Buying, selling or refinancing property involves important legal decisions. Our experienced Auckland property lawyers make the process easier to understand.
We protect your interests, manage the paperwork and help your transaction progress towards settlement.
Selling Your Property
Selling is usually the largest transaction you will be part of in any given year, and the legal work needs to keep pace with your agent, your bank and your settlement date. The Property Law Centre acts for vendors across Auckland and throughout New Zealand, and property law is our specialty.
Before you sign the agreement
We review the agreement for sale and purchase before you sign, explain what you are warranting to the purchaser (and assist with any disclosures or disclaimers). We check the deposit terms, the settlement date and any conditions the purchaser has inserted. Where there is unconsented work, a defective cross lease, or a boundary or access issue, it is far better to deal with it before the property is marketed rather than after you have signed an Agreement for Sale and Purchase. There is no charge for a quick pre-signing review of your agreement if we are then instructed on the settlement of your sale.
Between signing and settlement
Once the agreement is unconditional we prepare the settlement statement, obtain a discharge of your existing mortgage from your bank, and attend to the rates and water apportionment with Council and Watercare. We deal with the purchaser’s lawyer on any requisitions, hold and account for the deposit through the agent, complete your AML verification, and confirm the tax details required for the residential land withholding tax and IRD number statements. We also complete the land transfer documentation with LINZ. On settlement day we release the title, receive the sale proceeds, repay your mortgage and any other registered interests, and pay the net balance to you the same day.
Need law advice on selling?
Buying A Property
Buying a home or an investment property is the largest transaction most people ever enter into, and it pays to have a specialist property lawyer on your side from the outset. We act for purchasers of houses, apartments, cross lease and unit title properties, bare sections, rural and lifestyle blocks and investment properties.
Reviewing the agreement before you sign
We review the agreement for sale and purchase before you sign, explain your obligations and the effect of each condition, and make sure the conditions give you enough time and the right to cancel if you decide to exit. That includes finance, LIM, building report, title approval, KiwiSaver withdrawal and any due diligence condition.
We check the deposit terms, the settlement date, and whether the vendor has given the usual warranties. If you are bidding at auction we review the agreement and title beforehand, because an auction purchase is unconditional if you are the successful bidder.
Title, LIM and settlement
Before settlement we obtain and review the record of title and any easements, covenants, consent notices or cross lease flats plan registered against it, and we check the LIM report for unconsented work, drainage, flooding and outstanding Council requisitions.
We confirm the vendor’s ability to give clear title and that any mortgages, caveats or other interests are discharged on settlement. We then work directly with your bank or broker to have loan documents signed and certified, arrange your KiwiSaver first home withdrawal (where applicable), complete your AML verification, and have the balance of the purchase price in place on the settlement date. On settlement we pay the vendor, register your title and mortgage, and confirm when you can collect the keys.
Refinancing & Mortgages
Whether you are moving your lending to a new bank for a better rate, topping up to fund a renovation or a second property, or restructuring your loans, your new lender will likely require a solicitor to act on the security documents. We act for borrowers on refinances, top-ups, variations and discharges across all of the main New Zealand banks and most non-bank lenders.
What a refinance involves?
Once you have accepted your new bank’s loan offer we receive the loan and security documents, review the terms and any special conditions, and explain the obligations you are taking on, including the fixed rate periods, break costs and any cash contribution clawback if you repay or refinance again within a set period.
We meet with you to sign and certify the documents, verify your identity for AML purposes, and confirm to the new lender that its security requirements have been met.
We then arrange the discharge of your existing mortgage with your current bank, agree a settlement date with both lenders, and on that date draw down the new loan, repay the outgoing bank, and register the new mortgage against your title. Any balance on the settlement date can then be paid to you.
Top-ups, variations, restructures and other lending work
Not all lending work involves changing bank. We also act on top-ups, variations and further advances against an existing property, changes of borrower or guarantor, lending to a family trust or company (including the trustee resolutions and independent advice a lender will want to see), the release of a guarantee, cross-collateralisation across two properties, and the discharge of a mortgage when you have repaid a loan in full.
Where a property is being purchased or refinanced with another party we can prepare a property sharing agreement recording each party’s contribution and what happens if one wants to sell or refinance.
