Property decisions are never easy. But knowing your legal rights certainly helps. The Law Shop specialists share some important advice with us:
USING KIWISAVER TO GET INTO YOUR FIRST HOME
When buying your first home, you may be able to withdraw from your KiwiSaver funds to help finance the purchase. If you’ve been a KiwiSaver member for at least three years, intend to use the funds to buy your first home (and not an investment property), and if you leave a minimum balance of $1,000.00 in the account, it’s likely that you are eligible.
“First, you should contact your KiwiSaver provider to advise that you are looking at buying your first home. Ask them to email you the amount you are entitled to withdraw, and the application form,” says Adele Ransley from The Law Shop.
Then, once you have a sale and purchase agreement, see your lawyer to complete the Statutory Declaration. Your lawyer will send off the application, a copy of the Agreement, an undertaking letter to either withdraw the funds to use for the deposit or to assist towards the settlement funds, the law firm’s trust account deposit slip and a certified copy of your photo ID and certified proof of your current address.
“It could take up to 15 working days for your application to be processed, so if you’re ready to make an offer on a property you will need to allow that time to change your finance,” Adele says.
If you have lived overseas while contributing to KiwiSaver, it can delay the processing time and you won’t be eligible to withdraw the tax credits earned while you lived overseas.
Your KiwiSaver provider will contact you and your solicitor, usually by email, if you have been approved.
PROTECTING YOUR PERSONAL AND PROPERTY RIGHTS
Every adult of sound mind has the right to determine what shall be done with his or her own body. But what if a person’s ability to make decisions about their property and healthcare is reduced because of illness or an accident? People sometimes need help to manage their health, property or other parts of their life. That’s why the Protection of Personal and Property Rights Act 1988 exists.
“No one can lawfully make decisions on behalf of a mentally incapable person or relative without that person’s specific authorisation, or permission of the Court,“ says The Law Shop’s Stephanie Northey.
“The PPPR Act protects the rights of people who are not fully capable of managing their own affairs. This could be due to mental health issues, dementia, or if someone has had a sudden serious accident or a head injury that affects their mental capacity or stops them from communicating their decisions,” she explains.
There are different legal tools available depending on whether decisions need to be made about a person’s health, medical treatment or property. It often depends on whether capacity is partly or fully lacking; and if the issue is affecting the person short term, long term, or permanently.
“Ideally, you should grant someone you trust enduring power of attorney (EPA) to look after your personal affairs or property in case you become unable to manage your own affairs. Otherwise, a family member or next of kin usually, can ask the Family Court to appoint them or someone else to act for that person as a welfare guardian or property manager,” Stephanie says.
If you have questions about issues around capacity or the PPPR Act, or if you would like to get an EPA organised, contact the team at The Law Shop any time. They are everyday lawyers for everyday people who can help you out in a timely manner while leaving the jargon behind. Call 0800 Law Shop or email team@thelawshop.co.nz.
