DH and I recently bought a 2nd home/beach house/investment property in NZ. We took out a 100% mortgage. As far as we were aware the sale went smoothly and we have spent the past 4-6 weeks renovating (think make it livable). We received a letter from the lawyers handling the sale yesterday to say they had mislaid a document prior to the purchase declaring a caveat prohibiting the sale of the property so the Land Registry would not transfer the property into our names. They had lodged counter caveats and we now have to wait 4-6 weeks to see whether the original caveat will be lifted and the property legally becomes ours or whether we go to court. Is there anything we can do rather than sit and wait and who (should we lose the case) is liable for our loss. We are also having the property re-valued this weekend as we believe the work we have carried out has substantially increased the value of the property.
Any advise would be appreciated.