We are considering moving into a property which is currently owned by our LAQC. We are considering selling what was our home (joint names, currently rented out as we have been living overseas) and moving into a smaller property currently owned by our LAQC.
What are the issues - I know that we would have the depreciation clawback to deal with (we've owned the property in question for 4 years). I assume that we would have to buy/sell the property from the LAQC to our names and clear the mortgage on the property.
What value would we use - the GV? The depreciated value ? $1? An independent valuer? We wouldn't need to mortgage the property in our name - it would be cash purchase after we sold our existing ex-home.
Or is it all too hard and would be easier just to buy another property?
What are the issues - I know that we would have the depreciation clawback to deal with (we've owned the property in question for 4 years). I assume that we would have to buy/sell the property from the LAQC to our names and clear the mortgage on the property.
What value would we use - the GV? The depreciated value ? $1? An independent valuer? We wouldn't need to mortgage the property in our name - it would be cash purchase after we sold our existing ex-home.
Or is it all too hard and would be easier just to buy another property?
Comment