Alex, you were going to contact Nicola to ask her if we can pay the first year of our insurance for our body corp from UCOL company contingency...
Anne was also going to ask the insurance company if we can pay the insurance in instalments over the year.
We need this clear for when we review/report on our final budget/contingency...
I (Maria) was also going to send a summary of home loans and amount (e.g. money that we need to settle).
Thanks, Maria
Maria Callau 0211847490 SUR Architecture Limited
Sent from my iPad
On 30/01/2021, at 8:35 PM, Alex King via Ucol-shareholders ucol-shareholders@list.king.net.nz wrote:
We had an admin group meeting today at lunchtime. Here are some notes from my memory:
Present: Alex, Catherine, Min, Gay, Anne, Sandy, Warren, Maria.
The main topic for discussion was the documents we needed to address for settlement.
Membership Agreement: Warren was happy to lead the process and send another revision after today's workshop. Mortgages: As far as we're aware, we have done what Kiwibank were asking. They have not contacted the people who were getting mortgages from them yet, we are waiting for them to progress it. Maria will follow up next week if we don't hear. We noted this is primarily the responsibility of those people seeking mortgages. If you are uncertain about your own mortgage at all or need anything else from UCOL, please contact Maria or one of the directors. Health and Safety: After Stevenson and Williams leave site we will be responsible for health and safety policy on site, initially UCOL then the Body Corporate. Sandy will find the incident book we used previously (or get a new one), and do/arrange a survey of hazards. We will need to consider whether we have the policies we need in place. Access before settlement: we discussed different ideas for access before settlement, e.g. access just for finishing jobs closely regulated by UCOL, or leasing our houses before settlement. Gay pointed out that the residential settlement act does NOT apply to purchasers with an unconditional contract to buy a property, so any rental would be a custom contract not a standard residential tendency (I love how we have so much knowledge in the group.) Gay will lead the drafting of some options that we can investigate further and bring back to the group with pros and cons. Insurance: Our attempts to come up with cheaper insurance have drawn a black so far. Anne will seek additional quotes from direct insurance companies. We will need to pay for new insurance once S&W leave site and/or practical completion. The question arose how we could rely on our construction insurance that we have paid for already for a longer period, e.g. until settlement. Anne will ask Tina this question, and also about monthly vs. annual insurance payment. Alex was going to do something but he can't remember what. Perhaps talk to our accountant about accounting for the insurance cost between the company and the body corporate. Body corporate administration: Anne thought the office volunteers would naturally handle the BC administration tasks such as maintaining an owners register and communicating those details to insurance companies. Body corporate bank account: We thought this was not immediately urgent to set up. We did not set a time for a next meeting, but I suggest next Sunday evening around 5pm if we need one. We can re-assess that at Thursday's meeting.
Thanks all, Alex
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