We can help with refinancing
Prices for our property sales / purchases &
refinancing law services
| Sale (no mortgage) | $1,890 |
| Sale (discharge one mortgage) | $2,090 |
| Sale (Unit Title, Residents Society or Subject to Tenancy) | plus $245 |
| Refinancing – by Individuals | $1,595 |
| Refinancing – by a Trust / Company | $1,695 |
| Refinancing 2 or more properties | Ask for an estimate |
| Mortgage by Individuals | $945 |
| Mortgage by a Trust | $1,045 |
| Mortgage by a Company | $1,045 |
| Discharge of Mortgage – when not included in sale | $695 |
| Variation of Mortgage – with loan agreement | $845 |
| For 2 or more properties | Ask for estimate |
| Deed of Acknowledgement of Debt | $395 |
| OTHER – Change of Name | $765 |
| Purchase – No mortgage (existing building with existing title) | $2,040 |
| Purchase – With mortgage | $2,290 |
| Purchase – Without mortgage by a Trust or Company | $2,290 |
| Purchase – With mortgage by a Trust or Company | $2,390 |
| Purchase (Unit Title, Residents Society or Subject to Tenancy) | Plus $245 |
| Purchase – with construction issues (e.g. works to be completed by settlement) | Ask for an estimate |
| Purchase – with new title / CCC to issue | $2,750- $3,000 (Guide only) |
| Building Contract Review | $1,200 (Guide only) |
Kiwisaver withdrawal (One & Two applications) | $295 & $495 |
| Preparation of Agreement for Sale and Purchase | $295 |
| Sales | Ask for an estimate |
| Purchases | Ask for an estimate |
| Leases | Ask for an estimate |
| Lease Renewals / Variations / Assignments | Ask for an estimate |
Property Sales FAQ
Do I need a lawyer before I list my property?
It pays to talk to us before the property goes on the market. We can check your title and confirm there is nothing that will hold up a sale, such as a defective cross lease, an unregistered easement, unconsented building work or a caveat. Fixing a title problem while you are under an unconditional agreement is far more stressful and expensive than dealing with it beforehand.
What do I have to disclose to a purchaser?
You must not mislead the purchaser, and the agreement contains warranties about the property, including that you have no notice of any Council or other requisition affecting it and that any building work you have done has the necessary consents and code compliance certificates. We go through those warranties with you before you sign so you know what you are committing to.
When do I get my sale proceeds?
On the day of settlement. Once the purchaser’s funds arrive we repay your mortgage and any other registered interests, deduct the agent’s commission if it is to be paid from the proceeds along with our fee, and pay the balance to your nominated bank account that same day.
What is residential land withholding tax and does it apply to me?
It applies where an offshore person sells residential land within the bright-line period, in which case tax must be withheld from the sale proceeds at settlement. Most New Zealand based vendors selling a long held family home are not affected, but we take tax statements from every vendor and will advise you if withholding is required. We can discuss the bright-line rules where the property is a rental or has been held for a short period.
Can I sell if my property is a defective cross lease?
Yes, but expect it to be raised or requisitioned. A flats plan that does not match the buildings on the ground will often be requisitioned by the purchaser’s lawyer or queried by their bank, and it can reduce the pool of buyers. It is best to address your cross lease rectification first. We can advise whether to rectify the title before selling or to deal with it by way of a negotiated agreement with the purchaser.
What happens if the purchaser cannot settle on time?
We serve a settlement notice on your behalf, which requires the purchaser to settle within the period stated in the agreement (typically 12 working days) and entitles you to interest at the default rate for the delay. If the purchaser still fails to settle you may cancel and retain the deposit, subject to the agreement’s terms. We will talk you through the options before any notice is served.
Purchases FAQ
Do I need a lawyer to review an agreement for sale and purchase before I sign?
Yes, and it is far better to have us review the agreement before you sign than afterwards. Once an unconditional agreement is signed you are committed on the terms of the agreement you have signed. We check the deposit terms and any conditions for finance, LIM, KiwiSaver, building report or title approval, and make sure the conditions give you enough time and the right to cancel if you decide to exit the agreement. There is no charge for a quick pre-signing review of your agreement if we are then instructed on the transaction and we complete settlement of your purchase.
