Hi,
Last year a friend and I purchased a block of land. As she was dealing with the lawyers etc her name was put on the title - and the bank mortgage as interest.
This year we bought the adjoining block with both names on the title.
We had surveyors doing the work to amalgamate the blocks so we could build a house on them and it couldn't be done as my name wasn't on the first title.
Due to continuous bank errors and their taking three months to register the second title we are already months behind starting construction and when we contacted the solicitor we were told it would be about six weeks to get my name added to the second title.
I thought I'd do it myself and hoped to get it done quicker but bureacracy doesn't make it simple. Every time I contact Natural Resources and State Revenue I get different advice about the forms to fill in. Now I've discovered I have to get a real estate agent to do a market valuation of the block ($88) because State Revenue won't accept another department's (Natural Resources) valuation. This adds a week to the process. As we've already had to pay the full cost of having power and electricity put in to the front of the blocks the value would now have significantly increased as the land was cheap due to these not being there.
So, is it right that to transfer the title I put the other person as transferor and both of us as transferee - Joint Tenants?
Does that mean we have to pay the full stamp duty of the block again, and probably more due to the increased market value of the land since last year?
Is the consideration the market value of the land?
And as the bank has combined the loans for the land with the one for the house - do they also have to be involved in this process? (We are worried about how many months this will add to the process again) They are already on the title as having an interest and we are both mortgagees for the block.
I live 1700 kms away from Qld so having to send forms backwards and forwards by post to the two departments is probably going to add a lot of time too.
Thanks in advance.
Last year a friend and I purchased a block of land. As she was dealing with the lawyers etc her name was put on the title - and the bank mortgage as interest.
This year we bought the adjoining block with both names on the title.
We had surveyors doing the work to amalgamate the blocks so we could build a house on them and it couldn't be done as my name wasn't on the first title.
Due to continuous bank errors and their taking three months to register the second title we are already months behind starting construction and when we contacted the solicitor we were told it would be about six weeks to get my name added to the second title.
I thought I'd do it myself and hoped to get it done quicker but bureacracy doesn't make it simple. Every time I contact Natural Resources and State Revenue I get different advice about the forms to fill in. Now I've discovered I have to get a real estate agent to do a market valuation of the block ($88) because State Revenue won't accept another department's (Natural Resources) valuation. This adds a week to the process. As we've already had to pay the full cost of having power and electricity put in to the front of the blocks the value would now have significantly increased as the land was cheap due to these not being there.
So, is it right that to transfer the title I put the other person as transferor and both of us as transferee - Joint Tenants?
Does that mean we have to pay the full stamp duty of the block again, and probably more due to the increased market value of the land since last year?
Is the consideration the market value of the land?
And as the bank has combined the loans for the land with the one for the house - do they also have to be involved in this process? (We are worried about how many months this will add to the process again) They are already on the title as having an interest and we are both mortgagees for the block.
I live 1700 kms away from Qld so having to send forms backwards and forwards by post to the two departments is probably going to add a lot of time too.
Thanks in advance.