About Michael Whyte & Co

Welcome to Michael Whyte & Co

Michael, Whyte & Co (MWC) is a boutique law firm based in West Perth.  Specialising in property law, commercial law, securities, Wills, estate administration and succession planning, we make regular monthly visits to Geraldton, Esperance and Merredin in order to serve the wider community.

MWC is built on over 30 years of experience, and has a vast knowledge of local markets within both metropolitan and rural WA.

MWC has been established as a well respected and highly regarded law firm which has seen rapid growth over the last 10 years.

We continue to thrive due to strong leadership, excellent lawyers, a culture that focuses on staff retention and a “can-do” attitude towards client service.  The key to our success is delivering superior legal representation services and building long-term relationships with our clients. We have earned a reputation of getting the job done right and for acting with honesty and integrity.

Our goal is to provide excellence in legal representation to support our clients. To do this we must understand our clients’ needs, meet their expectations and deliver the best possible outcome.

Novated Lease

Novated Lease

A novated lease is a way to cause an end of an old obligation. A novated lease therefore has a dual nature. A novated lease is the legal operation by which the parties decide to substitute a new obligation for a pre-existing obligation which is correlatively ended.

Thus a novated lease can be considered as a contract between the creditor and the debtor. The object of which is the modification of the obligation which unites them. However, it is above all the creation of a new obligation.

A novated lease does not end the obligation but only causes a change of ownership. Contrary to novation, where the old obligation and the effects which result from it are ended in subrogation, the obligation retains its character and the security which guarantees it. It aims either to replace one thing by another, in this case it is called real.

Or, to replace one person by another as a creditor in a bond of obligation, in this case it is called personal. Subrogation expresses the idea of replacement. Subrogation is a means of payment and transmission of debt.

The old obligation does not disappear absolutely. However, unlike debt assignment, in novation, the new creditor to a new claim and the debtor must consent to this change. Just like assignment of debt, novation can effect a change of creditor.  Novated Lease Calculator at https://www.strattonfinance.com.au/novated-lease/online-quote.aspx

Being a contract binding the creditor to the debtor and whose object is the modification of the obligation which unites them, this convention must therefore obey the general conditions of validity of the contract, namely consent, capacity, object and cause. To speak of novation, there must be a succession of two obligations, a difference between them, and the parties should have the intention of animus novandi.

Indeed, only the perfect delegation operates novation. It can not, therefore, as in novation, result from the circumstances of the act. In law, the delegation was attached to novation in that it was considered as having to produce novation. That is not entirely accurate. Imperfect delegation, which is the norm, is not a novation.

It approaches the objective of a novated lease, that is to say, is a change of the objective which ends the primary debt in order to substitute another for a different object. The dation in payment is the transaction whereby the debtor transfers ownership of a thing to his creditor who agrees to receive it in lieu and in payment of the due amount. In the dation in payment, we are not in the presence of an obligation which replaces another, but only the extinction of an obligation.

The payment is made instantaneously in contrast to the novation which is in principle in the long term. However, these two concepts are fundamentally distinct. However, there are three specific conditions.

The old obligation must be valid. The aim of a novated lease is to effect the extinction of an obligation binding the creditor to the debtor. Novation can only occur if the new obligation created by the parties is valid. Here the aim is the succession of the old obligation to be ended and the new obligation to be created.

Getting a Car Loan

Things to Know when Getting a Car Loan

Buying a car is something that is both exciting and has the potential to be overwhelming. There are many makes and models with various features and colors to choose from. One of the most confusing parts of buying a new car is financing the purchase, typically done through a car loan from a bank or credit union. Understanding how the process goes from the moment you step into the dealership until you secure financing with a car loan and finally when you walk out with the keys to your new vehicle makes the overall experience more enjoyable and quicker

Know your Credit Score
Look up your credit score before applying for a car loan anywhere so you don’t waste your time trying to qualify for a loan that you don’t meet the basic requirements of. A higher credit score improves your chances of being approved for the loan, gives you a better interest rate, and qualifies you for a larger sum of money to give you more options when browsing the lot.

Know your Budget
The car payment itself isn’t the only thing you need to factor into your budget. Other expenses including gas and automobile insurance should be factored in to determine how affordable the vehicle is to own in a larger context. It might be smarter to choose something that isn’t as pricey if you expect to deal with high ownership costs. Car Loan www.strattonfinance.com.au/car-finance/options/car-loan.aspx

Make a Large Down Payment
It might be appealing to walk into a dealership and walk out after putting little to no money down. It’s great on the surface, but you’re facing higher interest rates and longer loan terms. These combined contribute to thousands of dollars during the life of the loan in interest charges, which could be controlled by obtaining a car loan with favorable terms for you as the buyer. Putting a larger down payment is ideal to have lower monthly payments while extending the term of the loan to 60 or 72 months also does this.

The difference is that you’ll eventually pay more in interest charges by spreading the loan out for such a long period. Aim for a loan term of three years, but up to five if necessary. It’s best to put down 20 percent of the total amount of the car loan to ensure you get the most favorable interest rate for the duration of the loan.

Read the Fine Print
Read the fine print in any contract you sign to ensure you aren’t signing something that you definitely don’t agree with. If you intend to pay off the vehicle before the end of the loan, then you’ll want to ensure you aren’t subjected to prepayment penalties in an attempt to save money overall.

Take the steps to get a car loan so you can have the vehicle you’ve been waiting for. Take your time evaluating your options to get the best deal and feel comfortable with the terms and results of your recently approved car loan.