Hi all,
The Directors have met tonight and discussed the situation regarding banks not being willing to give mortgages to a number of cohousers. We recognise that this is a situation which is causing a lot of anxiety, and we are working hard to find a good solution for everyone.
Stephen Edge has said that having a covenant on the title and in the body corp is the most secure way to embed cohousing in the future of our neighbourhood. He is working to ensure that Kiwibank will be able to come up with a solution, and has requested further information from Earthsong who have been able to obtain mortgages from Kiwibank and other sources. The directors will be talking directly with Stephen in the next few days.
There are ongoing approaches to other banks as well.
Changing the documentation to delete the covenant from the unit titles will take a considerable amount of time and expense, and will require everyone to re-sign our agreements. We would only want to do this as a last resort.
It seems likely that settlement won’t be until the end of February and so we have time to work through step by step. We are asking for your patience.
Warm regards, Anne, Alex, Catherine & Susan
Morning all, thanks for your email but I disagree in principle hugely . UCol as a group should need to make a sensible decision based on what’s best and quickest to settle for everybody , very important at this stage . Also company & directors are merely a formality to make things easy to build not to take important decisions. And , didn’t we make company to make things easy and we got to here? Well this is similar isn’t it?
All the best . Talk soon
Juan Puricelli Sur Architecture 022 6585021
On 16/12/2020, at 10:13 PM, High Street Cohousing ucoldunedin@gmail.com wrote:
Hi all,
The Directors have met tonight and discussed the situation regarding banks not being willing to give mortgages to a number of cohousers. We recognise that this is a situation which is causing a lot of anxiety, and we are working hard to find a good solution for everyone.
Stephen Edge has said that having a covenant on the title and in the body corp is the most secure way to embed cohousing in the future of our neighbourhood. He is working to ensure that Kiwibank will be able to come up with a solution, and has requested further information from Earthsong who have been able to obtain mortgages from Kiwibank and other sources. The directors will be talking directly with Stephen in the next few days.
There are ongoing approaches to other banks as well.
Changing the documentation to delete the covenant from the unit titles will take a considerable amount of time and expense, and will require everyone to re-sign our agreements. We would only want to do this as a last resort.
It seems likely that settlement won’t be until the end of February and so we have time to work through step by step. We are asking for your patience.
Warm regards, Anne, Alex, Catherine & Susan _______________________________________________ Ucol-shareholders mailing list Ucol-shareholders@list.king.net.nz https://list.king.net.nz/listinfo/ucol-shareholders
Hi Juan, and everyone
We do need to all be part of making any decisions concerning our project, our legal documents, and getting to settlement. These are decisions that we need to make together, based on the fullest information. We need to explore all options.
The directors are asking Stephen Edge for a Zoom call tomorrow or Monday which we want Maria to be part of, to clarify what Kiwibank may be able to do.
We know that some people are talking with other banks as well.
The directors want to meet with all those seeking mortgages, and all other shareholders who want to be there, on Monday night to hear directly what information we have and to consider what to do next.
We will need a full UCOL meeting at some point if there are to be changes to our documents. Monday is not that meeting - there would need to be formal notice given of such a meeting.
The company is the legal entity of which we are all shareholders - all shareholders need to be part of the discussions and decisions that affect the company. Changing documentation will require the signatures of all shareholders. This is far more than a formality - this is a legal requirement.
We have worked our way together through other difficult issues to get to this point, and we will continue to do so. But we need to all be part of the process, as you say - we are the company. Not just the directors: not just those seeking mortgages - all of us. Our processes of discussion and decisionmaking have served us well - we need to trust the process and continue to work with it together.
Go well, Anne
On Thu, 17 Dec 2020, 8:36 am Juan Puricelli, juan@sur-architecture.com wrote:
Morning all, thanks for your email but I disagree in principle hugely . UCol as a group should need to make a sensible decision based on what’s best and quickest to settle for everybody , very important at this stage . Also company & directors are merely a formality to make things easy to build not to take important decisions. And , didn’t we make company to make things easy and we got to here? Well this is similar isn’t it?
All the best . Talk soon
Juan Puricelli Sur Architecture 022 6585021
On 16/12/2020, at 10:13 PM, High Street Cohousing ucoldunedin@gmail.com
wrote:
Hi all,
The Directors have met tonight and discussed the situation regarding
banks not being willing to give mortgages to a number of cohousers. We recognise that this is a situation which is causing a lot of anxiety, and we are working hard to find a good solution for everyone.
