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Chris The Lawyer
Chris The Lawyer, Lawyer
Category: New Zealand Law
Satisfied Customers: 23066
Experience:  38 years qualified as a lawyer; LLB, MMgt and FAMINZ.
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Bank extended term of a loans on a family trust property,

Customer Question

bank extended term of a loans on a family trust property, under going relationship separation,without notifying all trustees.Ex partner got bank to extend loans family trust home enabling him to afford to remain living in trust family home.Now claiming for reduction of mortgage for a 4 year period in relationship property separation
BANK has addmitted error, but still expartner insists on entitlement.
The bank enabled ex to remain in family home and reduced equity in house by $1000s
House should have been tenanted until sold given neither could afford to service loan
Submitted: 1 year ago.
Category: New Zealand Law
Expert:  Chris The Lawyer replied 1 year ago.
Under the Property Relationships Act there are several factors of importance. The first is where behaviour has caused the property to be worth less then that can be considered in a division. In addition where one party has had the use of the property they must account for the benefit of that use, which is done by what is called occupational rent. The party occupying must account for half of the market rental to the non occupying party over the time they were in sole occupation. So this could help make adjustments which assist you.