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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 22969
Experience:  38 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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We own an apartment in a leaky building and also own another

Customer Question

we own an apartment in a leaky building and also own another home both of these are in a trust. Our Body Corp share of the leaky apt might be about $80K we only have $40K in our bank account (lost our cash in the Finance debacle. What can I do to pay this Levy.
Submitted: 1 year ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 1 year ago.
The Body Corporate has the power to collect the levy as a debt and secure this by a charging order against the property. So it will be difficult to avoid payment of this and the best tactic would be to negotiate instalments if that is possible. If this came to a head the Body Corporate could force a sale of the property. So unfortunately the fact you cannot pay the full levy will not mean the problem goes away, and you may need to either borrow the money or sell up, to avoid a forced sale.
Expert:  Chris The Lawyer replied 1 year ago.
I suggest you explain your financial,position to the Body Corporate committee and negotiate a deal, if that is possible