Transfer PPOR to Spouse

Viewing 13 posts - 1 through 13 (of 13 total)

psaini09
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@psaini09
Join Date: 2010
Post Count: 15
October 22, 2014 - 11:28 pm
Hi Guys
I am up for a advise from you all as I am thinking of moving our PPOR to my wifes name.
Actually i am currently planning to buy a business and my accountant has advised to setup a structure which is to setup a company as a trustee to a unit trust and all the units of the unit trust are held by family trust. he is saying by putting a layer of unit trust I have a flexibility of having partners in the future(no plans so far). But here is the issue, our PPOR and loan is in my name and to protect our home i want to transfer it to my wife’s name but she is on maternity leave at the moment.
My accountant advised it can only happen if the loan is fully paid or she can get a new mortgage. I just want to know if this is true and if there is any other way that I can do it?
Can i include her name in current mortgage and transfer the property to her name?
BTW i am from melbourne and as far i have researched there will be no stamp duty involved in doing so, Pls correct me if i am wrong.
Thanks in advance for your help
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
October 24, 2014 - 7:54 pm
To transfer title any mortgage will need to be discharged. You will need to get your wife to apply for finance.
You need legal advice on this, get it wrong and no asset protection even if it is in her name.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
psaini09
Participant
@psaini09
Join Date: 2010
Post Count: 15
October 24, 2014 - 8:26 pm
Thanks Terry.. i have spoken to bank and they said I can have loan under both of us and title can be under my wifes name… my accountant told that should be fine for protection purposes. Whats ykur suggestion on this??
Terryw
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@terryw
Join Date: 2001
Post Count: 16,213
October 24, 2014 - 8:57 pm
That is ridiculous! An accountant giving incorrect legal advice!
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
psaini09
Participant
@psaini09
Join Date: 2010
Post Count: 15
October 24, 2014 - 9:08 pm
So that is not correct then??
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
October 24, 2014 - 9:18 pm
I clearly told you on 2 different forums that there will be little asset protection if you don’t get it right and that you need legal advice, from a lawyer.
Yes totally incorrect.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
psaini09
Participant
@psaini09
Join Date: 2010
Post Count: 15
October 24, 2014 - 10:56 pm
Thanks Terry, These things are so confusing and this is the first time I am dealing with them. Talk to different people and everyone says some thing different.
Could you please recommend and Lawyer in Melbourne whom i can consult, if in SE suburbs would be better.
- This reply was modified 10 years ago by psaini09.
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
October 24, 2014 - 11:30 pm
Try Swan and Yii
http://www.swanandyii.com.au/
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
psaini09
Participant
@psaini09
Join Date: 2010
Post Count: 15
October 26, 2014 - 8:54 pm
Thanks Terry i will contact them tomorrow.. will they be able to setup the trust structure as well?
what is your recommendation about the trust structure suggested by my accountant?
also could you please suggest someone who can check the lease documents for me and what are the approx charges for doing so?
Also want to know your opinion on if its good to setup the trust structure with my accountant(as i am already discussing this with them) and engage the lawyers you told me to transfer the property to my wifes name or it all should be done in one go.
Sorry for asking so many questions
Terryw
Participant
@terryw
Join Date: 2001
Post Count: 16,213
October 26, 2014 - 9:09 pm
Trusts are relationships in law, so they should only be set up by lawyers as this is legal advice. Tax agents can advise only on the tax aspects (a lawyer can too).
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email Me
Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Redwood
Participant
@redwood
Join Date: 2013
Post Count: 340
October 26, 2014 - 10:36 pm
Hi, just give Terry a call – your advice does not to be from a person in Melbourne, Terry is a lawyer and specialises in this area, he may even dream about this sort of stuff.
Cheers, Ivan
Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
http://redwoodadvisory.com.au
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SMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS
psaini09
Participant
@psaini09
Join Date: 2010
Post Count: 15
October 26, 2014 - 10:43 pm
Thanks Ivan nice idea, is it OK with you Terry?
psaini09
Participant
@psaini09
Join Date: 2010
Post Count: 15
October 27, 2014 - 12:25 pm
Hi Terry I have sent you an email on on finlaw email address, Just wanted to know your contact details to call you