How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Leon Your Own Question
Leon, Solicitor
Category: Australia Law
Satisfied Customers: 44177
Experience:  BEc Dip Ed, Dip Law (SAB) MTax (UNSW)
Type Your Australia Law Question Here...
Leon is online now
A new question is answered every 9 seconds

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: 9 months ago.
Category: Australia Law
Expert:  Leon replied 9 months 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

thank you for using my services.

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

If there is anything else in the future please do not hesitate to ask.

Please do not forget to leave positive feedback.