NSW Property Valuation and forcing sale of property

Discussion in 'Family Law Forum' started by thatsnotmyname, 14 August 2019.

  1. thatsnotmyname

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    Ex and I separated this year but are cohabiting. The only property (house and two large sheds on acreage) is in my name.

    He put more money than I into the purchase and wants to buy me out. We have a toddler and I work part time in order to care for him. Ex works full time, earns $50K a year more than me, plus his work pays for his car, fuel, rego, insurance, tolls etc (possibly could be valued at around another $15K a year)

    He presented me with a bank (mortgage) valuation at the purchase price of the property from 4 years ago a few weeks ago. Totally way off the mark (even with the cooled market).

    I was advised to get three real estate appraisals - I've had two (from agents who sell double what the rest of the others sell in the area) so far and they're between about $300K - $550K above the mortgage (bank) valuation. One of these is from a local agent who has appeared as an expert witness in the family law court in these kinds of matters.

    I presented them to him and said that I was willing to split the difference of the two appraisals from the agents. And factor in an adjustment in a lump sum format to support me for my carer role until our son goes to school (only 2-3 years away) instead of him paying child support and then I wouldn't claim any further child support or anything from him. He is unwilling to negotiate. I think I'm being reasonable

    My questions are:
    1. If he doesn't agree to any valuations by local agents - does it have to go to a real estate valuer? My concern is that as an acreage property it is difficult to find valuers who specialise in this area. Who foots the cost of this? I'm only working part time
    2. As the property is in my name could I just sell it? Or would him placing a caveat on it preclude me from doing that? Even if I committed to providing him with a share ?
    3. If I cannot just sell it - what steps would I have to take to get an order from the court to sell?
     
  2. sammy01

    sammy01 Well-Known Member

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    forget waiving child support. It is non-negotiable. If you don't collect it the govt will give you a hard time over family tax benefit.

    You can sell it, but he would likely put a caveat on it and even if he didn't, he could and would take you to court to get his fair share.

    Get an agreement - if you can't, then court is the only option.
     
  3. thatsnotmyname

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    I don't get the Family Tax Benefit B as I earn too much (we are both professionals on good incomes). Our combined income was also too high to receive this. Not a factor. I'm not saying I won't give him a share but I'm wondering the time it would take to get to the point of an order.
     
  4. hshkara

    hshkara Well-Known Member

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    1. The best way to nip this dispute in the bud is by going to a proper independant valuer who will value the property. This normally costs around $700 - $1000. Costs normally shared or it can come out of the asset pool before you divide it.
    2. You could sell. A caveat would preclude it. You could just sell it and that would save the expense of getting the valuer as you will have the ACTUAL value of the property. You could then have an agreement that the money would be held in trust (soliciotr or real estate agent) until you figure out how to divide it.
    3. You would either value it or sell it in order to move forward with the financial separation.

    Read this for some more assistance:

    The Right To Stay In the Family Home After Separation

    Divorce Property Settlement - How Much Will I Get?
     
  5. thatsnotmyname

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    Thanks for your reply. This is what I was thinking - selling might actually give me the ACTUAL value - not the rubbish value he's saying it is.
     
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