When buying or re-financing a property the finance is only one part of the equation. It’s important to know about the other parts and how they can help you borrow money safely.
“I only needed it when I needed it“. A true quote from a Customer who had lost his job recently and relied on the cover in place to protect his mortgage and more importantly his home. Nobody likes paying for it but it is really important to get the basics in place and we are under an obligation to mention this when arranging your Mortgage.
For most transactions you need a lawyer, not only for the property work but also to advise on Wills, Trusts and perhaps Family loan agreements. If you are based North Shore, Henderson, Orewa or Kumeu districts, have the lawyer come to you. Fixed fee mobile conveyancing from Jessie Foley means no time off work and she will visit you at home in the evenings too.
Generally there is no requirement for any inpection to be made when buying a house. Amazingly most people do not have the property they are buying professionally inspected even though the ‘leaky home’ situation is huge and property is still being built that will leak! The only true method of finding out whether or not a property is leaking is to have a ‘thermal imaging’ report done. This is really important when the house you are looking at is under 20 years old and is clad, rather than brick.
Primarily Trusts are created to protect assets and have been around for over 400 years. This is a very complex area and the IRD are looking closely at Trusts to make sure they were created properly and being run correctly. New Regulations around ‘responsible lending’ may also affect the final structure. Seek professional advice upfront.