Our client William had subdivided his land into three separate lots and decided to sell one of the lots to a third-party purchaser. The settlement was due to occur 6 weeks after exchange.
Upon attaining the council and water certificates, we were notified that the 3 lots were not independently rated, and after further investigations, it became apparent that when William subdivided the property, he had mistakenly registered his principal place of residence in their names as “owners in part formerly ownership” as opposed to “joint tenants or tenants in common”. This meant that William was unable to sell one of the lots without selling part of his principal place of residence.
One law arranged for a transfer to occur on their Principal Place of residence without incurring any transfer duty, a security substitution, and a successful settlement of the property to the third-party purchaser.