Just a clarification on the date. 

Alex, you mean March the 5th, not February the 5th...

Maria 

Maria Callau

021 1847490

Sent from my iPhone

On 18/11/2020, at 8:25 AM, Alex King via Ucol-shareholders <ucol-shareholders@list.king.net.nz> wrote:



Hi all,

Yes, it is common for people to move in before code of compliance has been issued, and we have known for a while that purchasers can sign to acknowledge that they will purchase the unit before CoC is issued.

However there are quite a few other complications.

I think we can confidently say people can move in by February 5th.  I'm working on a scenario where hopefully we can all settle on February 5th.  (This is not a certainty because of the timing of the finishing of the build and title/CoC.)  But even if we can't settle on that day it's almost certain the buildings would be built by then and highly likely we can move in before settlement if necessary.

The big problem with settling before issue of CoC is, as it says in the agreement, "you should consider the effect that the absence of a code compliance certificate for the unit may have; will you be able to draw down mortgage finance for the purchase?"

I believe at least 6 of us need to get mortgages to buy our units.  It is standard practice that banks won't lend on mortgages without a CoC.  (Let alone being still liable to Kiwibank for the construction loan.)  So maybe those who don't need mortgages could settle, and (a month or however longer later?) the others could settle once CoC is issued?  That would depend on the agreement of Kiwibank to release titles for those units before the construction loan was fully paid back.  Not impossible but would need negotiation.  We have always planned on settling together for these types of reasons.

And this assumes that title is available before CoC is issued.  This is not a given, it might actually take longer to get title than CoC, which would make these considerations moot.

What we _can_ probably do is move in before settlement, as I mentioned above.

So how does moving in over Waitangi weekend sound to people?

Thanks,
Alex

On 17/11/20 5:14 pm, Anthony Doesburg wrote:

Hi Everyone,

Further to the question of moving into our units before the project’s been issued with a code-compliance certificate, there seems to be a well-trodden route to that interim step.

A friend who was in the same position signed the attached agreement issued under the Building Act.

You’ll read in the Information for Purchasers below the document title that it does mention a few things that need to be considered before signing relating to such matters as insurance and finance.

I'm presuming that in our case the agreement would be with Ucol as the "commercial on-seller”.

I’m not quite sure how we would go about doing this, but Ucol’s lawyer would no doubt have some advice—for a price!

Regards,

Anthony

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