Forum Replies Created
Hi again
just wondering if you have ever tried to talk with one of the Registrars of the Family Court – incidentally was your matter running in the Federal Magistrates Court or the Family Court? – because often Registrars are very good at getting people to sit down and actually work through problem areas – actually tell people they are being unreasonable (and if it gets before Justice… you won't get that – sort of deal)If your ex is not complying with requirements – it is possible to take enforcement action.
Once again – if you can't get a lawyer involved – get some of the DIY packs sent to you from the Court – you could start the basics – then perhaps use the lawyer to tidy things up for you.
If the community legal centres are not able to assist you – they still may be able to refer you to a solicitor who can take you on pro bono – or who is prepared to get paid at the end of the matter (they are often women solicitors)
keep trying
the alternative is to default on your loan and have the bank sell the property from under you (which really is not a satisfactory option)
thanksHi there
it is possible to get a copy of the caveat – by ordering a search via sites such as Citec confirm – you get a copy of your title first then get the reference number to get a copy
you could do this online or you could talk to your titles office – and see if you can get a copy over the counterif you can't afford a lawyer – it is still possible to undertake the matter yourself in the family court – there are a lot of self represented people who do get assistance along the way
why not talk to one of the Registrars at the Family Court to see if they will suggest how to resolve your matter
see if you can get a mediation happeningtry again at the community legal centres – you may get someone different this year who can help you
thanksHi there
you also might like to contact your local community legal centre.Often they will be able to help or refer you to a solicitor who may be prepared to help you pro bono (no cost or reduced cost perhaps when you sell your home).
When a Caveat has been lodged, you are meant to get notice of it – the particular solicitor might be able to help you with the forms to lodge a request to have it removed – what that does will actually start a legal action – because your ex husband would have to go to court (usually the Supreme Court) to uphold his Caveat.
Another option is to speak with your titles office and talk to them about lodging the similar forms to have the Caveat removed.
Ideally as has been suggested above, you do need the assistance of a lawyer. Many are prepared to forego their costs until the end of the matter.
thanksHi there
yes we also had a property management agreement with the existing PM – then signed a new agreement with the new PM -did do it all upfront and told the existing PM we were doing it – as we had to have a tenant in
they did get a little more frantic putting up applications to us – but they were still unsuitable for our property.Your advertising seems ok – so perhaps check again how many competing properties there are – and if necessary set your rent below the mark – get someone in and further down the track increase it.
thanksHi there
you might like to post a link to your advertising to check that it is useful marketingI note we have just been through the same process on the Sunshine Coast – waiting 2 months for a suitable tenant.
In our case it was the PM who was not aggressive enough – we ended up saying to the existing PM – we are approaching another PM and whoever gets us a suitable tenant will get our listing. The new PM had a tenant within 2 weeks because of a different marketing approach.
thanks
Hi there
it is most unusual to pay the vendor's land tax or be asked to pay it.One of the searches done by a conveyancer/solicitor is to check for land tax and make sure the vendor does pay it at settlement as it is something which attaches to the land and can come back to bite you.
I would be saying that it is something adjusted at settlement and would not be agreeing to pay it.
thanks
HI there
I actually think Toowoomba is a good place to live and it has received good capital growth. It is about 12 months behind Brisbane in any property cycle.As for Richard's comment – thanks for clarifying – thought it had to be along those lines.
And yes – am looking forward to the pipeline completion – as that will create some certainty for the area and the water supply. I am still concerned over the oversupply of rentals in the area – which affects rental yield.
If you do a search of previous posts – you will see there has been some pretty positive comments about Toowoomba.
I note that I also have property at the Sunshine Coast – which I also think is a good place to live. Infrastructure has a lot of catching up to do in that area.
thanksHI there Dean
It would be unlikely you could get a property in Toowoomba with a couple of acres – suggest you do a search of the surrounding area on realestate.com for areas in Highfields, Meringandan and Cambooya.
Just be aware though – finance is going to be harder to come by
thanks
HI there
as someone who lives in Toowoomba and has investment properties here – just wondering Richard what are you trying to get at?Dean – would suggest you have a good think still about Toowoomba at the moment – the underlying problem is still water (our dams are at under 10% capacity). There has been an oversupply of rentals in the area but that does seem to be improving. It still is a nice place to live as an owner occupier.
thanks
Hi there
it is possible to DIY
the relevant form 201 is the one you need to set up a company with ASIC
you can use the other site your mentioned for your company constitution and your family trust
Can you see a planner and perhaps review how your structure should be?
