Forum Replies Created
Hi Gibbo
Yes we do -so we've separated the business (I'm now sole Director) which carries PI & PL insurance of its own and the house is solely in Cindys name now, we have public liability for the house for tripping etc we also have a house and contents policy which includes anybody in the house, but my wife is concerned that through an accident or any other misfortune she could get sued and lose the house.
We could put the house into a trust but the stamp duty, capital gains etc make this prohibitive so how else can we protect it?Brian & Cindy
Asbestos Audits Queensland | Asbestos Audits Queensland
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So what is the best way to protect your PPOR from anybody who would sue you?
Is there a way to fully protect it?
Cindy & Brian
Asbestos Audits Queensland | Asbestos Audits Queensland
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Hi Guys;
There is a way of minimising stamp duty in QLD and it took a lot of phoning to find a solicitor who knew about it.
You can legally put the house in your wifes name only by using the terms "for love and affection" It doesn't completely get rid of the stamp duty but ours went down from $14,000 quoted by a conveyancer to $3600 and I was happy to pay that solicitors fees on top I can tell you!
We have just done it but you need a solicitor not a conveyancer to do the paperwork!
Hopefully this will save you a few $ and you wont have to get divorced!Asbestos Audits Queensland | Asbestos Audits Queensland
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Hi Guys;
It been a while- what I did with the 60K – 40K on the home loan, 10K for things that needed to be done-house repairs, credit cards etc and 10K in the stock market.
Kept the wife happy by paying down the home loan and getting house stuff done and invested 10 in stock (just before big drop which is now worth about 3k).Thanks again for the advice
Asbestos Audits Queensland | Asbestos Audits Queensland
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Hello ;
Suavemechanic is right but its not the real old stuff you have to worry about its the late sixties & nineteen seventies stuff you need to worry about. You need what is now called an "A" Class or friable asbestos removal licence to remove it. Check with the authorities in your state. If you rip it up and sand you'll spread the contamination through the house.
If the backing to the lino is black then its really old and not likely to contain asbestos if its grey/brown get it tested as it could be asbestos or glass/synthetic fibre. Cost for size you describe of a qualified asbestos removalist would be up to $3000Brian Sketcher
Asbestos Audits Qld.Asbestos Audits Queensland | Asbestos Audits Queensland
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Hi qldeddies,
Scott is right remove it prior if you can, cracking and failing to supports its own weight when lifted or moved is a common problem also blow out of panels sometimes happens in transit. But if you look in most house removal yards there are plenty of house covered and full of asbestos sheeting also some house removal yards have there own asbestos removal team and will remove it for you in their yard.
In Qld encapsulation of asbestos is still legal, covering over will thicken the walls and you still have problems when you want to run any services.
Also any Qld Health law that came out last year once a residence becomes a workplace (employing anyone to work on it including moving it) then you are supposed to comply with WH & S rules which require an asbestos audit to find asbestos and report and assess it and show this to anyone working on it. In practice because there have been no prosecutions and the Councils don't want the responsibility for asbestos it rarely happens.But believe me its better to get it inspected now than after you have endangered yourself and family (you take the dust home even if no one else from your family works or lives in it).
Also many councils will not accept a house moved into it if it contains any asbestos ie redlands, Ipswich, Beaudesert (sorry scenic Rim)
Email me direct [email protected] or call on 0407756440 and I might be able to help you. This weekend I'm off to Melbourne for the RP4 seminar.
Brian SketcherAsbestos Audits Queensland | Asbestos Audits Queensland
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Hi Dan42
Thanks for that!
Although I've had to read it twice just to ensure I've got itGlad we've stuck to a regular family trust.
Brian & Cindy
Asbestos Audits Queensland | Asbestos Audits Queensland
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Hi Guys-
Old (pre 1984)and fibro – means asbestos, hope you wore your safety gear and didn't contaminate the area and if the walls are solid watchout for asbestos plaster to the hot water pipes.Brian
Asbestos Audits Queensland | Asbestos Audits Queensland
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Hi Builder Bob
As far as I'm aware unless its a local council thing there is NO requirement to replace asbestos roof cladding of any kind.And your right about it being a killer- estimates are that asbestos will kill more people in Australia than AIDS between now and 2020!!!!
CSIRO have identified 3500+ materials used in Australia that contain asbestos. ANY fibro or AC pre 1984 will have asbestos. Fibro pipe until 1989 and it was still imported for brakes and gaskets etc till 2003- yes 2003.
The State government in QLD got caught in a big problem when they tried to install aircon in school s- they didn't realise so many had asbestos roofs thats why they carried out the roof removal program because there was not point in putting in insulation to keep the schools cool if it was going to be contaminated….For commercial building ALL COMMERCIAL BUILDINGS built pre 1990 Must have an asbestos report, register & Management plan.
If residential properties are to be renovated and businesses employed to carry out this work then it becomes a Workplace and the same laws apply.
The biggest danger to renos are by far the asbestos backed vinyl and asbestos insulation board (rated 3rd most dangerous in England but here we don't recognise it!!!!)
