Changes to % for tenants in common

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From: Kevin Forster



I'm interested in what costs are involved for changing the tenants in common percentage ownership from say 1/99 to 50/50. Is stamp duty payable on the percentage difference, say 49%? If stamp duty is payable is it calculated on the base cost of the property, current market value (who decides that)?

Kevin

 

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Reply: 1
From: See Change


Kevin

I'm about to do this with a commercial property , with my super fund buying a percentage off us.

The advice I've been given for MY CIRCUMSTANCES is that I need a current valuation from a registered valuer and the stamp duty is paid on a pro rata basis. If the deal is questioned for any reason having the valuation done by a valuer means there is less scope for challenge.

Obviously there is " flexibility " in the valuation of any property with some valuers being more "flexible" than others. My impression was there is more flexibility if the valuation wasn't being used as a valuation involved in refinancing and the 'transfer' is between related bodies.

hope this helps

see change

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