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.
My wife and I are looking at putting our daughter on to our property title we still have a mortgage on this property what is involved or the best way to facilitate this
Hi Patrick,
Thanks for reaching out.
To add someone’s name to the property title, you generally need to fill out and submit a transfer of title form which can be accessed from your state office of revenue.
We have a guide on how to change property ownership, but it’s a good idea to speak to your state office of revenue and your lender regarding the paperwork required for this transfer.
You can also learn about how to minimize fees when transferring property ownership within the family, and you can fill out the form to speak with a property tax specialist.
I hope it helps.
All the best,
Belinda
I would like to add my name to my husband’s home title the house is free hold and we are retired pensioners could you tell me the cost and where i can get the forms thank you.
Regards
Veronica
Hi Veronica,
Thanks for the question.
The forms and cost will depend on what state the transfer is occurring in. You can find this guide for the list of the state government departments for property title, I recommend clicking through to your relevant state government.
I hope this helps,
Marc
Hi can you help me how much is it to put a name on the title deeds there is no mortgage or anything it was payed in full cash payment thank you
Hi there,
Thanks for reaching out.
If you would like to add your name to the title deed, your best course of action will be to contact your state office of revenue to get an accurate quote for the transfer.
You may refer to our guide on how to lower costs when transferring property.
Depending on the type of transfer and the value of the property, you may need to pay capital gains tax (CGT), stamp duty as well as legal and conveyancing charges. You should consider speaking to a conveyancer or solicitor. They can help you with issues related to ownership and property law.
I hope this helps.
Regards,
Belinda
Hi,
Under a will, a property (strata unit) was left to two beneficiaries who could not decide what to do with the property. As a result, the solicitor handling the will transferred the property into the name of the Executor who was also one of the beneficiaries.
After 5 years, they now wish to transfer the property into the names of both beneficiaries (preferably ‘joint tenants’).
What actions are required, and are there any charges involved (Stamp Duty, CGT etc)?
Thank you,
Chris
Hi Chris,
Thanks for the question.
The process to transfer the property will depend on the state, but will generally involve you contacting the relevant government department which handles this. In NSW it’s Land & Property Information. You can find the list of relevant departments and forms from our guide in removing names from a property title. In terms of CGT, in some cases, it can be disregarded depending on the situation. If it’s not disregarded, the beneficiary is usually taken to have acquired the property when the person died. Please refer to ATO’s deceased estates and capital gains tax guide for more details.
It’s highly recommended that for these types of issues legal and tax specialists are consulted.
I hope this helps,
Marc.
I own the apartment that my daughter and I live in. I want to transfer the apartment to my daughter but want to know what fees will be involved. I’m a senior citizen but am still working casual part time.
Thank you
Hi Naz,
Thanks for your enquiry.
You can read our guide about how to minimise fees when transferring or gifting a property within the family.
As you can see, there are a number of fees involved when changing the ownership of property such as capital gains tax (CGT), stamp duty and any valuation or legal charges required to complete the process. However, as you are transferring the ownership to your daughter, you may be exempt from paying CGT if the property is classified as your main place of residence.
Your best course of action would be to contact your state government department to see if you are eligible for any exemptions from CGT and stamp duty.
Any valuation or legal charges will depend on the fee structure of the provider and the value of the property.
You should also consider speaking to a conveyancer or solicitor. They can help you with issues related to ownership and property law.
Thanks,
Belinda