Hi all,
I just wanted to get some ideas regarding my situation.
One of our investment properties has four names on the title – set up as ‘tennants in common’. 2 of the names own 0.5% of the property each – and the other 2 own 49.5% each.
It’s time to refinance the property and we are wishing to remove the 2 0.5% owners from the title so that we are able to get a loan for just the 2 49.5% owners.
My fear is that there will be large amounts of stamp duty due to changing the names – but I was hoping that there would be some way to avoid having to incur large costs.
I have been advised that there are ways of doing this with minimal costs – but no one has as yet been able to tell me how.
Any ideas regarding my situation would be much appreciated.
Thanks,
Waz11
The two remaining owners would have to purchase the 0.5% shares from the other owners. The stamp duty should only be payable on the value of the 1% transferred. CGT should also be minimal.
Terryw
Discover Home Loans
Mortgage Broker
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Terry,
Excellent I was hoping to hear that it was not going to cost me a tonne of cash.
Thanks for that.
Waz11
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