Buying property abroad is not necessarily the same as buying in the UK, there is other essential information you need to be aware of both before and during your property purchase.
- It is highly recommended that you seek independent advice from a solicitor in New Zealand.
- It is essential that you take appropriate independent legal advice before making an offer on a property, as this is done in writing and once it is signed it is legally binding.
- You should check with the estate agent and/or your lawyer that you are aware of the costs charged by legal and Government authorities for buying a New Zealand property.
Property Buying Costs – estimates:
– Bank processing fee – NZ$700
– Solicitor – NZ$1,000-1,500
– Building inspection – NZ$500
– Registered Valuation – NZ$600
– Stamp Duty – NIL
- A New Zealand bank account must be opened and loans are serviced from a transactional account. Rental income from the property must be credited to the servicing account.
- Note that a ‘Power of Attorney’ may be required by the lender (resident in New Zealand), and we also advise you to make the necessary arrangements etc.
- Properties can be purchased individually or in joint names or in a New Zealand Family Trust or Limited Company.