Debt Hibernation?

By | Uncategorized

Debt hibernation sounds bearish. If there is not enough money to go around then you need to NEGOTIATE. That’s where Queenstown Law comes in. We are one step removed and will bring parties together, not drive you apart. Queenstown is too small for that! http://ow.ly/FkCP50z60aX

Read More

Property Settlements During Lockdown

By | Uncategorized

This gives you some idea of the practical difficulties facing some property settlements during lockdown. Not all settlements being undertaken through Queenstown Law will be affected though, because vacant possession is not always an issue – either the property is vacant land, or it is a managed apartment and the Purchaser is comfortable not undertaking a pre-settlement inspection. So it is not a given that settlement should be delayed. Unfortunately we can already see some parties taking advantage of the situation to seek a delay when there is no “Covid-19” basis for it. That creates problems, particularly if you are part of a “chain” of settlements. As the PM said, please be kind! http://ow.ly/Wy3f50yXj1L

Read More

Wage and Leave Subsidy Scheme

By | Uncategorized

Today’s update to the Wage and Leave Subsidy scheme will help some of our business clients. Particularly those who simply cannot operate, but who were concerned that they should not be taking the wage subsidy because they couldn’t, in their heart of hearts, guarantee workers 80% of their former pay. This will help. https://www.beehive.govt.nz/…/covid-19-further-steps-protec…

Read More

Residential Tenancies Under Lockdown

By | Uncategorized

Residential Tenancies under Lockdown The key points: –   There is now a freeze on rent increases for six months. –   Landlords cannot terminate tenancies during the lockdown (for three months) unless the          parties agree. –   Tenants can still terminate their tenancy as normal. –   Tenants can revoke termination notices they have already given if they need to stay there during lockdown. –   After the initial periods, the Government will re-evaluate. Importantly, where a tenant has symptoms of COVID-19, or is confirmed positive, the landlord cannot terminate the tenancy.  Nor is the tenant required to notify the landlord if they test positive. We encourage tenants and landlords to communicate. Perhaps the landlord needs to attend the property while the tenant is self-isolating, or the landlord needs to undertake urgent repairs at the property, for example. Watch this space though as other measures, including mortgage relief and moves…

Read More

Memorandum of Wishes

By | Uncategorized

Memoranda are often used to guide or inform trustees of the reason or purpose for setting up a trust. To what extent should a trustee comply with the wishes recorded by the settlors of the Trust? In a 2017 Court of Appeal decision, the Court held that Trustees should read and understand the a Memorandum of Wishes to work out what the settlor’s wishes were and then with those wishes in mind, make an independent assessment of the appropriate course of action, taking into account not just the Memoranda , but all relevant factors. So, that the trustees should not slavishly abide by the Memoranda …they must consider all relevant factors. If the Memoranda supports the adoption of one course of action, but all other factors support a different course of action which will lead to a better outcome, then the trustees could be sued for not taking the other…

Read More

Rental Properties – New Laws Now in Effect

By | Uncategorized

What you need to know: What: New minimum standards for rental properties to improve heating, insulation, ventilation and drainage, reduce moisture and stop draughts. Check out the recent Tenancy Services newsletter article for an overview of the specific requirements. When: New requirements come into effect in stages from 1 July 2019 to 1 July 2024. (Please look at the Tenancy Services website for 2020-2024 deadlines). Who:   Rental property landlords, owners and managers. Why:   To make rental homes warmer, drier and healthier for tenants. What you need to do: Make sure you have met the requirements: From 1 July 2019 Ceiling and underfloor insulation is required in all rental homes where it’s reasonably practicable, ie feasible, to install. Landlords must include a separately signed statement with each tenancy agreement that they will meet, or already meet, the healthy homes standards. This applies to any new, varied or renewed agreement. This statement is…

Read More

R.E.S.P.E.C.T Your Will

By | Uncategorized

Even the great and good get it wrong and cause no end of heartache for those they leave behind.   Three handwritten wills have been found at the house of soul singing great Aretha Franklin.  Aretha Franklin died in August 2018.   Initially, family members said that she had not left a will.  In New Zealand that would have resulted in her estate being divided in accordance with the Administration Act.   The handwritten wills that were found are very hard to read and contain words that have been scribbled out and other words written close by.   Aretha Franklin left four sons and it appears that at least two of them will challenge the will.   There is uncertainty about the validity of the wills under Michigan law.   Clients are sometimes concerned at the cost of getting a will prepared. This example illustrates the cost of not getting…

Read More

“Lies, damned Lies and statistics”

By | Uncategorized

The median house price for Queenstown between April 2018 and 2019 has stayed static at $950,000. There has been a drop in the number of sales for that period from 87 to 63. There was an increase in listings in April which may lead to an upturn in sales The previous pressure on buyers to “ buy now” seems to have eased. In the final half of 2018, 24 % of the properties sold in Queenstown were sold to North Islanders, with the majority being from Auckland. Should there be an Auckland buyer ban?? Perhaps a rebranding from the Overseas Investment Office to the “Auckland Investment Office”? Overseas buyers made up only 9% of total sales. Westpac’s crystal ball team don’t think there will be another cut to the OCR this year, but think it will be a close call. Interestingly, they predict house inflation to jump to 7% by…

Read More