Subdivision Titles Query

[SamL]

Hi, I have a couple of questions regarding the issuing of titles when doing a subdivision that I hope someone can answer for me. The subdivision is in Victoria.

1. When the new titles are issued are both titles automatically issued in the same ownership name as the original property?
   
   • I.e is it possible or what are the costs involved of having the title issued in a different name? Would I then be liable for stamp duty?
2. How does the numbering of the new blocks get determined? I have a corner block and rather than go say 15 and 15A it could be 15 on one street and 23 on the other street?
   
   • I am just thinking that sometimes the whole 15A thing can turn people off, especially when it will actually be a freestanding house, not a unit or townhouse. I have no idea if this is actually possible.
   • On the corner street it does actually skip a number at my property going from say 13 to 17 so I thought would be possible.

I understand the title issuing is done by the surveyor but don't have a 100% clear understanding I guess of the process and am just trying to think ahead with the above questions.

If there is extensive extra cost or it is just plain not possible what I am asking above then I can just drop it off the list!

 

[Terry_w]

change of ownership will generally mean stamp duty unless an exemption applies. there is a spousal exemption in Vic - but get tax advice before changing names, and legal advice as there are deductibility issues and estate planning issues.

 

[Change of Plan]

In Councils that I have worked for it was the Rates Department who worked out new street numbers. Not sure if this is still the case, but that would be my first port of call.

 

[SamL]

change of ownership will generally mean stamp duty unless an exemption applies. there is a spousal exemption in Vic - but get tax advice before changing names, and legal advice as there are deductibility issues and estate planning issues.

Hi Terry, yea I thought that would be the case regarding stamp duty. The first question was for a hypothetical I am thinking about (the second question is with one I am doing right now). It would be where I have bought the property in my name (taking advantage of the reduced stamp duty as a first home buyer) and then when subdivided would want to transfer the 'new' land in to an existing trust. If the titles were issued when it was still just land (as opposed to after building and improved value) I assume the stamp duty is based on market value which if the block is worth $150,000 would be about $4000.

Does my thinking appear right here?