This is the story of how Body Corporate Apartment X (BCAX) has responded to COVID-19. Other Bodies Corporate may find this useful in determining their own courses of action.
If you are in the process of buying or selling a property, we recommend you discuss matters with your lawyer. Although our physical offices are closed, Gibson Sheat remains open for business to provide its clients with the advice they need in these unprecedented times.
I anticipate that the vast majority of contractors will not be throwing in the kitchen sink on delay costs and letting the contract become a battleground. Pragmatism needs to win the day because it is very likely that none of the current contracts adequately deal with all the financial implications of the current lockdown.
Home-owners who have had their income disrupted by COVID-19 may be entitled to a 6-month mortgage payment holiday, but they should carefully consider whether a mortgage holiday is necessary because it will lead to a greater liability in the future.
The Overseas Investment Regulations were recently amended with the aim of reducing overseas purchases of New Zealand property, and making residential housing more available and affordable to New Zealanders.