Hi Richard

Thanks for your input to my query on Property Investing Forum. You said that normally you would get a first mortgage with a bank an dthen the second with the vendor which I understand is the norm. However, I’m wondering if it’s possible to do it the other way around.

ie I buy the property with my LOC, obtain possession of the property…[Read more]

Hi Terry

Is it possible. in the first place, for me to get a loan from a bank for a property already encumbered with a mortgage (ie that of the vendor). Is this case the bank would be second in line?

Thanks
Jennifer

Thanks for the feedback

I called the potential wrappee with your suggestions and he has since had some success with purchasing the house with his solcititor’s assistance. Not sure if it’s the same solicitor that obstensibly checked the ‘purcahse’ documents to start with.

Though I’ll get nothing out of it, I felt for the goodwill of the industry…[Read more]

Thanks Terry
I’ve since learned the same when I ventured to buy at lease hold property for a client.

So, am still trying.

Jen

My solicitor told me by having the wrappee sign a contract obliging the wrappee to buy the house under said conditions, there will only be one stamp duty to pay. In fact, the solicitor emphasised that this procedure would avoid messiness re stamp duty as opposed to ‘signing over’ the purchase using the nominee part of the purchase contract.

Any…[Read more]

Hi Delboy

I am able to pass on to you the names of two solicitors in Brisbane who I am told by a very reputable solicitor from NSW, are experienced in vendor finance. I will contact them when I am finally in a position to wrap. They are:
>
> 1. David Barlow
>
> Bennett & Philp Solicitors
> Level 16, 15 Adelaide St
> BRISBANE Queensland 4000
> Ph:…[Read more]

Thanks for everyone’s comments. Nerves of steel huh?

I’m just thinking of how to mitigate this risk. What does everyone think of my establishing a short term loan, say 10 years, during which time I would guess the mum may die and her and her carers pensions would go too. At least the principle would be more significantly reduced and I could…[Read more]

Hi CRJ – Thnaks for the reply. Yes, the rent figure does include GST. Like you, i thought the deposit I’m not paying out should not me included in the calculations for CoCR, but Kiwi-Fulla disagrees so I’m still not too sure.

Hi RussH – Thanks for your reply. My circumstances are such that my bank will lend me 100% of the purchase price and the…[Read more]