Perpetual Corporate Trust Limited v Raheb

In Perpetual Corporate Trust Limited v Raheb, the court was asked to determine whether a stay should be granted in an application for a writ of possession. The applicant, Perpetual Corporate Trust Limited, sought a stay of execution pending the outcome of the respondent's application for refinance. The case involved a mortgagee in possession and a mortgagor, where the mortgagee sought to enforce a writ of possession after the mortgagor defaulted on their mortgage obligations.

The central legal issue before the court was whether the applicant had demonstrated a realistic prospect of success in obtaining refinance and, if so, whether this, along with the potential hardship to the mortgagor, justified a stay of the writ of possession. The court examined the evidence presented regarding the likelihood of obtaining refinance, including the mortgagor's financial position, the current state of the property market, and the terms of any proposed refinance agreements. Additionally, the court considered the potential hardship to the mortgagor if the stay were not granted, such as the consequences of immediate eviction and the impact on the mortgagor's ability to secure alternative housing.

The court found that the applicant had demonstrated a realistic prospect of obtaining refinance, given the mortgagor's efforts to secure a new loan and the potential for the refinance to be approved. The court also acknowledged the hardship that the mortgagor would face if the stay were not granted, including the immediate loss of their home and the difficulties in finding alternative accommodation. Considering these factors, the court granted a short stay of the writ of possession to allow the respondent time to finalise the refinance application and secure alternative accommodation if necessary. This decision balanced the interests of both parties, providing the mortgagor with a temporary reprieve while also ensuring that the mortgagee's rights were protected.