I think we have ironed it out and ready to take this to the solicitor:

– Dad adds me to the title of that block of land as tenancy in common with a 25% share. This allows me to obtain a bank loan and build.
– Upon Dad’s passing, the land without the house and associated infrastructure that I added is valued. I contacted another property valuer w…[Read more]

I think we have ironed it out and ready to take this to the solicitor:

– Dad adds me to the title of that block of land as tenancy in common with a 25% share. This allows me to obtain a bank loan and build.
– Upon Dad’s passing, the land without the house and associated infrastructure that I added is valued. I contacted another property valuer w…[Read more]

I have got slightly stuck on this. A property evaluator warned Dad that adding a house onto land does not always increase the price to include the house build cost.

So say in 10 years time, if I did not build, the land alone is evaluated at $1m. My three brothers and I would receive $250k each (25% share). Now with the situation that I have…[Read more]

I have got slightly stuck on this. A property evaluator warned Dad that adding a house onto land does not always increase the price to include the house build cost.

So say in 10 years time, if I did not build, the land alone is evaluated at $1m. My three brothers and I would receive $250k each (25% share). Now with the situation that I have…[Read more]

I have got slightly stuck on this. A property evaluator warned Dad that adding a house onto land does not always increase the price to include the house build cost.

So say in 10 years time, if I did not build, the land alone is evaluated at $1m. My three brothers and I would receive $250k each (25% share). Now with the situation that I have…[Read more]

Just an update. It looks like we will proceed with the idea of tenancy in common. Good part of this is that I may only have to pay $20 stamp duty as the lot is currently used for primary production and is “intended” to be used after the title is amended.

We approached a property lawyer who seemed quite knowledgeable but haven’t gone any further…[Read more]

Thanks John and Dean. My Dad and I have taken in your comments and feel much more enthusiastic about this idea becoming a reality. We like the idea of placing us both on the title. Not sure how this will affect the first home owners grant for building a new home (not that it is a deal breaker). Dad suggested I borrow the $100k to build the house…[Read more]

Thanks for the reply Dean.

By rights to buy the block do you mean it is placed in my name? I should of made it clear that even if it was, with some type of family loan made for the block, I would still need to obtain a small loan to build the house. I won’t be able to get a bank loan without the property in my name.