Hi,
My partner and I bought (and settled) a house in May 2002 which we live in. After signing we found out about placing PPOR in a trust as an IP, which we would like to do. Thus we set up a trust with a view to transfering it after we saved again for the stamps etc. I did not view the original contract on the house and assumed that it only had our names on it and not "an/or nominee" which would enable us to place it in the nominated trust.
While cleaning up today I came across the original contract and it does have my partner's name but also "and/or nominee" on it. Can we now transfer the property to the trust without triggeing CGT/Stamps all over again. I'm under the impression that this can be done but might require some legal "wangling". Anyone know a good property lawyer?
Thanks for any help,
bagg
My partner and I bought (and settled) a house in May 2002 which we live in. After signing we found out about placing PPOR in a trust as an IP, which we would like to do. Thus we set up a trust with a view to transfering it after we saved again for the stamps etc. I did not view the original contract on the house and assumed that it only had our names on it and not "an/or nominee" which would enable us to place it in the nominated trust.
While cleaning up today I came across the original contract and it does have my partner's name but also "and/or nominee" on it. Can we now transfer the property to the trust without triggeing CGT/Stamps all over again. I'm under the impression that this can be done but might require some legal "wangling". Anyone know a good property lawyer?
Thanks for any help,
bagg