6 Jun 2012
ALAN JOHN MOGGRIDGE AND JENNIFER MOGGRIDGE V TIMOTHY DOUGLAS PARSONS AND KATRINA MARY HUDSON HC WHA CIV-2012-488-188
- Citation
- openlaw-3572de3d_aac3_45a5_941c_286df56683e7.pdf
- Court
- High Court
Given the mortgagees demonstrated the property was effectively abandoned, the only realistic way to realise the security was for them to take possession and remediate the property; the conservative valuation approach ($220,000 less estimated repairs of $70,000 = $150,000) produced a price the Court was satisfied reflected the best price reasonably attainable, and accordingly an order under s200 authorising purchase for $150,000 (with set-off against the mortgage debt) was appropriate.