Adding partner to home ownership before settlement?

Quick question for everyone here...

Last year I purchased a house and land package which will be settling this July. Myself and myself alone signed the contract at the time. Since then, I have been in a commited relationship and would like for my partner and I to take joint ownership. So my question is, is this possible and uncomplicated? Or if I were to add someone elses name to the contract now, would there be fee's involved?

Any feedback would be greatly appeciated.
 
Hi Crystalleez

Provided you have an 'Or Nominee' clause in the Contract it is a simple matter of instructing your Solicitor / Conveyancer that the Transfer of Land is for Joint Proprietors / Tenants in Common, and providing information regarding both purchasers

If you didn't do the 'Or Nominee' clause, then you may have to seek permission from the Vendor to have the Contract altered

The application for finance (if any) will need to be in both names

There would not usually be any extra fees involved for this alteration

Hope this helps
Kristine
 
lucky partner :)

get your solicitor to talk to vendors solictor to try and amend it, it will cost an hourly rate i dare say, you could always transfer after with no stamp duty (check your state rev office) but your will incur legal costs
 
Quick question for everyone here...

Last year I purchased a house and land package which will be settling this July. Myself and myself alone signed the contract at the time. Since then, I have been in a commited relationship and would like for my partner and I to take joint ownership. So my question is, is this possible and uncomplicated? Or if I were to add someone elses name to the contract now, would there be fee's involved?

Any feedback would be greatly appeciated.

I don't get it. Why would you want to add them into the contract? What do you have to gain out of this? Are they going to put some money in to help you avoid mortgage insurance? Or are they paying the stamp duty for you? Were you in a relationship with this person before you signed the contract? If not, it hasn't even been a year! Are you sure this is a good idea? I just wouldn't do it, cause if you end up splitting up they'll be lots of headaches splitting it all back up again.
 
Consider leaving your partner out of this one, not for security reasons, but perhaps to take advantage of a FHOG for them later on.
 
Thanks to everyone for their feedback.

I spoke to my mortgage broker for some advice and he suggested we wait until after settlement to transfer into partners name if thats what we choose to do so. Liking this option the best right now. Abit too much going on at the moment to add one more stress. And yes partner will be paying half the mortgage along with everything else now so I feel it is fair they have some legal leg to stand on.

Thanks for the responses everyone.
 
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