What checks do you carry out before settlement on a purchase?
We obtain and review the record of title and any easements, covenants, consent notices or cross lease flats plan registered against it, and we check the LIM report for unconsented work, drainage, flooding and any outstanding Council requisitions. We check the vendor’s ability to give clear title, and make sure any mortgages, caveats or other interests are discharged on settlement.
What is AML and why do you need my identification?
New Zealand law firms are required by the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 to verify the identity and address of every client, and the source of the funds used in a property transaction. In practice this means photo identification, proof of address and, in some cases, information about where your funds have come from. If a trust or company is buying we also verify the trustees, directors and beneficial owners. We deal with this at the start of the transaction so it does not hold up settlement.
Can you act for me if I am buying through a trust or company?
Yes. We regularly act for family trusts, companies and look-through companies purchasing residential and investment property. Where the property is being purchased with another party we can also prepare a property sharing agreement setting out each party’s contribution and what happens if one wants to sell. If there are relationship property considerations we can discuss those queries with you too during the course of your transaction.
Can I use my KiwiSaver for my first home?
Freehold (fee simple) means you own the land and everything on it outright. A cross lease means you own an undivided share of the land with the other owners and hold a long term lease of your flat and its exclusive use areas, so alterations often need your neighbours’ consent and the flats plan must match the external dimensions of the building situated on the property.
A unit title, common in apartments and townhouses, means you own a defined strata unit within a body corporate, pay levies, and are bound by the body corporate rules. We review the additional disclosure and body corporate records on a unit title purchase.
What is the difference between buying a freehold, cross lease and unit title property?
Yes, if you meet the criteria for a first home withdrawal. Your scheme provider requires a signed agreement and a solicitor’s certificate and undertaking, and the funds are paid to our trust account shortly before settlement. You will need to apply as soon as your agreement is signed, as providers usually need at least ten to fifteen working days.
Where you are using your KiwiSaver funds towards the initial deposit, we will need to include an additional clause in your agreement so that your deposit is protected and not released prior to settlement. This is what your KiwiSaver provider will require.
Refinancing & Mortgages FAQ
How long does a refinance take?
Most refinances settle within two weeks of your new bank issuing its loan offer. Once you accept the offer we receive the loan documents, meet with you to sign, arrange the discharge of your existing mortgage with your current bank, and then draw down the new loan on the agreed date. The main variable is how quickly your existing bank releases its security. If you require an urgent settlement we can assist, however there may be an urgency fee.
Do I need a lawyer to refinance?
In most cases, yes. Every bank requires a solicitor to certify the loan and mortgage documents, verify your identity, and give undertakings to the lender about registration of its security. Your new bank will not release funds without that certification.
What will it cost me to refinance?
Our fee is set out in the pricing table on our website. In addition you should allow for your outgoing bank’s discharge fee, any break costs if you are exiting a fixed rate early, and any clawback of a cash contribution your current bank paid you if you are still inside its retention period. We recommend you ask your current bank for a written break cost figure before you commit, as it can be substantial.
Will I have to repay the cash contribution my current bank gave me?
Often, yes. Cash contributions are usually paid on the condition that the lending stays with that bank for a set period, commonly three or four years, and a proportion is clawed back if you repay or refinance early. Ask your existing bank to confirm the clawback amount in writing so it can be weighed against the savings from the new rate.
Can I refinance if my property is owned by a trust or company?
Yes. We regularly act on trust and company lending. The lender will require the trustee or director resolutions, confirmation that the trust deed permits the borrowing and the giving of security, and in many cases evidence that any independent trustee or guarantor has received separate legal advice. We prepare that documentation as part of the refinance.
Can I refinance and change the ownership at the same time?
Yes, this is common where a property is being transferred into a family trust, a partner is being added to or removed from the title, or a relationship property settlement is being implemented. The transfer, the new lending and the discharge of the old mortgage all settle together. Where ownership is changing you should also talk to us about a property sharing agreement or a relationship property agreement, and to your accountant about any tax consequences.
Do you handle the discharge of my mortgage when I have paid off my loan?
Yes. Once your bank confirms the loan is repaid we prepare and register the discharge of mortgage with Land Information New Zealand so your title is clear.