Finding they were bidding against each other, property developers Craig
Relph and Matthew Ryan agreed to jointly buy a $1.72 million residential rental
on The Terrace in central Wellington and then promptly fell out.
Mr Relph
made a pre-emptive strike getting a High Court injunction to prevent Mr Ryan lodging
a caveat blocking dealings with the land which would derail settlement of the
purchase. He did not let on to Mr Ryan
that he was getting a court order. The
High Court was told the two joined forces at a December 2017 auction agreeing
Mr Relph alone would bid, buying for the two of them in partnership. Mr Relph paid the deposit. Settlement was due in ten weeks. Mr Relph then made offers to buy out Mr
Ryan’s half share but they could not agree on price. The court was told their business relationship
then went downhill rapidly. Intemperate
emails were exchanged. Mr Ryan intimated
he would not be coughing up any cash on settlement but would still claim a
share of the property. Mr Relph was
worried Mr Ryan might caveat title to The Terrace, disrupting final settlement
and triggering potential penalty interest for late settlement.
Relph v. Ryan – High Court (8.02.18)
18.032