QLD Retaining property

[Henry.......]

Is there any case law to help me. I want to retain property and have the borrowing capacity. My ex claims to want to retain property but does not having any borrowin capacity. He claims this so I'm forced to sell. I have made a generous offer to buy him out and it's been refused. His counter offer was to sell "to save an argument." He's verbally stated he can't refinance and his income was only $18k last financial year (needs to borrow $750k+). Does he have a chance to force a sale?

 

[SRL1]

He can't force a sale without going to court, and that's going to take time and cost a small fortune to both of you.

If he's happy to sell to a third party he should not have a problem selling to you as long as he get the market price. So get a valuation done through a mutually agreed sworn valuer and buy it off him at that price.

You should still get your assets formally split up through a consent order to avoid any issues later.

 

[Henry.......]

We are going through court and we do have a full property pool completed, with valuers. He is trying to claim he wants to retain the property too. He has no ability to obtain refinance. But, he's saying this because he doesn't want me to have the property. Is there legislation or caselaw regarding two parties wanting to retain, but one party not being a real contender.

 

[SRL1]

Not sure about the legislation and case law.
If you are 100% positive that he won't be able to raise the finance, you could offer to sell the property to him at valuation, on the condition that if he doesn't buy it within X days you get the right buy it off him at the same valuation.
Bit risky, but could be worth a try depending on his financial position.

 

[sammy01]

who is living there right now? who is paying the mortgage?

 

[Henry.......]

He lives there and pays the mortgage. That makes no difference though because he absolutely can't retain refinancing. He did the dodgey on his tax last year and reduced his income too far.