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Thanks Sonya. He has a roommate as of 2/7 so I will start to get $150 per week (which I think is still well below market value for rents in Brisbane) but it’s a start at least.
Just finished a very painful hour long phone conversation with him. Agreed upon getting our separate valuations and going from there.
Can I ask, in the forum’s experience, if the valuation comes in lower and he still wants to keep the property, am I still in with any chance of recouping at least my part of the deposit and FHOG? (I am not even worried about the odd $13K I contributed to the repayments, just want out with something!!) Very keen to keep solicitors out of this. After speaking with three of them today $375 per hour is just completely out of the question for me at this point!!!
Thanks to everyone who has commented so far!!!
Hi Darren,
My issue is that he does not think I am owed anything (my deposit, nothing) because of his perceived "drop in the market" (which we don't know for sure as we have not yet got any vaulations done)!
So yes that is my plan. If he still pushes back i am going to get legal rep or just force the sale, so either way, we both lose out.
I read the BIS Schrapnel reports yesterday that the property market in Brisbane is actually going to improve over the next 3 years which is exactly how long he wants to hold the property for, so I refuse to belive that he wont ever get any capital gain on a property less than 4ks from the heart of Brisbane city.
Sounds vendictive but he is being completely irrational, so tit for tat I say.
Thanks for your help!
Hi everyone,
Thank you so much for all the advice. I have decided now to get legal advice, as much as it pains me to go down that path, it really has to be done.
The property market is so bad in Brisbane at the moment, I have a feeling that when we do get valuations, we may owe more on the mortgage that the actual value of the property…? We bought last September for $346K and currently owe $322K on the mortgage itself.
And this isn't even taking into account compound interest on the loan!!
If this is the case, will I walk away with nothing, still owing money?? Or should I play it safe and refuse the valuations and just sign it over deposit, FHOG and all and walk away?
What if the market bounces back in years time and the value increases and i've signed it over then he makes money ?
You all must be rolling your eyes at how foolish this sounds, I feel like a fool for not thinking this through before and knowing so little about it!! This certainly is a lesson learnt for me.
Your advice is greatly appreciated as I feel like I am treading water right now!!
