New member and need advice

Discussion in 'Introductions' started by Wilhelm Banse, 27th Apr, 2022.

Join Australia's most dynamic and respected property investment community
  1. Wilhelm Banse

    Wilhelm Banse New Member

    Joined:
    27th Apr, 2022
    Posts:
    2
    Location:
    Sydney
    Hi P.C community,

    I initially sought out being a member to ask a question and get answers for a situation im in but this appears to be a really good forum in general for someone like me, a young adult who has a very limited knowledge of the property game.

    Here goes, my father passed away not leaving a will and leaving behind a house with a mortgage. We had gone to a solicitor and obtained a letters of administration that was given to my mum who was together with my dad but not married. My family and mum agree that we don't want to sell the house as we are currently living in the house and have been there for the last 16 yrs . Being older and not being able to service a refinance under my mums name we are looking at transferring the title to my name so I can refinance as im working. The property has been valued by a valuer for stamp duty at 1,250,000 and stamp duty would be around 70k. Are there any exemptions that would be able to apply to our situation or could I possibly just add my name to the title to reduce eliminate the stamp duty payable?

    Thx for your replies
     
  2. Trainee

    Trainee Well-Known Member

    Joined:
    24th May, 2017
    Posts:
    10,260
    Location:
    Australia
    Your lawyer should be advising you. Is the property still in the name of your dad / the estate?
     
  3. Wilhelm Banse

    Wilhelm Banse New Member

    Joined:
    27th Apr, 2022
    Posts:
    2
    Location:
    Sydney
    I'll be seeing my lawyer next week but just wanted to gauge some answers. Yeah the property is in my dad's name still. My mum has a letter of admin granted on the basis of being "de facto wife of deceased".
     

Build Passive Income WITHOUT Dropping $15K On Buyers Agents Each Time! Helping People Achieve PASSIVE INCOME Using Our Unique Data-Driven System, So You Can Confidently Buy Top 5% Growth & Cashflow Property, Anywhere In Australia