Jump to content

Moving house from 50/50 to 100 ownership?


  • Please log in to reply
12 replies to this topic

#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.




1 user(s) are reading this topic

0 members, 1 guests, 0 anonymous users

 

Natural pain relief in the early stages of labour

While managing labour pains on your own can be daunting, there are a number of natural pain relief options to help you cope until you are admitted to hospital.

Chinese woman gives birth to quintuplets

After six years of trying for a baby, a couple’s dreams have come true many times over after the mum gave birth to quintuplets this week.

Five-year-old shoots nine-month-old brother dead

A nine-month-old baby boy died on Monday after he was shot in the head by his five-year-old brother in their grandfather's home.

'Is that baby yours?'

She is my daughter. I gave birth to her. I nurse her. But she doesn't have any of my genes.

Episiotomy in childbirth: not just 'a little snip'

Episiotomies have a place in maternity care – and can occasionally save lives – but should not be performed routinely.

Toddler aggression not caused by language delays after all: study

The logic was that children who don’t have the language to fully express themselves will lash out when they’re misunderstood. Not anymore.

Why we chose to adopt a child with Down sydrome

Everyone in foster care (and really in life) has something that makes them more vulnerable. We just know what our son's is.

Object of desire

Curvy mums make clever babies

Scientists appear to have discovered why women have evolved to have more curves than men – shapely thighs and bottoms lead to healthier babies.

'We'll make sure they know how much she loved them'

A first-time mum will never get to hold her four newborns, dying shortly after giving birth to the quadruplets.

The baby names NZ knocked back in 2014

A New Zealander has tried to name their baby Senior Constable but didn't get away with it - and numbering children is also a no-no.

How can you go into labour without knowing you're pregnant?

For most of us, the idea that a woman could carry a child to full-term without knowing she is pregnant is mind-boggling.

Will you get to the hospital in time?

Worrying your baby will be delivered by the roadside is a common concern for many mothers-to-be. So how likely are you to be caught short?

Video: Funny 'Lips Are Moving' parody just for mums

Meghan Trainor's song 'Lips Are Moving' was already a hit, but now it's been turned into a hilarious parody that is set to be very popular with frustrated mums everywhere.

Out with the clutter

Decluttering by the numbers: take the 30-day challenge

Forget the 5:2 diet - Twitter's 30-day declutter challenge will have your house back in shape in no time (well, a month).

Parents, don't be too hard on yourselves

We need to stop damning parents of today, and embrace their appetite for knowledge instead.

Is my baby normal?

There are chubby Buddha babies and there are thin, smaller babies. Neither are right or wrong, they are all 'normal'.

When an older sibling starts school

When one child goes to ‘big school’ and leaves the other behind, it can cause deep upset. Here's how to make the transition easier.

Stray cat saves abandoned baby

They say dogs are man's best friend, but one cat has proven felines can be just as devoted to their human companions.

How strangers are helping a mum's wish come true after her death

A mum of five, Liz Marquez wanted to breastfeed her premmie son for a year. So when she passed away suddenly, her friends - and strangers - stepped in to help.

Win an Octonauts prize pack

To celebrate the launch of Octonauts Live! Operation Reef Shield, a spectacular underwater adventure live on stage, we are giving away an amazing Octonauts prize pack to one lucky fan.

Download now: Essential Kids Activity Finder app

Got bored kids? Quickly find the best activities for kids wherever you are in Australia with the Essential Kids app.

 
Advertisement
 
Advertisement
 
 
 

What's hot on EB

Stars help save choking babies

It's an important lesson to learn, but one that busy new mums and dads might overlook until it's too late.

New Girl star Zooey Deschanel pregnant

Actress Zooey Deschanel is expecting her first child with her producer boyfriend Jacob Pechenik.

16 times 'dad reflexes' saved the day

Of course, in some cases they may be the ones who actually got their child into a precarious position in the first place, but we'll ignore that for now.

Couple's 'non-traditional' pregnancy announcement goes viral

Knowing you are not the father of your pregnant wife's baby would usually indicate a rocky relationship ahead for traditional parents.

The trials and tribulations of identical triplet newborns

Pip Donnelly is still playing spot the difference with her newborn identical triplets, Isabelle, Georgina and Frankie.

Win an Octonauts prize pack

To celebrate the launch of Octonauts Live! Operation Reef Shield, a spectacular underwater adventure live on stage, we are giving away an amazing Octonauts prize pack to one lucky fan.

Earthquake baby thriving five years on

Jenny Alexis is lucky to be alive after spending four days buried in the rubble of the 2010 Haitian earthquake, but now she's a thriving five year old.

Please don't say I'm lucky because I was adopted

On the one hand I was having a regular life with friends and sports and sleepovers and school. But I was also always wondering: Did my mother love me? What was wrong with me?

An open letter to non-parents who offer advice on child-rearing

Kitty, when you’re the parent of my child you’re welcome to wade in with an opinion – but until then, I’d prefer you to have a supportive ear and a glass of wine ready.

Couple arrested over baby gun video

A US couple faces charges after investigators say they found mobile phone videos showing the woman's 12-month-old daughter putting a handgun in her mouth.

NSW Health dumps 10-year limit on frozen embryos

A 10-year time limit on storing frozen embryos that were created with donor sperm has been dropped by the NSW government.

How my happy-go-lucky husband became a monster

Sharan Nicholson-Rogers watched her husband change from a happy-go-lucky police officer into an unpredictable man prone to violent and emotional outbursts.

Dads-to-be experience hormonal changes, too

Dads-to-be experience hormonal changes in line with their pregnant partners, a new study shows.

'They were just doing their job': mum of toddler killed in police chase gone wrong

"They were just doing their job. I feel so sorry for them. It is all just too sad."

Miscarriages to be formally recognised by NSW government

Women who miscarry will be able to obtain an optional "recognition of loss" certificate as a formal recognition of their often heartbreaking loss.

Cafe cubby house 'too noisy' for neighbours

Teenage parties, domestic disputes, or raucous late night pubs are the things that usually come to mind when you think neighbourhood noise complaints.

Dad films baby playing with snake

Most parents would not consider a snake an appropriate playmate for their baby, but a US dad who filmed his daughter playing with a python has defended himself against criticism.

Clever breastfeeding products

Check out this range of products designed to help make your breastfeeding journey more enjoyable, manageable and convenient.

Win with The Boxtrolls

To celebrate the release of The Boxtrolls on 3D Blu-ray, DVD & Digital with UltraViolet, we're giving you the chance to win a Boxtroll stationary package and DVD.

 

School Term 1

Get after-school care sorted

Wait lists too long at OSHC? Use www.findababysitter.com.au to meet local nannies now.

 
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.