Across the Auckland region hundreds of homeowners are finding out their properties are required for upcoming transport projects.

These projects include the Airport to Botany Rapid Transport (A2B), North Auckland (Albany to Orewa), North-West Transport Project, Warkworth to Wellsford Motorway, the Pukekohe-Paerata, and Drury roading projects.

The requiring authorities, including Auckland Transport, NZTA Waka Kotahi and Supporting Growth, typically do not acquire land for these projects until funding is available and the projects are confirmed. This could be years or even decades away.

But where does that leave homeowners? Arguably in a state of limbo. As soon as the transport project is notified the value of your property may be affected, but there is no prospect of an offer from the authorities to acquire your land in the foreseeable future.

On the positive side, the notification of these projects provides an opportunity for homeowners. As soon as the project is notified, under the Resource Management Act you may take steps to have your property acquired early by the requiring authority.

There are benefits in having your property acquired by a requiring authority. You avoid paying any real estate commission and can claim:

• The full market value of the property (as if there was no transport project)

• Where only part of the property is acquired, the loss in value of the remaining land

• Compensation for loss on repayment of a mortgage

• Compensation for business loss

• Compensation for reasonable legal and valuation costs

• Additional compensation of up to $50,000 (depending on the use of the property)

If you wish to sell to avoid the uncertainties associated with a transport project or you need to sell for any other reason, the option of an early acquisition is well worth considering.

Grimshaw & Co Lawyers can represent you in the early acquisition process and provide peace of mind that everything is being done to have your property acquired on the best possible terms.