Hi All,
currently own a house with my best mate for the past three years and our situations have changed now both having partners. We are curious to know what type of options we have here. I want to purchase a new place with my partner, and he maybe looking at buying out my share of the house. So few questions….1. Would he have to pay stamp duty on the ENTIRE property, or just the share he is purchasing off me.
2. We have a joint loan, not a split, so is this a simple case of refinancing.
3. Who's best to get the property valued thru, Real Estate Agent or Bank.and finally,
what are my options if he decides he doesnt want to end up buying me out but keep living there.
Can i keep my share and rent it, and negative gear my half of property or would the joint loan stop this?Thanks,
Timps. anything else I havent thought of that I need to would be great too
I think stamp duty is payable on the value of the part transferred.
Since ownership will change you will need a whole new loan.
you will need a valuer to value the property for stamp duty purposes and the bank will also send their own valuer for their valuation. You may be able to save a little by using the same valuer as the bank.Factor in legals too and any CGT.
If you rent your half out then you should be able to claim your share of the expenses.
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
Great,
thanks for the info Terry
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