Example: Adding a long term partner to your property
John and Ling have been dating for 3 years and are ready to move in together. Ling already has a property in Dee Why, Sydney worth $750,000 while John lives with his parents. The agreement is that John will move into Ling’s property and start making 50% towards the monthly repayments.
Ling has paid $50,000 worth of repayments and provided a $100,000 deposit. She now owns $150,000 worth of the property, which means she owns 20% of the property.
Ling and John first approach the lender to see if they can get approval to get a joint loan. After reviewing their finances, the lender consents to adding John’s name to the title and mortgage. The lender also works with a third party legal service to obtain all the legal documents and a draw up a "tenants in common" agreement. This allows them to specify how much each person will own.
They decide that Ling will own 60% of the property (including the portion she already owns) and John will own 40%. After Ling and John fill in the appropriate paperwork and pay the transfer fee of $350, the house is now under both of their names.
Hi, we have no mortgage on our property but the deeds are in my husbands name, we would like my name added to the deeds, is this a straight forward procedure just incurring a legal cost or will there be tax complications e.g. inheritance tax ?
Hi Linda,
Thank you for your inquiry.
Generally speaking, as there is no need for changes to the mortgage, it is unlikely there would be too many tax implications for changing the details of the title deed. You can read more on our guide to changing property ownership. I would recommend confirming the exact costs with your local state agency that handles land titles as well as a conveyancer. They can help you with issues related to ownership and property law.
I hope that this assists you.
Regards
Jodie
To whom it may concern,
I’ve signed a contract with my friend together to rent a house for a year which ends on 1Apr 2016 in Perth. My friend is now moving out, what standard procedures do I need to do?
Do I need to resign a new contract? or do I need to pay a certain fee or a fee for removing my friend’s name.
My friend by pass me and decided on his own to rent his room to another person. He notified me an hour before the person come over to inspect the house. And he was about to collect the bond from the person who plan to move in within 2 days after his visit to my place.
If my friend really wish to rent his room to another person, how many days of notification he should have given me? My friend believe he has full rights to make the decision even if I disagree to let the person move in. Do I have the right to say no? As both of us signed the contract together. I have to bear the rent once he moved out, he made a verbal agreement that he will pay the rent until he find a replacement, will that still work once his name is removed from the contract and I still haven’t find a replacement?
Cheers
Janus
Hi Janus,
Thanks for the question.
A fixed-term tenancy can be ended before the expiry date when a mutual written agreement has been reached with the landlord or property manager.
Page 21 of the Tenant’s Guide to Renting in Western Australia explains the standard procedure for leaving an agreement, which includes approaching the landlord or property manager to negotiate the terms of the early termination. This can sometimes require that the tenant leaving early remains liable for the tenancy until a new tenant is able to commence the tenancy. Reimbursement can also sometimes apply if the landlord will incur losses from the early termination.
I hope this helps,
Marc.
Hi
My brother and i inherited property from our mother circumstance requires that we add my wife on deed. This for will be for third person on loan or guarantor on loan. If guarantor will only be until I can service the loan.
Can you advise what i will be looking at
David
Hi David,
thanks for the question.
Please contact the office of state revenue for your state to get an accurate quote for the costs involved in this type of transfer.
Regards,
Marc.
I owned land (freehold) my partner and I built a house between us on land. Title is in my name . What is involved and cost to put into joint names
Hi Ken,
thanks for the question.
You should contact your lender first, and then contact your Office of State Revenue with your plan to change the title. The cost of the transfer will change depending on the state your property is in, so when calling the Office of State Revenue they will be able to give you an accurate quote.
Regards,
Marc.
Hi
last month i brought land only my name. but now i want to add my wife name. How can i do it?
Hi Malik,
thanks for the question.
To initiate the transfer and find out more, please contact the Office of State Revenue for your state or territory.
I hope this helps,
Marc.