture Limited www.sur-architecture.com

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co op bank
by Roz Wilson 14 Jan '21

14 Jan '21

This is from the local branch: Please see Co-Op response from the Branch Manager in Dunedin. I'd me happy to consider them main bank customers when we can see 3 months of history with us including incomes being credited to our accounts. Was in answer to my question about at what point would new customers be seen as existing customers. New customers can't get mortgages (at least for cohousing) but existing customers can apply. Tho no guarantees a mortgage would be approved. Timing not ideal but at least a possible chink of light. Hopefully we can turn round other banks' thinking tonight anyway. regds roz

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mortgage information
by Roz Wilson 13 Jan '21

13 Jan '21

We are still trying to get a mortgage through a broker. Looks as if all the main banks have said 'no'. the broker originally said there were heaps of other places we could try but now says "The finance companies wouldn't have appetite for the co-housing." A couple of main banks we might revisit, specially if the covenant goes. Regds roz

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Boxes & bags
by Warren Hurley 13 Jan '21

13 Jan '21

Hi all, Between Claire and myself, we have accumulated quite a few extra boxes (and shopping bags) that might be useful for packing & shifting. I will bring them to the meeting tomorrow evening so anyone who wants them can swap them over to their car. Or, if you want to take the lot, let me know today and I can drop them off at your house. Cheers Warren

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Agenda for 14 January 7.30pm attached
by Jan Burch 12 Jan '21

12 Jan '21

Agenda items have been rearranged and a few things added in response to the feedback received on the draft one. If there are any more suggestions/changes I'll send another out on Thursday before midday, but otherwise you won't hear from me again until the meeting. Jan

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Meal before Thurs meeting
by Jan Burch 12 Jan '21

12 Jan '21

It looks like there will be a number from 9 to 13 of us eating at NumberWorks’nWords at 6pm: Sander and Karen, Sara, Anne, Frances and Sandy, Alex, Gay, Ngaire, Jan, Catherine and Jeffrey(?) and Sue T (?) It is BYO food. I’ll make sure we have plates and cutlery for 13 at NumberWorks’nWords. There’s already cups, tea, milk, sugar and instant coffee. Those who want takeaways, rather than bringing something they’ve made, have three options: (1) You can pick up your own takeaways before you arrive (2) If you want Chinese, you can contact Sander and Karen because they’ll be getting Chinese in Mornington and they are happy to get your order at the same time. (3) If you want Indian or Turkish, Gay and I will be coming through South Dunedin and we will happily pick up Turkish from Adana (Menu at https://lunchtime.co.nz/adana-turkish-cafe-takeaways-dunedin/menu/) or Indian from Indian Spice (Menu at http://www.indianspice.co.nz/menus). If you want Gay or me to pick up your takeaways, you need to let me know by Thurs midday at the latest. I presume Sander and Karen will have a similar deadline. If you haven't already RVSPed and you are likely to turn up, please let me know so I can increase my cutlery/crockery transportation accordingly. Looking forward to hearing everyone’s holiday news Jan

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Re: [Ucol-shareholders] Revised BC Fees with NZI Insurance - Jan 2021
by Y Lee 12 Jan '21

12 Jan '21

As attached NZI insurance quote is $57,636.67 This is the LOWER figure of the two we were quoted. It's bumped up all our BC annual fees. Regards Min

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Fwd: Personal Financing
by Susan Jack 12 Jan '21