Stephen Edge has said that having a covenant on the title and in the
body corp is the most secure way to embed cohousing in the future of our neighbourhood. He is working to ensure that Kiwibank will be able to come up with a solution, and has requested further information from Earthsong who have been able to obtain mortgages from Kiwibank and other sources. The directors will be talking directly with Stephen in the next few days.
There are ongoing approaches to other banks as well.
Changing the documentation to delete the covenant from the unit titles
will take a considerable amount of time and expense, and will require everyone to re-sign our agreements. We would only want to do this as a last resort.
It seems likely that settlement won’t be until the end of February and
so we have time to work through step by step. We are asking for your patience.
Warm regards, Anne, Alex, Catherine & Susan _______________________________________________ Ucol-shareholders mailing list Ucol-shareholders@list.king.net.nz https://list.king.net.nz/listinfo/ucol-shareholders
Ucol-shareholders mailing list Ucol-shareholders@list.king.net.nz https://list.king.net.nz/listinfo/ucol-shareholders
Thanks to those who are trying to help with those of us seeking mortgages. Unfortunately I will not be able to attend the meeting on Monday as I am still recovering. I have not yet had confirmation for Cooperative Bank, so I am very interested in what Kiwibank have to say. I would really appreciate if someone could please let me know the outcome.
Kind regards Liz
On Thu, 17 Dec 2020 at 9:08 AM, Anne Thomson e.anne.thomson@gmail.com wrote:
Hi Juan, and everyone
We do need to all be part of making any decisions concerning our project, our legal documents, and getting to settlement. These are decisions that we need to make together, based on the fullest information. We need to explore all options.
The directors are asking Stephen Edge for a Zoom call tomorrow or Monday which we want Maria to be part of, to clarify what Kiwibank may be able to do.
We know that some people are talking with other banks as well.
The directors want to meet with all those seeking mortgages, and all other shareholders who want to be there, on Monday night to hear directly what information we have and to consider what to do next.
We will need a full UCOL meeting at some point if there are to be changes to our documents. Monday is not that meeting - there would need to be formal notice given of such a meeting.
The company is the legal entity of which we are all shareholders - all shareholders need to be part of the discussions and decisions that affect the company. Changing documentation will require the signatures of all shareholders. This is far more than a formality - this is a legal requirement.
We have worked our way together through other difficult issues to get to this point, and we will continue to do so. But we need to all be part of the process, as you say - we are the company. Not just the directors: not just those seeking mortgages - all of us. Our processes of discussion and decisionmaking have served us well - we need to trust the process and continue to work with it together.
Go well, Anne
On Thu, 17 Dec 2020, 8:36 am Juan Puricelli, juan@sur-architecture.com wrote:
Morning all, thanks for your email but I disagree in principle hugely . UCol as a group should need to make a sensible decision based on what’s best and quickest to settle for everybody , very important at this stage . Also company & directors are merely a formality to make things easy to build not to take important decisions. And , didn’t we make company to make things easy and we got to here? Well this is similar isn’t it?
All the best . Talk soon
Juan Puricelli Sur Architecture 022 6585021
On 16/12/2020, at 10:13 PM, High Street Cohousing <
ucoldunedin@gmail.com> wrote:
Hi all,
The Directors have met tonight and discussed the situation regarding
banks not being willing to give mortgages to a number of cohousers. We recognise that this is a situation which is causing a lot of anxiety, and we are working hard to find a good solution for everyone.
Stephen Edge has said that having a covenant on the title and in the
body corp is the most secure way to embed cohousing in the future of our neighbourhood. He is working to ensure that Kiwibank will be able to come up with a solution, and has requested further information from Earthsong who have been able to obtain mortgages from Kiwibank and other sources. The directors will be talking directly with Stephen in the next few days.
There are ongoing approaches to other banks as well.
Changing the documentation to delete the covenant from the unit titles
will take a considerable amount of time and expense, and will require everyone to re-sign our agreements. We would only want to do this as a last resort.
It seems likely that settlement won’t be until the end of February and
so we have time to work through step by step. We are asking for your patience.
Warm regards, Anne, Alex, Catherine & Susan _______________________________________________ Ucol-shareholders mailing list Ucol-shareholders@list.king.net.nz https://list.king.net.nz/listinfo/ucol-shareholders
Ucol-shareholders mailing list Ucol-shareholders@list.king.net.nz https://list.king.net.nz/listinfo/ucol-shareholders
Ucol-shareholders mailing list Ucol-shareholders@list.king.net.nz https://list.king.net.nz/listinfo/ucol-shareholders
ucol-shareholders@list.king.net.nz
-
Anne Thomson -
High Street Cohousing -
Juan Puricelli -
Liz Mitchell