I've just ended a (defacto) relationship I've been in for the past 5 years. I bought a property (a semi-detached house in Melbourne) with my partner 4 years ago and both of our names are on the deed. The property has a mortgage over it, again in both of our names.
If I was to buy my partner's half of the property, does anyone know what fees would be involved? i.e., would I have to pay stamp duty? If so, how is the price of the property calculated. Any other fees involved (bank or legal fees)? I assume I'd have to pay a lawyer or conveyancer?
Has anyone else been in this kind of situation before and can offer me any advice?
An one really basic question: if I was to rent out the property I assume I'd have to count the rent on the property as part of my income, and pay regular income tax on it (which is 40% for me)?