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Moving house from 50/50 to 100 ownership?

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#1 brown-eyed girl

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 brown-eyed girl

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 brown-eyed girl

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 IsolaBella

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 brown-eyed girl

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.

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