Hi Everybody,
Just wondering if someone could please give me some advice, I have a block of land for sale near where I live and I am wanting to approach the vendor and make an arrangement whereby I relocate an existing house onto the land all the while he retains title to the property (thus avoiding stamp duty) and then selling the finished product. Firstly , how would I go about financing the relocatable house and the associated moving costs when I don't own the land and what type of agreement would need to be in place to protect myself.
Cheers,
Peter
Hi Peter
Hate to say if you have no other security with great difficulty.
Lender would have no security so is not going to be encouraged to lend unsecured.
Line of credit against other property is about your limit.
Richard Taylor | Australia's leading private lender
Hi Richard,
Thank you for your comments, the house relocation business I have spoken with is happy to carry almost all the cost until such time as the home has been relocated to the new block. Would it then be possible to borrow for the purchase of the house while the land still remains in the vendors name.
Best regards,
Peter
Hi Peter
Unless it is by way of a personal loan and then you have a limit of around $20K unsecured you wont find any lender touch it.
Problem they have is there is no security as you do not have Title to the property.
Richard Taylor | Australia's leading private lender
or, in the unlikely event that you can get the owner of the land to agree to go on the loan……
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
Lol Terry.
Love your optimism.
Richard Taylor | Australia's leading private lender
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