Every local authority keeps records about the land in their area. If you want to know what information is held about your property or a property you want to buy, you can get a Land Information Memorandum (LIM) report from the council or, if you have the time and know what you are looking for, you can get the information by visiting the council offices and searching their records.
Often real estate agents have LIM reports available to show purchasers, so always ask if a report is available for any property you are interested in.
If the property is not being sold by a real estate agent, or if the LIM report is not available, you can contact the local council to have a LIM report prepared.
LIM reports contain a wealth of detail about the land including:
and much more.
The cost of a LIM report will vary from council to council as does the time it takes to prepare one.
Generally, LIM reports are considered to be of value and interest to a potential buyer. Most may not contain anything out of the ordinary, but information contained in a LIM report may also have a significant effect on the value of a property to you, or your ability to use the property as you've planned.
If you want to get a LIM report before finalising the purchase of a property, make sure that any contract you sign is subject to the receipt of a satisfactory LIM report.
Remember to get your contract checked before you sign. For free pre-purchase advice, request advice online or contact us on 0800 PPTYLAW (0800 778 952) or +64 6 3705102.
Buying our first home was a major decision for us, and selecting the right law firm to guide us through the process was an important step. The friendly staff at Property Law Service and their fixed price costs were major factors in deciding to use their services. The whole process was handled smoothly and every step of the way we were kept informed on progress.
We will definitely be going back to Property Law Service for our future transactions.
J & K, Masterton