I have read a few posts regarding this but cannot find one that answers all my Q's in relation to Qld so hope there are some folks who can offer advice.
My defacto partner and I have split and share a mortgage on 1 x PPOR. We have cheerfully agreed on a figure of $50k for me to buy out her share of the mortgage and I would refinance a new loan into my name. I have seen a MB and should be no problem on finance front. There are no children involved.
My questions are:
1. Is there some sort of consent order/agreement that can be drawn up to formalise this (and importantly avoid the evil Stamp Duty)? My MB said we need to document an agreement with a solicitor so the lender can discharge the mortgage and refinance in my name.
2. I read somewhere that consent orders apply only to couples with children so not applicable in our case?
3. Does anyone know what kind of costs are involved in an agreement (or whatever it is called) made with a solicitor, compared with stamp duty cost
(stamp duty will be around $3675).
4. If we manage to avoid duty, is CGT payable by my partner on the $50k we have agreed she will receive?
5. Anyone know a good solicitor in Brisbane Bayside who does this kind of thing well?
All advice gratefully received. (We will be seeing a solicitor BTW but would be good to have some background as the ones I have called so far won't tell me anything beyond 'come in for a consultation' - all very cloak and dagger
Regards, Col
My defacto partner and I have split and share a mortgage on 1 x PPOR. We have cheerfully agreed on a figure of $50k for me to buy out her share of the mortgage and I would refinance a new loan into my name. I have seen a MB and should be no problem on finance front. There are no children involved.
My questions are:
1. Is there some sort of consent order/agreement that can be drawn up to formalise this (and importantly avoid the evil Stamp Duty)? My MB said we need to document an agreement with a solicitor so the lender can discharge the mortgage and refinance in my name.
2. I read somewhere that consent orders apply only to couples with children so not applicable in our case?
3. Does anyone know what kind of costs are involved in an agreement (or whatever it is called) made with a solicitor, compared with stamp duty cost
(stamp duty will be around $3675).
4. If we manage to avoid duty, is CGT payable by my partner on the $50k we have agreed she will receive?
5. Anyone know a good solicitor in Brisbane Bayside who does this kind of thing well?
All advice gratefully received. (We will be seeing a solicitor BTW but would be good to have some background as the ones I have called so far won't tell me anything beyond 'come in for a consultation' - all very cloak and dagger
Regards, Col