WHAT IS A LIM?
Land Information Memorandum - the most comprehensive report you can get on a property from your local council including all historical and current information.
WHAT IS IN A LIM?
- Any special feature of the land Council knows about including the downhill movement, gradual sinking or wearing away of any land, the falling of rock or earth, flooding of any type and possible contamination or hazardous substances.
- Information the Council holds on private and public stormwater and sewerage drains.
- Rates information.
- Any consents, notices, orders or requisitions affecting the land or buildings.
- District Plan classifications that relate to the land or buildings.
- Any other classifications on the land or buildings notified to the Council by network utility operators in relation to the Building Act 2004.
- Any other information the Council deems relevant.
HOW WILL IT HELP ME?
When you get a LIM you can compare the information to what is physically at the property. For instance, if there is a recent garage or other structure (such as a deck or new bathroom) on the property but on the LIM there is no reference to a consent being issued for it, you can investigate. This ensures you are buying a property with no outstanding consents.
A LIM may also show any proposed plans to widen or build new roads near the property which could affect its future value. It may also show issues with the property that may not be evident in all seasons, such as any areas that are prone to flooding; something that may affect your future landscaping or renovation plans.
If you are borrowing money to buy the property it’s quite likely that your lender will require you to obtain a satisfactory LIM as a condition of the loan.