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Leon, Solicitor
Category: Australia Law
Satisfied Customers: 42360
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
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I spoke previously to Leon about my IVA in the UK the answer

Customer Question

Hi I spoke previously to Leon about my IVA in the UK the answer was fine, Myself and partner bought a house here in WA with the money from the sale of her house in the UK on which I had a deed of trust for £10K i also spent £15K on
This amounted to a 12% share of the property,but here in Australia we could only purchase a proprty as joint tenants as she was at the time a foreign national this was 2yrs ago she now has a Visa class BS subclass 801.So we wanted to change the property title to a show this % split but because of the law we could not.We consulted a Lawyer here who said the only way to do this was a loan agreement between us which we have done, now with the threatened bankruptcy i;m worried they will see the tittle deed and disregard this deed of loan, and force a sale to recover the money i owe will this deed of loan be valid in a court of law for bankruptcy or any other court?
Submitted: 23 days ago.
Category: Australia Law
Expert:  Leon replied 22 days ago.

Good Morning.

My name is ***** ***** I am a NSW Solicitor. Thank you for your question, and will do my best to assist you with your question. Please understand this is not legal advise but a guide to assist you.

If you do that it is a sale and will have to pay stamp duty on the transfer. So reducing your partners share from 50% to 12% will be a sale to you of the 38% and you have to pay stamp duty at todays rates.

The deed of loan is valid in court you may have to register a caveat or a mortgage on his part of the property to give it more weight.

I hope this makes sense and is of assistance. If there is nothing further

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If I have missed anything, or you have any further questions please let me know

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