Speaker 1 0:10

Kia ora . Welcome back to the episode , kunj Cares . Hey , kunj Kia ora , everyone , today we're going to talk about something very , very important that happens every now and then in our clients' lives but can significantly improve or not improve their situation . We're going to talk about Inheritance , yeah , and in particular , we're going to talk about when you're inheriting a property . We had Jackie Colin with a question around what to do

Introduction to Inheritance Discussion

Speaker 1 0:38

because recently she inherited a property and how will that affect her as a first-time buyer in the future ? Because she actually had KiwiSaver going , she was saving away and she was going to buy a house , but she didn't realize that she was going to actually inherit a property . So , Conch , let's dive into this Inheriting a property .

Speaker 2 0:59

Well , inheriting a property basically

Jackie's KiwiSaver Dilemma

Speaker 2 1:02

means you get to own that property so it's already automatically going to be yours with your name on the title . So now that may affect your opportunity to use your KiwiSaver to buy your first home , because obviously KiwiSaver is designed for first home

How Inheritance Affects First Home Status

Speaker 2 1:22

buyers . It helps with the deposit side . However , with inheriting a property , it evidence that you already own a property , so that will affect the KiwiSaver . So good to get some legal advice on that to see whether KiwiSaver is still an option to withdraw . I mean there's the second chance KiwiSaver withdrawal option . However , again check with your solicitor check with your solicitor .

Speaker 1 1:56

Yeah , so this is not a financial advice , guys , but we just thought we'll bring Jackie's situation to your attention because often in life you may not be aware of these things and we did have another situation where

The Role of Lawyers in Property Transactions

Speaker 1 2:05

a person did inherit a property and then didn't know that . Then , you know , a few years later they decided to buy a house and he went in to withdraw his KiwiSaver and he couldn't because he was told that in the eyes of the law , he's already a property owner . So this is where you know if you are finding yourself in this position , definitely consult a lawyer , get your lawyer involved and , yeah , make sure that the property titles are arranged in a way that will allow you in the future to get your KiwiSaver out yes to benefit from getting your KiwiSaver .

Speaker 1 2:38

Very important and now that we're on the subject of lawyers , we are going to cover the role of the lawyers , actually when it comes to property convincing as well . So you guys are getting two for the price of one here today . Lawyers yes , koenj . What's the role of the solicitor ?

Speaker 2 2:55

Yeah , so lawyers play quite an important part of your home buying journey . So they will go through the sales and purchase agreement , check over the conditions and things of that . They do

Final Thoughts and Contact Information

Speaker 2 3:10

all the legal side for you . They also execute the KiwiSaver withdrawal as well for you . So they'll help you complete the forms and things like that . When your KiwiSaver is ready to be withdrawn or on settlement , the funds actually get paid to your lawyers . You actually don't even see your KiwiSaver funds coming into your account .

Speaker 2 3:36

It goes straight to them , then it goes straight to the vendor's lawyers . So , yeah , so the lawyers basically do the mortgage side of things . So they register the mortgage , they register your name on the title . So they do play quite an important role to the journey there .

Speaker 1 3:56

And they also make sure that your name is actually registered to a correct property . And , to be honest , part of my suggestion here would be please double check what you're actually getting yourself registered against . There were cases in the past . I remember reading some news articles back in the day about a guy owning a property and he discovered like 30 years later that the property he was owning wasn't even his . He was owning next door .

Speaker 1 4:23

Often happens with cross leases . So very , very important to double check your name against the title and again , your solicitor will send you all that information at the end of the transaction . So you've got access to all of that . But , guys , if you've got any questions or comments , please feel free to drop us a line . We'd love to hear from you . We love getting your questions because that inspires us to deliver more information to more people . So you can find us on Facebook , instagram , youtube and TikTok . All you've got to search is just my name , and a lot of information will pop up and share this with people in your life that you think will find it valuable . Thank you , thanks .