If you need any further info contact me.Asbestos Audits Queensland | Asbestos Audits Queensland
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Hello Trustieone;
I do this for a living so there are a couple of factors in assessing the roof -is it painted or unpainted? do the drain pipes go underground or empty on the surface? What are the gutters and drain pipes made of? Have you had a look into the gutters and roof surface? Is it near a major pollutant area (freeways, industrial area or CBD) as this impacts on the rate of cement deterioration which releases the asbestos from the matrix of the material.
If its unpainted and in a polluted area your best choice is to get rid of it. As Scott no mates said get a couple of roof removalists (3+ as they will give you excessive quotes if they think they can!) who advertise they do this kind of work. Check they are licenced to remove it! In Qld there are 2 kinds of licence A & B Class either will allow you to do rooves at the moment but this is under discussion.
THE MOST IMPORTANT THING IS ENSURE THEY VACUUM OUT THE ROOF SPACE. The last thing you want is a cheap job leaving asbestos cement fragments scattered through the roof space for other tradies to find!
There is as far as I'm aware no requirement in any state to remove asbestos roofs on residential properties! (The roofing companies would be making billions if there was!)
As for insurance I've been involved in doing reports for houses on this matter after hailstorms and it all comes down to your insurer some are happy to remove and replace it with little or no argument others will fight tooth and nail not to! Check you policy fine print!
If its got an asbestos roof it will will probably have asbestos elsewhere.
Happy to provide you with more info.
Brian Sketcher
Asbestos Audits QueenslandAsbestos Audits Queensland | Asbestos Audits Queensland
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OK is the secret that Steve was promoting for the type of property to look for allowed out of the bag?
I know I should have gone to the seminar…….
And is Steve going to write another book on it?
Asbestos Audits Queensland | Asbestos Audits Queensland
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Kombi's Huh
Is that like the market for ostriches a bit of a tax haven………
Thank you all for your truthful and amusing answers I will post here what I end up doing with it.
Asbestos Audits Queensland | Asbestos Audits Queensland
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Hi Guys;
Thanks for the comments , my wife is just going to love it. That was her opinion.These sort of lump sums do not come along very often (ever) so I was hoping to do more with it than continue paying off the mortgage.
I'm still open to anyone brave enough to suggest anything else!
Asbestos Audits Queensland | Asbestos Audits Queensland
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Hi
Last year we put up a carport at our own house, shopped around for a while but trying to get interest from a builder was difficult contacted 11 builders got 2 quotes both over 11K. So eventually contacted various companies to buy direct and install with their own crew.
Best one we found was Outdoor Direct paid about 3000 to buy kit and they arranged an installer/erector for a further 3000. It had to be heavily modified to fit as well because they are sold as a kit with no changes. We had a few problems with the installer but the end result was good and GCC building inspector was very happy with the strength of the design.
Outdoor Direct numbers 1800 349 548, (07) 32004577Asbestos Audits Queensland | Asbestos Audits Queensland
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Hope you guys are aware that this stuff often contains asbestos especially 1970s vintage! So scraping might not be a good idea unless protective gear used. It was used particularly on the lower levels of residential blocks to give fire resistance (hence the asbestos)
Was still imported from Canada marked non asbestos with 5% asbestos till 1990s.Asbestos Audits Queensland | Asbestos Audits Queensland
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Hello;
Have just set up family trust at $900 with our personal names as Trustees extra cost may be from setting up company as well to be trustee another $900-$1100. Our accountant was not friendly on hybrid trusts when I brought it up. We run consulting business where PI costs are large per year and chance of law suit a reality with law suit possible greater than PI available (ours through Lloyds of London because since HIH went belly can't get it here ) – but most people don't -so be sure you really need these added layers of protection.
Plan to purchase properties with large deposits to make cash flow positive in as short as time as possible or purchase further out with added risk of vacancy.Asbestos Audits Queensland | Asbestos Audits Queensland
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-222 Well thats depressing……. Wonder what the lowest score is?
Asbestos Audits Queensland | Asbestos Audits Queensland
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Hello;
Just about to take the leap into property investing and would be interesting in any info on this property trust deed as I have heard so many ways to set things up – company in trust , trust in company, wifes name only, family discretionary trust. We have what would be considered high risk business (PI insurers think so). So the only thing I know is that MY NAME can't be on it!
I already have very good accountant who has written books on property & shares who doesnt like the sound of it but admits he doesn't know much about this property Trust deed.
Asbestos Audits Queensland | Asbestos Audits Queensland
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Asbestos is present in almost all houses built before 1984 in some form. A standard building inspection may mention asbestos or sometimes where some of it is but you need to employ a specialist inspection company that just inspects for asbestos. CSIRO have identified more than 3500 different materials that contain asbestos in Australia. This is especially important before renovation as one of the most dangerous forms of asbestos because it is mainly unknown is asbestos felt under vinyl!
Asbestos Audits Queensland | Asbestos Audits Queensland
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Hi Steve ;
Thanks for the opportunity to sign uo for your results program but have to pass at this time as wife has just had a baby. My query is in regard to asbestos do you get your properties checked prior as this is not a standard building inspection and by whomAsbestos Audits Queensland | Asbestos Audits Queensland
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