Introduction

We trust you will find this publication a helpful addition to your resources. For further information regarding LANDinfoNET Limited and our services, including full Land and PPSR search and registration, please visit www.landinfo.net.nz

.:: AN EXTENSION OF YOUR OFFICE ::.

Welcome to our June issue, of particular interest in this publication is the upcoming changes to LINZ disbursement fees as at the 5th July, changes to PPSR and Companies Office disbursement fees as at the 1st July, and LANDinfoNET'S ability to supply LINZ approved forms direct to you.

Property market sales and level of housing activity is still running comparatively high compared to just a few years ago. Turnover figures for May show 9,416 houses sold which is the second highest for the month of May on record. Migration figures are slowing which may accelerate a downward trend in the housing market, however, immigration flows have turned rapidly in the past.

PPSR services are in high demand as an increasing awareness of how this resource can protect many peoples interests. On a recent episode of "My House My Castle" the issue of registering on the PPSR was raised. The solicitor they featured on the programme advised anyone who is building a home to register their security interest on the PPSR over the builder, the builders company or construction company in case they go into liquidation.

Should you have any queries regarding our service please contact us on info@landinfo.net.nz or by free phone 0800 106 206

LINZ Disbursement Prices Change

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PPSR & Companies Office Disbursement Prices Change

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PPSR update

Secured Party Groups

The 'person acting on behalf' of a secured party group organisation in the strict sense of the act should be an actual person. However, many large organisations such as lending institutions due to hefty staff turnovers choose to enter a generic title instead such as 'securities manager', or 'PPSR officer'. They then also enter generic email addresses and call centre phone numbers. In practice there should be no reason why this shouldn't be acceptable providing the call centre operators are trained appropriately. A proposed amendment is going through Parliament at the moment whereby the Secured Party can choose between a legal person and a position, it is held up presently.

If you are creating, or instructing us to create, a new secured party group and the members include trusts with numerous individual trustees. Consider simply registering the trust as an organisation and one of the trustees as the person acting on behalf, (unless of course the intention is for the financing statement to show the security interest in favour of an individual trustee personally). The benefit of this method is, if one or more of the trustees for whatever reason are no longer a member of the trust, the secured party wont be required to create a new secured party group without the exiting trustee(s) and transferring all the financing statements across. The same process would apply if a new trustee were required to be added.

Debtor Pins

If a debtor has waived their rights to receive a verification statement pursuant to section 148 of the PPSA, it still remains the secured parties responsibility to disclose the debtor pin and financing statement number for the purposes of the debtor or an interested third party entering a debtor change demand. Therefore, if LANDinfoNET has not registered the financing statement on your behalf it is important your client is advised to store ALL the appropriate pins and passwords for future reference.
The advantages of LANDinfoNET storing pins and passwords:

• LANDinfoNET store all the pins and passwords in a secure environment at no extra charge
• These can then be provided to you within minutes free of charge
• In terms of registering financing change statements, we already have all the pins and passwords which means all we require from you is the financing statement number and either the secured party or debtor name for cross referencing.
• We also store the confirmation emails from the ministry in our system on your behalf
• Notification of upcoming expiries at no extra charge

Average time for new titles to issue and plans to approve

At LANDinfoNET we are committed to providing a registration service that not only provides our clients with an efficient document lodgement service but also a comprehensive guide to current LINZ time frames for registration of all types of documents. What this means for you as a client is that we keep you informed of current time frames, so you can keep your clients informed for future settlements.

Please refer to the table above setting out LINZ's guidelines and the average times we are experiencing. These averages are fairly consistent throughout New Zealand.

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LANDinfoNET Limited now supplies
LINZ Approved Forms

LANDinfoNET Limited has developed all forms in the Land Transfer Regulations and obtained LINZ approval for your use in drafting and registering any LINZ documentation, including consents.

They are designed as loose leaf for both single and multi page forms to ensure compatibility with any type of printer to meet your word processing needs, and LINZ scanning requirements.

The forms are available to order on our website www.landinfo.net.nz look for 'LINZ approved forms' down the left hand side of our home page.

For clarity and simplicity we have priced each form at $1.00 inclusive of GST with delivery within 48 hours. LANDinfoNET Limited clients will not be charged any shipping costs. Click here to order now.

We have highly experienced Land Transfer consultants who can assist with any facet of assisting you in drafting and providing registrable precedents to assist your process.

