I am a tenant-in-common in equal shares of property in Sydney with my daughter. The property was purchased in March 2005 and is presently unencumbered. The purchase price was over $700K.
My daughter left the property in May 2005.
My daughter’s ex-boyfriend was the mortgage broker and insisted on her name going on the mortgages and tenants in common in equal shares on the title.
There were two mortgages in both names. I also had the proceeds from a previous property used to purchase this property. I paid one mortgage from March 2005 and fully paid the two mortgages from January 2011 until discharged.
My daughter only contributed to mortgage repayments towards the sum of $49,155 and $1,053 of expenses between March 2005 and January 2011 for one mortgage only.
I contacted my daughter in October 2020 to buy her share out, so I can use the equity and move interstate. We have been in negotiations with our Solicitors for over 12 months to do a Deed of Settlement. My daughter & I agreed on her receiving 12% of a valuation.
Her Solicitor will not remove the following from a draft Deed of Settlement:
The parties acknowledge and confirm that NAME held her 50% share in the property from the date of the registration of title until the date of this Agreement, 12% to herself and 38% as trustee to NAME.
I will indemnify and forever keep NAME indemnified in relation to any Capital Gains Tax liability assessed and imposed by the ATO over and above a CGT liability associated with a legal interest of 12% of the said property.
Obviously they would want the Deed of Settlement back dated to 2005.
I have a private ruling from the ATO this week confirming there is NO trust based on the draft deed, as no previous agreement was made in 2005. It also confirms that as per the title the CGT liability would be 50%, and I am not liable to pay her CGT liability.
My daughter refuses to apply for a Private Ruling.
Her Solicitor has now said they want me to apply for a 66G application.
My Solicitor is concerned that on the day the Judge may decide to award her 50% of a net sale price and I would be liable for her legal costs.
As I am elderly and all my money is in the home. I will have no access to any of the funds and nowhere to live, until this is sorted.
What options is there if all my money is in this property and I cannot access any of the funds, and I have nowhere to live?
I only want to buy her share of the property.
Could a Judge award 50% to my daughter on the day and I pay her legal fees over her total contributions of $50,208 and abandonment of all her responsibilities onto me from January 2011?
My daughter left the property in May 2005.
My daughter’s ex-boyfriend was the mortgage broker and insisted on her name going on the mortgages and tenants in common in equal shares on the title.
There were two mortgages in both names. I also had the proceeds from a previous property used to purchase this property. I paid one mortgage from March 2005 and fully paid the two mortgages from January 2011 until discharged.
My daughter only contributed to mortgage repayments towards the sum of $49,155 and $1,053 of expenses between March 2005 and January 2011 for one mortgage only.
I contacted my daughter in October 2020 to buy her share out, so I can use the equity and move interstate. We have been in negotiations with our Solicitors for over 12 months to do a Deed of Settlement. My daughter & I agreed on her receiving 12% of a valuation.
Her Solicitor will not remove the following from a draft Deed of Settlement:
The parties acknowledge and confirm that NAME held her 50% share in the property from the date of the registration of title until the date of this Agreement, 12% to herself and 38% as trustee to NAME.
I will indemnify and forever keep NAME indemnified in relation to any Capital Gains Tax liability assessed and imposed by the ATO over and above a CGT liability associated with a legal interest of 12% of the said property.
Obviously they would want the Deed of Settlement back dated to 2005.
I have a private ruling from the ATO this week confirming there is NO trust based on the draft deed, as no previous agreement was made in 2005. It also confirms that as per the title the CGT liability would be 50%, and I am not liable to pay her CGT liability.
My daughter refuses to apply for a Private Ruling.
Her Solicitor has now said they want me to apply for a 66G application.
My Solicitor is concerned that on the day the Judge may decide to award her 50% of a net sale price and I would be liable for her legal costs.
As I am elderly and all my money is in the home. I will have no access to any of the funds and nowhere to live, until this is sorted.
What options is there if all my money is in this property and I cannot access any of the funds, and I have nowhere to live?
I only want to buy her share of the property.
Could a Judge award 50% to my daughter on the day and I pay her legal fees over her total contributions of $50,208 and abandonment of all her responsibilities onto me from January 2011?