All Topics / Help Needed! / Transfer PPOR to Spouse

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  • Profile photo of psaini09psaini09
    Participant
    @psaini09
    Join Date: 2010
    Post Count: 15

    Hi Guys

    I am up for a advise from you all as I am thinking of moving our PPOR to my wifes name.

    Actually i am currently planning to buy a business and my accountant has advised to setup a structure which is to setup a company as a trustee to a unit trust and all the units of the unit trust are held by family trust. he is saying by putting a layer of unit trust I have a flexibility of having partners in the future(no plans so far). But here is the issue, our PPOR and loan is in my name and to protect our home i want to transfer it to my wife’s name but she is on maternity leave at the moment.
    My accountant advised it can only happen if the loan is fully paid or she can get a new mortgage. I just want to know if this is true and if there is any other way that I can do it?
    Can i include her name in current mortgage and transfer the property to her name?
    BTW i am from melbourne and as far i have researched there will be no stamp duty involved in doing so, Pls correct me if i am wrong.

    Thanks in advance for your help

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    To transfer title any mortgage will need to be discharged. You will need to get your wife to apply for finance.

    You need legal advice on this, get it wrong and no asset protection even if it is in her name.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of psaini09psaini09
    Participant
    @psaini09
    Join Date: 2010
    Post Count: 15

    Thanks Terry.. i have spoken to bank and they said I can have loan under both of us and title can be under my wifes name… my accountant told that should be fine for protection purposes. Whats ykur suggestion on this??

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    That is ridiculous! An accountant giving incorrect legal advice!

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of psaini09psaini09
    Participant
    @psaini09
    Join Date: 2010
    Post Count: 15

    So that is not correct then??

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    I clearly told you on 2 different forums that there will be little asset protection if you don’t get it right and that you need legal advice, from a lawyer.

    Yes totally incorrect.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of psaini09psaini09
    Participant
    @psaini09
    Join Date: 2010
    Post Count: 15

    Thanks Terry, These things are so confusing and this is the first time I am dealing with them. Talk to different people and everyone says some thing different.

    Could you please recommend and Lawyer in Melbourne whom i can consult, if in SE suburbs would be better.

    • This reply was modified 8 years, 1 month ago by Profile photo of psaini09 psaini09.
    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Try Swan and Yii
    http://www.swanandyii.com.au/

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of psaini09psaini09
    Participant
    @psaini09
    Join Date: 2010
    Post Count: 15

    Thanks Terry i will contact them tomorrow.. will they be able to setup the trust structure as well?
    what is your recommendation about the trust structure suggested by my accountant?

    also could you please suggest someone who can check the lease documents for me and what are the approx charges for doing so?

    Also want to know your opinion on if its good to setup the trust structure with my accountant(as i am already discussing this with them) and engage the lawyers you told me to transfer the property to my wifes name or it all should be done in one go.

    Sorry for asking so many questions

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Trusts are relationships in law, so they should only be set up by lawyers as this is legal advice. Tax agents can advise only on the tax aspects (a lawyer can too).

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of RedwoodRedwood
    Participant
    @redwood
    Join Date: 2013
    Post Count: 340

    Hi, just give Terry a call – your advice does not to be from a person in Melbourne, Terry is a lawyer and specialises in this area, he may even dream about this sort of stuff.

    Cheers, Ivan

    Redwood | REDWOOD | SMSF | PROPERTY | FINANCE
    http://redwoodadvisory.com.au
    Email Me | Phone Me

    SMSF - PROPERTY INVESTMENT - WEALTH CREATION AND FINANCE SOLUTIONS

    Profile photo of psaini09psaini09
    Participant
    @psaini09
    Join Date: 2010
    Post Count: 15

    Thanks Ivan nice idea, is it OK with you Terry?

    Profile photo of psaini09psaini09
    Participant
    @psaini09
    Join Date: 2010
    Post Count: 15

    Hi Terry I have sent you an email on on finlaw email address, Just wanted to know your contact details to call you

Viewing 13 posts - 1 through 13 (of 13 total)

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