The new Unit Titles Act 2010 came into force on 20 June 2011. Body Corporates of existing developments now have a transitional period of 15 months to procure and implement a Long Term Maintenance Plan (LTMP).
The Regulations written to support the Act require the following in respect of LTMP's;
Long-term maintenance plans
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A long-term maintenance plan must cover the common property, building elements, and infrastructure of the unit title development;
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and any additional items that the body corporate has decided by ordinary resolution to include in the plan; and identify those items that the body corporate may decide by ordinary resolution not to maintain for any period during the lifetime of the plan;
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and state the period covered by the plan; and state the estimated age and life expectancy of each item covered by the plan; and state the estimated cost of maintenance and replacement of each item covered by the plan;
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and state whether there is a long-term maintenance fund; and
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if there is a long-term maintenance fund, state the amount determined by the body corporate to be applied to maintain the fund each year; and
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state who has prepared the plan.
A body corporate must carry out a review of its plan at least once every 3 years. Subject to subclause (2), a body corporate may carry out a review of its plan as frequently as it considers necessary.
The Department of Building and Housing have produced a number of helpful information documents which can be found on their website at www.dbh.govt.nz/unit-titles.
See our services to see how Hampton Jones can assist in providing options for devising and managing a Long Term Maintenence Plan.
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