Jump to content

Moving house from 50/50 to 100 ownership?


  • Please log in to reply
12 replies to this topic

#1 Leghorn

Posted 16 December 2012 - 01:14 PM

Just wondering what's involved in changing a property from 50/50 ownership to 100% in one person's name? Married couple.

Obviously we'll seek proper advice etc, I just was wondering what's the general gist of the process/cost involved?

#2 Sassy Dingo

Posted 16 December 2012 - 03:56 PM

Residential or investment property? If it is an investment the 'losing' 50% partner will have CGT issues.

Depending on your state and the price of the house, you may have stamp duty implications. Most states will have an online calculator (at least Qld does) so you could play with that to get an idea.

Does the property have a mortgage? If you do, the bank will have a registered interest in the property. Especially if the mortgage is in joint names, the bank is unlikely to release their mortgage to allow the change in title (it is in effect a sale of 50% of the property). If the mortgage is in both names and the house in only one name, it means that the bank loan to the person who is not on the title has no recourse.



#3 Leghorn

Posted 16 December 2012 - 04:08 PM

Residential, not currently lived in but recent enough to not be deemed an investment I think.

In NSW and with a mortgage.



#4 JRA

Posted 16 December 2012 - 04:15 PM

Is this part of a divorce? In vic there are special rules for divorce I believe.

#5 Leghorn

Posted 16 December 2012 - 04:21 PM

No, it'd just work better for us to have it solely as my husband's.

#6 solongsuckers

Posted 17 December 2012 - 09:55 AM

QUOTE (brown-eyed girl @ 16/12/2012, 05:21 PM) <{POST_SNAPBACK}>
No, it'd just work better for us to have it solely as my husband's.


In that situation it shouldn't be a problem with the bank, especially if just his income can service the mortgage.

As for the transfer of title, I am pretty sure there is no stamp duty involved transferring between married people.

There would be some fees involved in the transfer of title though (nothing as hefty as the stamp duty charges)

ETA: I am not 100% sure of this info so best to contact both your bank and the Office of STate Revenue http://www.osr.nsw.gov.au/about/contact/

Edited by SirDidymus, 17 December 2012 - 10:00 AM.


#7 Natttmumm

Posted 17 December 2012 - 10:00 AM

Might be a stamp duty fee which is a hefty amount Check with the property office in your state.

#8 Veritas Vinum Arte

Posted 17 December 2012 - 11:55 AM

I can't comment on transferring title, but just going to say we have had no issues with getting mortgages with my name only on the title. The mortgage is in both names.



#9 Mpjp is feral

Posted 17 December 2012 - 12:00 PM

QUOTE (Sassy Dingo @ 16/12/2012, 04:56 PM) <{POST_SNAPBACK}>
Does the property have a mortgage? If you do, the bank will have a registered interest in the property. Especially if the mortgage is in joint names, the bank is unlikely to release their mortgage to allow the change in title (it is in effect a sale of 50% of the property). If the mortgage is in both names and the house in only one name, it means that the bank loan to the person who is not on the title has no recourse.


DH and I have a joint mortgage where theproperty is in one persons name only.



We've also transferred property title on a residential property in Vic and incurred no stamp duty as it was for reasons of 'genuine love and affection'.

#10 TopsyTurvy

Posted 17 December 2012 - 12:02 PM

We did this in Vic a few years back.

My wage was able to service the remaining mortgage, so we organised it all through our bank.

Was very easy and the fees were quite minimal original.gif

Not sure for NSW though.

#11 Leghorn

Posted 18 December 2012 - 05:28 AM

Thanks everyone, I might see what the bank has to say.

#12 JRA

Posted 18 December 2012 - 10:25 AM

Is it an investment property. I suspect there may be CGT implications as it is not a separation. I also think the no stamp duty in vic is only for PPR, unless it is a divorce.

#13 PrincessPeach

Posted 18 December 2012 - 10:33 AM

There are definatly CGT implications on this - unless it is the only property you own.

Also be careful with the value you use on the trnasfer, the ATO can enfore market value to be used if they think you are trying to avoid tax.




0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users

 

'My mum doesn't seem that interested in my baby'

Q: My mother and I have always been close, but now that I have a baby, she has not helped out as much as I thought she would.

This mum has donated over 2,000 litres of breast milk

The mother-of-two was diagnosed with hyper-lactation.

New guidelines: "Bottle-feeding mums need support too"

Breast is best, but mums who can't, or choose not to breastfeed need support too.

Call to teach kids about breastfeeding at school

The aim is to increase breastfeeding rates and reduce stigma.

Dads also struggle to 'have it all', study finds

Men and women both experience work-family conflict.

'Working for nothing': Childcare crisis pushes Sydney parents to the brink

Most parents are experiencing substantial difficulties with the financial burden and lack of availability of childcare, as costs have more than doubled for some families in just over a decade.

Language development may start in the womb

Study found babies can recognise foreign languages before birth.

Paying $2.50 for a babycino? This is why...

Aren't babycinos just a bit of froth? Not so, it seems...

I'm a stay-at-home mum who's an awful housewife

"Hey, come here a second," my mum said as she replaced the book in my hands with a wooden spoon covered in what I prayed was red sauce. Together, we walked into the kitchen and hovered over the skillet like we were peering into a crystal ball. Looking into my future, I saw me eating a lot of take away.

 
Advertisement
 

Top 5 Articles

Advertisement
 
 
 

From our network

Five things you need to know about flu and pregnancy

As the 2017 flu season begins in earnest, here?s what you need to know to protect yourself and baby.

Mum tips to keep your pre-baby budget in check

Money might be funny in a rich man's world (or so ABBA told us), but for the rest of us it's a major consideration – particularly before having a baby.

5 easy ways to make your maternity leave last longer

Maternity leave is a special time for you, your partner and your new little bundle. The last thing you want is for financial worries to stand in the way of that joy.

10 ways to keep your 'buying for baby' costs down

Becoming a parent is full of surprises – not least of all finding out that, for such small beings, babies cause a lot of chaos and expense.

5 ways to prepare to go from two incomes to one

Here are some ideas for getting that budget in shape, ready for being a one income family.

 

Baby Names

Need some ideas?

See what names are trending this year.

 
Advertisement
 
 
Essential Baby and Essential Kids is the place to find parenting information and parenting support relating to conception, pregnancy, birth, babies, toddlers, kids, maternity, family budgeting, family travel, nutrition and wellbeing, family entertainment, kids entertainment, tips for the family home, child-friendly recipes and parenting. Try our pregnancy due date calculator to determine your due date, or our ovulation calculator to predict ovulation and your fertile period. Our pregnancy week by week guide shows your baby's stages of development. Access our very active mum's discussion groups in the Essential Baby forums or the Essential Kids forums to talk to mums about conception, pregnancy, birth, babies, toddlers, kids and parenting lifestyle. Essential Baby also offers a baby names database of more than 22,000 baby names, popular baby names, boys' names, girls' names and baby names advice in our baby names forum. Essential Kids features a range of free printable worksheets for kids from preschool years through to primary school years. For the latest baby clothes, maternity clothes, maternity accessories, toddler products, kids toys and kids clothing, breastfeeding and other parenting resources, check out Essential Baby and Essential Kids.