"An extension of your office"

Forms Available include:

Easements and Profit à Prendre

· Application for Removal of Easements and Profit(s) à Prendre
· Easement Instrument to Grant Easement of Profit à Prendre, or Create Land Covenant
· Easement Instrument to Surrender Easement, Profit à Prendre, or Land Covenant
· Easement Variation Instrument to Vary Easement, Profit à Prendre, or Land Covenant

Caveats

· Application for Lapse of Caveat
· Caveat against bringing Land under Land Transfer Act 1952
· Caveat against Dealings with Land under Land Transfer Act 1952
· Withdrawal or Partial Withdrawal of Caveat
· Caveat giving Notice of Estate or Interest under Part XII of Land Transfer Act 1952
· Caveat forbidding issue of Ordinary Certificate of Title or Computer Register

Transfers
· Transfer Instrument

Mortgage
· Mortgage Discharge Instrument
· Mortgage Priority Instrument
· Mortgage Variation Instrument
· Mortgage Instrument (fixed sum)
· Mortgage Instrument (all obligations)


Leases
· Lease Instrument
· Lease Variation Instrument
· Lease Surrender Instrument

Encumbrance
· Encumbrance Instrument

Transmission
· Application for Transmission (survivorship)
· Application for Transmission (personal representatives)


Other
· Application for Certificate of Title on Ground of Possession
· Application for Correction of Change of Name
· Application for Change of Name (company or incorporated society)
· Annexure Schedule
· Attestation
· Statutory Declaration of Person Executing
· Statutory Declaration of Witness
· Deposit of Survey Plan
· Annexure Schedule - Consent Form

LANDinfoNET Limited, LINZ Approved Forms

Click here to order now.

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LINZ Issues

Caveats

The caveator's address for service is now governed by section 240B of the LTA, which means it can be a postal address or a fax number or e-mail address (please remember if you have current caveats and you change your address, give notice to LINZ of the new address for service).

A postal address should be somewhere in New Zealand because there are issues of timeliness should notice have to be sent to that address. However a fax number or e-mail address could be anywhere in the world.

The simplified procedure for applying to the RGL for a caveat to lapse provided by the new section 145A of the LTA has come into force and must be signed by either the applicant or the applicants solicitor.

Our Land Transfer Consultants Roger Fielding, David Barker, Barry Green, Land McQueen and Elaine Hancock are always available for consultancy and technical advice issues on these and any other matters. Please do not hesitate to contact them with queries.

Roger 0508 524251 LANDinfoNET Limited Hamilton rogerf@landinfo.net.nz
Barry 0800 106206 LANDinfoNET Limited Auckland barryg@landinfo.net.nz
David 0508 534251 LANDinfoNET Limited Hamilton davidb@landinfo.net.nz
Lana 0508 534 251 LANDinfoNET Limited Auckland lanam@landinfo.net.nz
Elaine 0508 534251 LANDinfoNET Limited Hamilton elaineh@landinfo.net.nz

Roger, Barry, Dave, Lana and Elaine have a prior cumulative experience of working with LINZ as senior Land Registrar for over 80 years please ensure you utilise their ongoing knowledge and recourses as an "extension of your office". A team of our registration agents to ensure they are free for high-end consultancy supports Roger, Barry and Dave.

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Real estate statistics

Median house price has risen $6,000 for the month of May 2004 up $38,000 for the same time last year this represents an 18.09% increase. Sales numbers are down as a slowing trend is becoming evident. Prices should stabilise further with higher interest rates pending. Average days to sell is up 1 on the previous month. Activity is still considered to be strong with total sales of 9416.
Click here to view a table which depicts averages across New Zealand.

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Your issues of interest
(legal practitioners network)

We would like to extend an invitation for you to forward any situations regarding the legal implementation of land you have recently encountered, that you would like to share with others. We would like to offer this as a regular feature of this Newsletter as an informative tool to help enlighten your colleagues of unusual situations or traps for the unwary. To help us encourage a network forum for the benefit of legal practitioners any published articles would be accompanied by the authors name and contact address. LANDinfoNET Limited will have sole discretion as to relevance of articles published. Please forward all correspondence to Janelle Weir at janellew@landinfo.net.nz. (N.B. no form of advertising will be published)

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Westpac NZ housing market

Click here to view this invaluable information (Acrobat Reader required). We are grateful to have this supplied by: Westpac Institutional Bank.

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