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Property buying timescales?

Property buying timescales?

Old Jun 17th 2019, 9:21 am
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Default Property buying timescales?

I have been out here 10 months now and have just about sold my place in the uk. I have been looking at buying land to build on.
How long does a property purchase take to go through as I am still classed as an overseas investor until 23Aug when I will have been in the country a year? I did not really want to shell out $2k on the "Jacinda tax" for a permit to buy with only 2 months to wait until I am clear
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Old Jun 17th 2019, 10:39 am
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Default Re: Property buying timescales?

Originally Posted by Chris B44 View Post
I have been out here 10 months now and have just about sold my place in the uk. I have been looking at buying land to build on.
How long does a property purchase take to go through as I am still classed as an overseas investor until 23Aug when I will have been in the country a year? I did not really want to shell out $2k on the "Jacinda tax" for a permit to buy with only 2 months to wait until I am clear
Depends on a number of factors including how quick yours and the sellers lawyers are in getting things moving. I don't know on land purchases but on houses 6-8 weeks is not unreasonable when we have bought and sold houses there. If the bank is involved then they may want reports completing as due diligence before they give the green light so it is also the time to schedule the right people for these which if in Auckland could take time. Is it not possible for your to agree a purchase with the date of completion the 23-24th August?
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Old Jun 17th 2019, 7:53 pm
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Default Re: Property buying timescales?

If purchasing a house it can be as little as 15 working days from date of offer to unconditional - not necessarily the date you move in but the date that you make the legal obligation to purchase. As for land it could be quicker as you wouldn't need builders report etc. speak to a local real estate agent/land seller and ask. As said below you could put a completion date after the 23rd but if they are in a hurry you may well miss out.
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Old Jun 18th 2019, 9:23 pm
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Default Re: Property buying timescales?

Buying land can be a minefield.
We agreed a price for our Section mid October 2015 and we only completed mid March 2016.
The deal was subject to the Section getting its own title and for that to happen there's many hoops a landowner has to jump through to satisfy the council - land surveys, Geotech reports, core sampling depending on historic use etc, maybe some remedial action if any contamination found....... and then when all that is done there's the covenants that have to be considered - ones applied by the landowner, local council mandatory and then district plan mandatory, which I'm told is what takes all the time as it is a legal process. We originally had a list of around 10 landowner covenants and by March the Council stated that these were holding up the whole process so the landowner pulled them all and Title was approved almost overnight.
If you are buying land from a developer then you shouldn't have any real issues and the time taken should be a matter of weeks. If you are buying privately it is unlikely the land will be ready to go. The process to get Title is approx $100k and a landowner isn't going to splash the cash and submit applications and arrange testing etc until they have a buyer.
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