Has anyone taken out a Mortgage (first or second) using a company they own on their own PPOR in order to get more Asset protection?
If so how do you go about it -is it as simple as a solicitors documentation or does money actually have to be seen to change hands and be documented and if you aren't a financial institution how do you "register" a Mortgage?Thanks
Brian & CindyAsbestos Audits Queensland | Asbestos Audits Queensland
https://asbestosaudits.com.au/
Email Me | Phone MeAny asbestos questions ask me.
Yes use a standard mortgage contract and register it as normal.
There is no difference to a lender registering their charge.
Richard Taylor | Australia's leading private lender
better seek the advice of a specialist lawyer too or you could get yourself into some trouble. eg. imagine if you have the shares of the company owned by yourself. you are sued and go bankrupt – the shares of the company are property which can be seized by the trustee.
Mortgages are registered at the land titles office. You would probably need a loan agreement and mortgage document.
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
So what is the best way to protect your PPOR from anybody who would sue you?
Is there a way to fully protect it?
Cindy & Brian
Asbestos Audits Queensland | Asbestos Audits Queensland
https://asbestosaudits.com.au/
Email Me | Phone MeAny asbestos questions ask me.
Hi Cindy & Brian,
Do you have a specific risk of being sued, ie the profession you work in has a high risk of litigation?
If its this side of things that you are worried about then it may be worth seeking legal advice to setup your legal structure for work ie all work related deals go through a company. Also having the appropriate insurance in place like professional indemity insurance.
Also home insurance can include public liability for people tripping on your driveway, etc.
Hi Gibbo
Yes we do -so we've separated the business (I'm now sole Director) which carries PI & PL insurance of its own and the house is solely in Cindys name now, we have public liability for the house for tripping etc we also have a house and contents policy which includes anybody in the house, but my wife is concerned that through an accident or any other misfortune she could get sued and lose the house.
We could put the house into a trust but the stamp duty, capital gains etc make this prohibitive so how else can we protect it?Brian & Cindy
Asbestos Audits Queensland | Asbestos Audits Queensland
https://asbestosaudits.com.au/
Email Me | Phone MeAny asbestos questions ask me.
Hi Brian & Cindy,
Before they were allowed to run their business through a company, most accountants, lawyers, doctors had the business in their name, and the house in the wife's name. Keep them as separate as you can.
AAQ wrote:So what is the best way to protect your PPOR from anybody who would sue you?
Is there a way to fully protect it?
Cindy & Brian
Speak to your lawyer, but some others things are:
– Discretionary trust holding mortgage
– discretionary trust holding an option to purchase the property
– long term leases
etcTerryw | 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
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