Dear all,
I am seeking a spot of advice on what my best options would be in relation to a property currently in the name of my deceased father but which has been left to me in a trust. I am located in WA so will require information as it pertains to my locality.
The property is zoned R-80 but approved for office use. Given its near-city location and exposure to a busy road, I have been advised that its potential lies as a commercial property, by way of sale or lease. My questions in relation to these are as follows:
Selling
Leasing
And two general questions... I was unable to find much information about the so-called "love and affection" clause - what is it and how might it be relevant to my situation?
Also, there is a mortgage on the property in question. The account for the loan is currently frozen. How long does a major bank typically freeze an account for, if interest is being put on hold while the account is frozen?
That's all I can think of right now... If anyone can assist or provide any other information you feel I should know, that would be much, much appreciated.
Thank you =)
I am seeking a spot of advice on what my best options would be in relation to a property currently in the name of my deceased father but which has been left to me in a trust. I am located in WA so will require information as it pertains to my locality.
The property is zoned R-80 but approved for office use. Given its near-city location and exposure to a busy road, I have been advised that its potential lies as a commercial property, by way of sale or lease. My questions in relation to these are as follows:
Selling
- Is the commercial property market likely to improve in the next three years, or would it not make much of a difference to sell it now?
- What taxes aside from CGT and stamp duty would be payable on the sale of this property as a commercial entity should it remain under my father's name?
- A little bird told me that if the property is transferred to my name and is held so for a minimum of 12 months, CGT will be halved. Is this the case?
Leasing
- Would selling a leased property be a viable option? Would this option fetch me a higher or lower price than if I were to market an unoccupied commercial property? e.g. If the contract with the tenant were only for another two years.
- Building insurance - who pays? The owner or the commercial tenant?
And two general questions... I was unable to find much information about the so-called "love and affection" clause - what is it and how might it be relevant to my situation?
Also, there is a mortgage on the property in question. The account for the loan is currently frozen. How long does a major bank typically freeze an account for, if interest is being put on hold while the account is frozen?
That's all I can think of right now... If anyone can assist or provide any other information you feel I should know, that would be much, much appreciated.
Thank you =)