From: Owen .
Hi,
I have some friends who are in the process of buying their first IP and they were splitting the title 99%-1% in favour of the higher earner. The higher earner was just made redundant yesterday and they settle next week. How does that suck for timing!!!
They are trying to change the ratio to 50%-50% and were told buy their solicitor that because the stamp duty has already been paid they cannot because that would be a change of title and they would be liable for stamp duty again. However, they were also told that they could make a written "agreement" with each other witnessed by their accountant to say we were sharing the costs of the IP 50%-50% and therefore claim the tax refunds at a 50%-50% split. They are trying to get hold of their accountant to confirm this and I thought I would post this to see what you lot may know.
The solicitor reckoned if you explain to the tax office that you don't want to change the title deed because it would cost you too much they can't argue with that!!
Anyone heard of an agreement like this?
Owen
"Gambling promises the poor what property performs for the rich – something for nothing"
Hi,
I have some friends who are in the process of buying their first IP and they were splitting the title 99%-1% in favour of the higher earner. The higher earner was just made redundant yesterday and they settle next week. How does that suck for timing!!!
They are trying to change the ratio to 50%-50% and were told buy their solicitor that because the stamp duty has already been paid they cannot because that would be a change of title and they would be liable for stamp duty again. However, they were also told that they could make a written "agreement" with each other witnessed by their accountant to say we were sharing the costs of the IP 50%-50% and therefore claim the tax refunds at a 50%-50% split. They are trying to get hold of their accountant to confirm this and I thought I would post this to see what you lot may know.
The solicitor reckoned if you explain to the tax office that you don't want to change the title deed because it would cost you too much they can't argue with that!!
Anyone heard of an agreement like this?
Owen
"Gambling promises the poor what property performs for the rich – something for nothing"
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