Fantastic news from the Lawyer.
One more step done, now just need the Code of Compliance Certificate.
Thanks, Alex
-------- Forwarded Message -------- Subject: [Ucol-directors] Confirmation of Issue of New Titles Date: Tue, 16 Mar 2021 01:37:19 +0000 From: Simon Milne simon@mcmillanco.nz To: High Street Cohousing ucoldunedin@gmail.com CC: UCOL Directors ucol-directors@list.king.net.nz
Hi Anne,
The good news is that today we received confirmation from LINZ that all new titles have now issued.
That confirmation is attached for your records.
We are in the process of advising all of the purchasers solicitors and we are also advising Kiwibank.
Therefore once the Code Compliance Certificate has issued settlement will then be triggered.
Regards
Simon
Simon Milne PARTNER AND NOTARY PUBLIC
McMillan&Co. LAWYERS ˑ MEDIATORS ˑ NOTARY PUBLIC
Level 5, Forsyth Barr House, 165 Stuart Street, The Octagon , Dunedin
9016;
PO Box 5547, Dunedin 9054
P
*+64 3 477 2238* tel:+64%203%20477%202238 |
M
*021 729324* tel:021%20729324 |
F
*+64 3 474 5588* fax:+64%203%20474%205588 |
*simon@mcmillanco.nz* mailto:simon@mcmillanco.nz |
*www.mcmillanco.nz* http://www.mcmillanco.nz/
Disclaimer: The information in this email is confidential and may be legally privileged. If you are not the intended recipient, please respect this and notify the sender immediately by telephone. Please also destroy this email. Thank you.
*From:*Simon Milne simon@mcmillanco.nz *Sent:* Friday, 12 March 2021 3:29 PM *To:* High Street Cohousing ucoldunedin@gmail.com *Cc:* UCOL Directors ucol-directors@list.king.net.nz *Subject:* RE: Urgent matter: settlement of unit C1
Hi Anne,
Thank you for your email below.
I will finalise that drafting and get that through to you early next week.
You will see that we have been having some major issues and delays with the valuer and what LINZ have required him to correct but hopefully we are now there. It has been very frustrating to say the least.
That is good news about practical completion and CCC which now looks close. We would still expect that we will have new titles issued well before CCC is issued. Our contact at LINZ has been very helpful and it is being fast tracked for us.
The draft letter regarding Unit C1 and the possible default looks all ok. The process in the situation of a default is that a settlement notice is served under the process in clause 11.0 of the Agreement and the purchaser then has 12 working days in which to settle after which the Agreement can be cancelled and the Unit resold. Any shortfall in the price on resale can be recovered from the defaulting Purchaser (unlikely given the likely increase in any sale price).
Usually the deposit would also have to be forfeited by the purchaser but in this case it is a loan rather than a true deposit. Thought will need to be given as to whether you would intend to repay that back to a purchaser on default or argue to retain it if possible.
Thanks
Regards
Simon
Simon Milne
*PARTNER AND NOTARY PUBLIC*
McMillan&Co.
*LAWYERS **ˑ** MEDIATORS **ˑ** NOTARY PUBLIC*
Level 5, Forsyth Barr House, 165 Stuart Street, The Octagon
,
Dunedin
9016;
PO Box 5547, Dunedin 9054
*P*
*+64 3 477 2238* tel:+64%203%20477%202238
* | *
*M*
*021 729324* tel:021%20729324
* | *
*F*
*+64 3 474 5588* fax:+64%203%20474%205588
* | *
*simon@mcmillanco.nz* mailto:simon@mcmillanco.nz
*|*
*www.mcmillanco.nz* http://www.mcmillanco.nz/
Disclaimer: The information in this email is confidential and may be legally privileged. If you are not the intended recipient, please respect this and notify the sender immediately by telephone. Please also destroy this email. Thank you.
*From:*High Street Cohousing <ucoldunedin@gmail.com mailto:ucoldunedin@gmail.com> *Sent:* Thursday, 11 March 2021 11:42 PM *To:* Simon Milne <simon@mcmillanco.nz mailto:simon@mcmillanco.nz> *Cc:* UCOL Directors <ucol-directors@list.king.net.nz mailto:ucol-directors@list.king.net.nz> *Subject:* Urgent matter: settlement of unit C1
Dear Simon,
The purchaser of C1, Claire Loftus, does not yet have her finances sorted for settlement, and the directors, after conversation with her, wish to send the attached letter, reiterating the time frame within which we need to have confirmation of her ability to settle.
If Claire does not settle with all the other purchasers, UCOL will proceed to put the unit up for sale by tender.
Please would you read that attached letter and let us know asap if it raises any legal issues or might leave us open to legal challenge.
In addition, as we come ever closer to the end of the project, we remind you that you were going to give us the wording for both the dispute resolution provisions (now in the Toiora High St Cohousing Agreement) and that future purchasers need to be a party to the co-housing agreement (for future Sale & Purchase agreements)
We heard tonight that the final fire inspection will take place tomorrow, and we hope the documentation for that and the hot water system will be ready early next week, so that the application for Code of Compliance can be lodged. Practical completion will be achieved at 5pm tomorrow. The end must be in sight!
Warm regards,
Anne
