Changing Joint Tenants to Tenants In Common

[chellemi]

Good day everyone!

We bought an investment property in Sydney last Sept 2008. We found out that the ownership is under Joint Tenants. We want to change it to tenants in common and have a 80-20 split.

Will it be costly to change? i read we might pay "stamp duty" because it will not be an equal share?

Thanks in advance for your response.

 

[Raddles]

Hi there
it would be best if you contact a solicitor/conveyancer - perhaps the ones who did your purchase and see what can be done.

I note that I have split properties from Joint Tenants to Tenants in Common - but the percentages are usually the same and only is being done to protect parties who are about to split in a marital or defacto relationship (and they don't won't their portion to go to the other party in the interim whilst things are being sorted).

As you are changing the percentages - you will also need to speak with the bank/your mortgagee - as it may affect the paperwork you signed.

Best to get a quote from a solicitor for the work involved.
thanks

 

[marg4000]

I think it is fairly routine so long as you retain the 50/50 split. Anything different will trigger a CGT event.
Marg