Further to my email yesterday, Simon Milne's advice is that the money sitting in trust accounts cannot be released to become a loan to UCOL, but can only be released to complete settlement. He would be surprised if any purchasers' solicitor would agree to release the funds without settlement and receipt of title.
Obviously this is a different opinion to Antony Hamel's. I think that those in this position will need to talk to their own solicitor about the approach that they would take in this matter. If people are willing and able to loan money back to UCOL, we will be able to reduce our interest bill.
Simon also asked who was liaising with DCC and stressing to them the urgency to issue the certificate of code of compliance, once the fire alarm work is completed.
Anne
Hi all
I just spoke with our lawyer who confirmed that it is not a straight forward thing, but should be possible. I am aware that Simon would have to change the documentation for all parties that would forward more money, which he would need to charge for.
On the other hand I can see that the new cable including conduit is being installed as I type. We might be very close to CCC….
Rainer Please call me if you need an urgent reply.
Rainer Beneke +64 21 144 7700
rainer.ucol@gmail.com
On 19/05/2021, at 9:41 AM, High Street Cohousing ucoldunedin@gmail.com wrote:
Further to my email yesterday, Simon Milne's advice is that the money sitting in trust accounts cannot be released to become a loan to UCOL, but can only be released to complete settlement. He would be surprised if any purchasers' solicitor would agree to release the funds without settlement and receipt of title.
Obviously this is a different opinion to Antony Hamel's. I think that those in this position will need to talk to their own solicitor about the approach that they would take in this matter. If people are willing and able to loan money back to UCOL, we will be able to reduce our interest bill.
Simon also asked who was liaising with DCC and stressing to them the urgency to issue the certificate of code of compliance, once the fire alarm work is completed.
Anne _______________________________________________ Ucol-shareholders mailing list Ucol-shareholders@list.king.net.nz https://list.king.net.nz/listinfo/ucol-shareholders
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High Street Cohousing -
Rainer Beneke