In whose name?

From: Geoff Whitfield


Hi,

The property has exchanged, but it's 3 weeks away from settlement.

It was exchanged in my name- but circumstances changed drastically, and now it would be better in my wife's name.

Is it too late?
 
Last edited by a moderator:
Reply: 1
From: Jeremy Laws


Get her to file for divorce and then she gets 50% (at least) of it. That might work..
 
Last edited by a moderator:
Reply: 1.1
From: Geoff Whitfield


That might not work well. There was no pre-nup.
 
Last edited by a moderator:
Reply: 2
From: Dale Gatherum-Goss


HI Geoff!

Not necessarily, you may transfer the title to her name at nominal stamp duty out of "love and devotion" and with such little time between purchase and now, there should be no CGT implications.

The bank might want you to act as guarantor, but, that should be fine.

Does this help?

Dale
 
Last edited by a moderator:
Reply: 2.1
From: Geoff Whitfield


Dale,

Is that possible?

I've been informed that, no matter what the relationship between the people, full stamp duty is chargeable (ACT if that makes a difference).
 
Last edited by a moderator:
Reply: 2.1.1
From: Dale Gatherum-Goss


Hi Geoff!

Aaaah, that MAY make a difference. I don't normally deal with the ACT laws. I would check with your solicitor who SHOULD know if there is a problem or it can be done.

Good luck!

Dale
 
Last edited by a moderator:
Reply: 3
From: Geoff Whitfield


I have received this private reply, which I would like to share:

Hi Geoff,



I thought I’d email you as the older posts sometimes aren’t read on the forum. I have had a similar situation to you and this is what my solicitor organised – He got the other side to agree to do a simultaneous rescind of current contract and exchange of a contract in the new name, with the settlement date to be on the same day as the original contract so that the vendor is not penalised. In fact if legal costs are an issue for vendor’s solicitor, you may offer to pay their costs to get this through. This was with NSW contracts mind you.




One hour after this private reply, I received a call from my solicitor with the same advice. So thanks to the sender, I was prepared, and was able to discuss properly with my solicitor. It would cost me $550-$600 to do in this way- with no stamp duty payable.


I have gone back to do a number crunching. My spreadsheet is showing that, after depreciation (including expenses incurred while trying to get a tenant), I am slightly better off to keep it under my own name for perhaps 4-5 years. But the idea was excellent, and very helpful. Thank you.
 
Last edited by a moderator:
Top