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

 

 

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