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Due to the 2010/11 Christchurch earthquakes there are different forces at work when purchasing property in the Christchurch region. With this in mind Advanced Mortgage Solutions has put together the following guidelines to help you through the process.
1) Technical Categories
Recently Christchurch ‘Green Zoned’ properties have been split into 3 categories.
- TC1 – Green/Grey
- TC2 – Green/Yellow
- TC3 – Green/Blue
In regards to lending it is largely business as usual for TC1 and TC2 designated properties.
For properties in the TC3 – Green/Blue category, lending criteria is different and more information is required by the lender before they will approve a loan. For people with deposits of less than 20% it is unlikely the lenders will approve an application – please feel free to contact me if you have any questions!
Make sure the property you are looking to purchase has FULL REPLACEMENT INSURANCE already in place and that it can be successfully transferred into your name as you are more than likely going to take over this insurance.
3) Scope of Works
Lenders are asking for the EQC Scope of Works for all properties purchased in Christchurch regardless of which Technical Category the property is in. Ask the Real Estate agent if they have a copy, if not ask you solicitor to contact the vendors solicitor to send you one.
4) Builders Reports
This is usually not a requirement from the lender but is asked for by the existing insurance company to check for damage.
5) Confirmation of completed EQC work
If it is mentioned that the EQC work has been completed on the property you are looking to purchase ask for the associated paperwork to demonstrate this as you want to know that the work HAS been completed..
6) Registered Valuation
If your deposit is less than 15% and you are purchasing a property where a Real Estate Agent is involved then it is likely you will require a register valuation to be completed.
If you are purchasing a property via a private treaty then you will require a registered valuation regardless of your deposit amount.
Please feel free to contact us on 980 4541 or 0508 466 356 if you would like further assistance.