12 Jan '21

Hi all - just so that everyone is being the same information - from Stephen Edge today. Susan > Begin forwarded message: > > From: Stephen Edge <Stephen.Edge(a)kiwibank.co.nz> > Subject: RE: Personal Financing > Date: 12 January 2021 at 10:22:40 AM NZDT > To: "Maria Callau (maria(a)sur-architecture.com)" <maria(a)sur-architecture.com>, "Susan Jack (susanjjack(a)gmail.com)" <susanjjack(a)gmail.com>, "Alex King (alex(a)king.net.nz)" <alex(a)king.net.nz>, "Catherine Spencer (cmspencer.nz(a)zoho.com)" <cmspencer.nz(a)zoho.com> > > Hi all, > > After much thought and reflection I am of the view the Covenant needs to be removed and the BC Rules simplified to a standard format, i.e. all reference to decision making and co-housing does not appear at all in the standard BC rules. By doing this the individual unit titles will be clear and the BC rules will be “standard”. This will remove the obvious current “road-blocks” for prospective lenders, not just for current owners, but for all future unit purchasers who may also run into the same problems in the years to come if the Group doesn’t change things now. > > My experience to date suggests co-housing Groups all have different approaches in how they set things up so there is at present no consistency across the co-housing sector. This means each new co-housing project will face similar challenges with the banks for years to come. > > In my view the Earthsong approach using Sale & Purchase agreements (SPA) makes sense as a way to bind people into a co-housing agreement. This obviously relies on trust and a commitment to sell units to like-minded people but it seems logical to me this will work. > > The clause in the SPA may still trigger some negative responses with some lenders but having clear titles and standard BC rules removes all the automatic flags and simplifies things. > > From my reading of the resource consent there is no requirement imposed by Council to register any specific Covenant against titles. The Council just states “The residents shall be actively engaged in a cohousing scheme…..” which of course you are. > > I believe, over time as more co-housing projects come on to the market, banks will become more familiar with them and how they work but for now I don’t think the timing is right to try and change the banking market. In my opinion this will be a road simply too long and hard for you guys. > > Please note the above is my personal view as things presently stand because Kiwibank has no set policy on these matters. The final decision on what to do is for the Group to decide upon. > > Cheers, Stephen > > Stephen Edge > Senior Manager Property Finance > > > DDI 07 571 3846 | M 027 8395 057 | F 07 571 3845 > > www.kiwibank.co.nz <http://www.kiwibank.co.nz/> > Kiwibank Limited, Level 1, 41 The Strand, P O Box 13333, Tauranga 3110 > > > > This email, including any attachments, is confidential. If you are not the intended recipient, any use, distribution > or copying of this email or the information contained in it is prohibited. If you have received this email in error, please > notify us immediately and delete it. Please consider the environment before printing this email. > > > > > > > From: Stephen Edge > Sent: Thursday, 7 January 2021 11:36 AM > To: Maria Callau <maria(a)sur-architecture.com>; Susan Jack <susanjjack(a)gmail.com>; Alex King <alex(a)king.net.nz>; Catherine Spencer (cmspencer.nz(a)zoho.com) <cmspencer.nz(a)zoho.com> > Subject: Personal Financing > > Hi all, > > HNY! > > I haven’t made any final decisions yet but I thought I would give you a brief update on my present thinking which I have bullet pointed below: > > The Covenant and the unique Body Corporate Rules are still proving problematic. > The idea of a running a pilot model inside Business Banking is not finding the necessary support I need. > There’s no issue of course if people don’t need to borrow money against their units but when they do lenders can’t ignore the Covenant and the BC rules. Because these are different the bank(s) are treating them as being out of policy. > Changing banking policy is not easy to achieve and I think this will take a lot of time, which of course we don’t have. All the major banks seem to have the same stance. > There’s no Covenant registered against titles at Earthsong although they do have unique BC rules. > Present thinking is the Covenant needs to be removed and the BC rules need to be simplified to standard wording only. > Earthsong use clauses in Sale & Purchase Agreements to obligate present owners and future unit purchasers to sign a co-housing agreement. This seems to be an effective way to ensure units are sold to likeminded people but keeps the title clear of covenants and could keep the BC rules simple. > The co-housing agreement then becomes the primary document that the community uses. The title and BC Rules are kept “simple”. > The clause used in the Sale & Purchase Agreement could still trip people up when trying to raise mortgage finance because it will refer to the co-housing agreement but if the title and BC Rules are standard I believe this is a much simpler for lenders to deal with. > > The above will give you a snap shot of what’s in my head at present but to be honest I’m still thinking it all through. > > I will be back in the office from next Monday by which time I should have finalised my thoughts. > > Cheers, Stephen > > Stephen Edge > Senior Manager Property Finance > > > DDI 07 571 3846 | M 027 8395 057 | F 07 571 3845 > > www.kiwibank.co.nz <http://www.kiwibank.co.nz/> > Kiwibank Limited, Level 1, 41 The Strand, P O Box 13333, Tauranga 3110 > > > > This email, including any attachments, is confidential. If you are not the intended recipient, any use, distribution > or copying of this email or the information contained in it is prohibited. If you have received this email in error, please > notify us immediately and delete it. Please consider the environment before printing this email. > > >

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Draft agenda for 4 Jan attached.
by Jan Burch 11 Jan '21

11 Jan '21

Hi folks We're at NumberWorks'nWords for our 7.30pm Thurs meeting this week, but I thought that since we are in the unusual position of having no classes operating in the building first, and I have been missing all you guys, I would invite anyone who wishes to arrive at 6pm to share a BYO dinner with me. Even though we need to self-cater, you'll still need to RVSP to me before the meeting so I can bring in plates and cutlery. I ride in past all the wonderful cheap ethnic eateries in South Dunedin, so I could pick up takeaway orders on my way in to unlock the building, or we could get pizza delivered or we could do a pot luck or maybe meet at a nearby restaurant for a meal before the meeting .... I'm not quite sure what would interest the greater number of people ... but if you are keen to have a shared dinner before the meeting, please let me know and we'll figure out the way that suits the greatest number of people. On the attached draft agenda I've listed the items I have been sent and guessed at an appropriate order. Feel free to send in additions or suggestions for changes to the order. Zoom details are on the attached draft agenda. Looking forward to catching up with everyone Jan

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Agenda items wanted for 14 January
by Jan Burch 11 Jan '21

11 Jan '21

Sue T will chair and I am notetaker for our first 2021 meeting which will be next week. We're eager for you to email me with your agenda items. I'll try to get a draft agenda out on Sunday night. Looking forward to seeing everyone again Thanks Jan

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Ucol-shareholders January 2021