How easy to take wife off title?

[Cales405]

As the thread title states, how do you go about taking off your wife from the title of your property and leaving the title in my name only?

The reason I ask is that our current PPOR is as joint tenants and my wife doesn't work. I am looking into making this an ip, so would like it in my name only for tax deductibility?

What kind of costs would be involved or is there a better way?

 

[Rixter]

Your wife would need to sell her interest in the property over to you which would incur stamp duty on the title transfer.

IMHO, not worth the exercise.

 

[Sunfish]

IMHO, not worth the exercise.

It is easy to be "too busy". Think about those who went to the effort to fix rates because "it seemed a good idea at the time" and now have the cost of breaking.

So I'm with Rixter.

 

[joe jo jo]

Your wife would need to sell her interest in the property over to you which would incur stamp duty on the title transfer.

IMHO, not worth the exercise.

You sure about that ?

I'm pretty sure you can do a non-duty transfer (between defacto partners). Perhaps it is different from state to state (I'm in Vic), but I think you will need to get a notice of assessment done by your SRO and they will either stamp it exempt or not, and then you will need to arrange with the bank to take your name of the mortgage and transfer.

I could be wrong, but this is the case in VIC me thinks. Call up a solicitor just be sure

 

[Rixter]

You sure about that ?

I'm pretty sure you can do a non-duty transfer (between defacto partners). Perhaps it is different from state to state (I'm in Vic), but I think you will need to get a notice of assessment done by your SRO and they will either stamp it exempt or not, and then you will need to arrange with the bank to take your name of the mortgage and transfer.

I could be wrong, but this is the case in VIC me thinks. Call up a solicitor just be sure

Joe, Cales wants to take a name off the title not add a partners name to the title as is the case in non-duty transfer.

 

[GeeVee]

A shifty guy I knew said all you had to do was "separate" from your wife. Stat decs and you can still live under the same roof. Property can then be shifted from one partner to another without too much cost. I thought it sounded a bit sus.
Couldn't you just formulate an agreement between you both and have a solicitor witness it that stated, that whilst your wifes name is on the title, she holds it in trust for you?

 

[nonrecourse]

You sure about that ?

I'm pretty sure you can do a non-duty transfer (between defacto partners). Perhaps it is different from state to state (I'm in Vic), but I think you will need to get a notice of assessment done by your SRO and they will either stamp it exempt or not, and then you will need to arrange with the bank to take your name of the mortgage and transfer.

I could be wrong, but this is the case in VIC me thinks. Call up a solicitor just be sure

Yes you can in Victoria Its called "for Love and affection".

 

[joe jo jo]

Yes you can in Victoria Its called "for Love and affection".

Cheers NR,

so it may be different from state to state then. It wouldnt matter whether you are taking somone off or adding them on as long as it was considered "true love and affection" under the states description.

 

[quoll]

PPOR changing names is easier and cheaper than an IP, in SA anyway, as long as between a couple / married.

I got my name taken off our PPOR so it's now just in the wifes name. Took a bit of stuffing around with the bank and conveyencor. Might have cost $200 or there abouts but not much.

If it had been an IP I would have had to sell my share to the wife and pay stamp duty. Which sucks.

Talk to a Conveyencor or Land lawyer people, who ever does it in your state.

Cheers
Graeme

 

[Purple Patch]

The love and affection rule, in Vic, does allow a married couple to gift their share of the property to each other, without paying stamp duty on a sale. It does trigger a capital gains event and the tax office will want there share of any gain.

Regards

PP

 

[Y33]

Previously in Vic (maybe still possible) you could remove a partners name from a title due to separation without costs. What you may need to do for the bank if the loan is in joint names is for your wife to give a guarantee/stat dec that she is still liable for the loan although her name is no longer on the title.