3 Tips to Smooth the House Buying Process

16 June 2020

3 Tips to Smooth the House Buying Process

Estimates from Statistics New Zealand show the numbers of Kiwi homeowners has been steadily falling over the past few years. 1 in 3 Kiwis currently rent, but the 30th April 2020 announcement from The Reserve Bank may just be the catalyst to buck this trend and get the housing market moving. 


The loan to value ratio (LVR) funding restrictions that have been in place since 2013 have been lifted. The banks can now lend people more money to buy properties. You still need to be able to demonstrate you are credit-worthy, but you have more options for finance: you can go to any bank to get a pre-approval. Not only is this likely to kick-start the economy, but potentially bring a wealth of new properties to the market too. 


Whether you are a first-time buyer or a seasoned pro, it’s crucial to understand buying a property is a complex legal process. Investing in professional legal advice protects your financial position (your property is likely to be the most valuable asset you have) and helps to reduce the stress of purchasing a property. 


Purchasing a house can feel like being on emotional rollercoaster, so here are three tips to smooth the house buying process:


1. Search for properties after you have an agreed pre-approval 

Before you get carried away searching for a property, you need to have clarity about your financial situation. Champagne tastes and beer money leads to stress and disappointment. Research the best mortgage options available to you. Only when you have a pre-approval in writing should you start to look for a property.

2. Instruct a property / conveyancing lawyer early on

The process for buying a house can move quickly – in as little as three or four weeks – you should be in contact with a professional conveyancing lawyer before you even think about entering into an agreement. There’s no such thing as being too early in the process to seek specialist conveyancing advice. In fact, it is even better as we are able to complete identification requirements to help advance the process.


A property lawyer will explain the jargon used, the types of property ownership and undertake the required checks on the property you have your eye on. Land Information Memorandums (LIM reports) and titles provide valuable information that often requires more investigation and interpretation by your conveyancing lawyer. Christchurch and Canterbury have a high proportion of properties affected by the earthquakes of 2010 and 2011, so independent legal advice is essential when you are buying a house. 


Note: If you are buying an on-sold property, your conveyancing lawyer will oversee the transferring of rights and benefits of an EQC claim and the provisions of a Deed of Assignment. This is so important; it cannot be emphasised too strongly how investing in the best legal advice can help you to avoid litigation and save you money down the line.


3. Understand the offer you are making

Once all the checks have been made and you are happy with the reality of the property, your conveyancing lawyer will draft an offer. There are two types:

A unconditional offer

Quite simply, you agree to the terms in the sale contract.

Conditional offer

This is when the offer is on the provision that specific conditions are met – a building inspection is undertaken, or additional works are completed, for example. When the conditions are resolved, the offer is unconditional and it’s full steam ahead.

When you are excited and passionate about a property it can be easy to jump the gun and make an offer; don’t do this. When you make an unconditional you are locked into the purchase. Listen to the advice of your conveyancing lawyer!

Weston Ward & Lascelles have had the privilege of helping people buy their homes for over a century. Our team of Christchurch conveyancing and property lawyers are experts in buying and selling properties and are passionate about getting you the best deal for your property. Get in touch today to see how we can help you.

A model house sitting on top of a wooden table next to stacks of coins.

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Buying a property is one of the most significant financial decisions you'll make in your lifetime. Whether you're a first home buyer in Christchurch or an experienced investor, understanding the conveyancing process is crucial for protecting your interests and ensuring a smooth transaction. Weston Ward and Lascelles’ Christchurch property lawyers have guided countless clients through the complexities of buying and selling property, but one area of the process is typically misunderstood by clients, and that is what happens to your deposit when you are buying a property. It’s an important aspect of property conveyancing, so this article is to fill in any gaps and help you navigate this element of the transaction. Understanding property deposits in New Zealand A deposit is an initial payment made by the buyer to the seller and represents a proportion of the total of the purchase price. The deposit is usually payable on the purchaser confirming that all conditions inserted in the contract for the benefit of the purchaser have been satisfied i.e. the deposit is usually payable when the contract goes unconditional. But note auctions are different. If you have bought a property at auction the deposit must be paid immediately upon winning the auction, as typically auctions are unconditional on the fall of the hammer. If you do not pay the deposit immediately after winning an auction, the vendor would immediately be entitled to cancel. But if you did not pay the deposit on a property (not purchased at auction) immediately after you confirmed that all conditions inserted in the contract for your benefit have been satisfied, this would not usually entitle the vendor to immediately cancel the contract. The vendor would first have to serve notice on you requiring you to pay the deposit within 3 working days or else! A deposit serves as assurance for the vendor that the purchaser is serious about completing the transaction and offers financial protection to the vendor if the buyer defaults. For purchasers, it demonstrates good faith and secures their right to complete the property purchase under the agreed terms of the Sale and Purchase Agreement. 
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