Change of names on title.

[waz11]

Hi all,

I just wanted to get some ideas regarding my situation.

One of our investment properties has four names on the title - set up as 'tennants in common'. 2 of the names own 0.5% of the property each - and the other 2 own 49.5% each.

It's time to refinance the property and we are wishing to remove the 2 0.5% owners from the title so that we are able to get a loan for just the 2 49.5% owners.

My fear is that there will be large amounts of stamp duty due to changing the names - but I was hoping that there would be some way to avoid having to incur large costs.

I have been advised that there are ways of doing this with minimal costs - but no one has as yet been able to tell me how.

Any ideas regarding my situation would be much appreciated.

Thanks,

Waz11

 

[Rixter]

No otherways I know of without incurring Stampduty. The 2 smaller stake holders have to sell their interest to you.

 

[duncan_m]

Waz11..

Stamp duty issues vary from state to state.. but generally duty is only payable on the value of the interest transferred.. so you're' only going to have a tiny bill to pay..

 

[waz11]

stamp duty.

Duncan,

So basically I will only have to pay duty on the 2 * 0.5% of the ownership? That seems alright to me

Waz11

 

[duncan_m]

Duncan,

So basically I will only have to pay duty on the 2 * 0.5% of the ownership? That seems alright to me

Waz11

Yes I thought you might be quite pleased with that