My Name on Ip - Bank error

[Novar]

Found out yesterday my name got put on my H's investment property about 4 mths ago when it was re-organised for a new property. My name had to go on the new one 1% share because of the LVR
But the original one has been in H's name only since we would it 5 years ago.

Here's the thing I have not signed any documents to get my name on there. At least that's what I'm told. I will dig the papers out and check over the weekend.

We are thinking of selling this property to the tennants which is how I found out, inquiring about pay-outs. We will be up for approx $5,000 fees, since we have no agents fees, this is still worth considering.

But how do I stand here. Anyone have ideas or opinions?
Might be a bargaining tool for reduced fees!

 

[boomtown]

Are you talking about name on mortage docs or name on title?

 

[Novar]

Property title is in H's name
Just on loan docs ... both names now

 

[StuartW]

Shouldn't be an issue... (i.e. won't affect H's tax benefits).

You may have to have an written agreement stipulating that you are lending your half of the loan to him. Also, repayments should come out of an account solely in his name. As long as this is done, no issues.

 

[Novar]

Also, repayments should come out of an account solely in his name. As long as this is done, no issues.

They don't. I've put the tax return in and din't realise it was like this since April.

Shouldn't be an issue... (i.e. won't affect H's tax benefits).

That's good to know.

Not very proffessional by the bank though. Making me 1/2 responsible for a loan without my signature!!

 

[letiha]

They don't. I've put the tax return in and din't realise it was like this since April.

That's good to know.

Not very proffessional by the bank though. Making me 1/2 responsible for a loan without my signature!!

Not just unprofessional, but not valid at all. Unless you have signed the loan docs the loan should not be in your name. full stop no excuses.

 

[Sheryn]

Not very professional by the bank though. Making me 1/2 responsible for a loan without my signature!!

Our lending authority sent us mortgage documents for a LOC to be signed which had our daughter's name on the douments as in addition to our names. Our daughter did not own any % of our PPOR!

My motto..read everything and ask for explanations when I don't understand.


Regards
Sheryn