If there is a risk of being sued you may want to be the director for your trust company – and have the $1 shares owned by a completely different company. Obviously the more complex the structure, the more expensive your ongoing costs.
While it may seem a lot to pay the $2000, if the solicitor actually knows about asset protection and the reasons behind what you are doing – it could be money well spent
thanksHI there
I note that we did something similar with one property which came off a permanent rental and we have had as a holiday letting.In our case we offer it to friends, workmates and family at a reduced fee which is a plus for them as they are not paying full price for holiday accommodation and we get some of our costs paid.
I know of another owner in the same building whose unit he rents out 6 months of the year and the other 6 months he uses.
My SIL has a unit which she holiday lets and has an agent manage for her.
It really is up to you – as it is definately doable.
thanksHI there
Marc is putting you on notice that there are better deals out there – 21sq is a tiny apartment and with 30-40 floors – I believe the body corporate quoted may be unrealistic.Even in a city having an apartment with a carpark is a good idea. There is the possibility of renting the carpark separate to the unit to improve your yield.
Anything with a rental guarantee should looked at very carefully, it rings warning bells in my mind!
thankshttp://www.somersoft.com/forums/showthread.php?t=43415
HI there you may like to review the above – as the same question was raised on that forum
thanksHI there
whilst you can obtain a commercial lease agreement from a real estate agent – I believe you would need to comply with the retail shops legislation – and as each state has their own legislation – it would be best to touch base with a solicitor and see if they can draw up one for you.
It would be a tax deduction – and it is better to get the commercial lease right in the situation you are in.
thanksHI there
the benefit of attending a seminar is that you are with like minded people and can learn how they have applied their knowledge.My husband recently attended a seminar which was for free – it reaffirmed many of the things we are already doing and reminded us of some of the things we need to keep up to date with – such as updating wills and powers of attorney when our situation changes. For example, one of our children has just turned 18 which will impact upon distributions from trusts, who we appoint as executors etc. Also that she too needs to have a will.
We too have read books, looked at dvds and networked with other investors.
Investing in your own education – whatever way it is delivered – is a truly beneficial investment. We have applied the information we have learned, have invested in property and shares – but continue to learn – and hopefully in turn will educate our children so they will be on the right path for their investments – so in turn they can help their communities.
thanksHi there
I would think you would be better off waiting to put in your own fridge – whilst you can depreciate the white goods – its just one more thing that could go wrong and need to be fixed by you
thanksRemoval of FBT exemption for expenses paid on jointly held assets
The Government has announced that the FBT law will be amended to remove the salary sacrifice opportunities in relation to jointly held assets such as investment properties.
Previously there was an anomaly with the "otherwise deductible" rule in the FBT law which allowed a spouse on a higher income to salary package 100% of the expenses on a jointly held asset (typically an investment property) and therefore effectively also claim the proportion of expenses related to the low income earning spouse.
The change will restore the long held principle that income and deductions from jointly held assets should be allocated according to their legal interest in the asset.
This measure will take effect from 7.30 pm (AEST) on 13 May 2008. Employees who have already entered into salary sacrifice arrangements will be able to rely on such arrangements until 31 March 2009.
Hi there
don't know which state you are from – but you may wish to contact either a solicitor or conveyancer to discuss this with.My understanding is you can add your partner – stating the consideration is love and affection – and pay no stamp duty provided you comply with the relevant requirements – stat decs etc
You may also like to consider the option mentioned in the March API magazine – which suggests if you move into your IP for a period and make it your principal home – you can take advantage of the CGT exemption on a principal home – and not pay CGT
thanks
Hi there
I think you will find that stamp duty will be assessed when your parents have a transfer of land from the builder that can give them title to their unit. There will be the value of the vacant land plus the improvements (unit) – unfortunately they won't be able to escape making some payment to the revenue authority.
thanksHI there
the amount of stamp duty will vary with each state – is more for a more expensive property but there are exemptions and reductions for eg first home owners.
Exemptions are normally available if the transfer of land is part of a family law/defacto property settlement
I suggest you google osr for your state and look at the online calculators – it will help you work out the potential stamp duty payable
thanks
