Hi, Im hoping someone might be able to help me, or at least put me in the right direction.
I currently have own a house with my husband (well technically the bank owns it) and he is looking into going into partnership with someone and as a result we are looking to remove his name off the title of the house.
I was wondering if anyone knows how I should go about this (I live in Tasmania) and also the likely cost of doing this?
Any advice would really be appreciated
Have a great day
Just go see a solicitor – in Victoria you can transfer assets from husband to wife or vice versa and make gifts out of "love and affection". I imagine it would be the same in Tassie but not 100% sure.
Good luck.
You may be able to change the title to one name (under VIC law for no cost, might be the same in Tas) depending on circumstances put forward to the titles office. Normally separation or break up of relationship is acceptable but this may have changed.
Another issue that may occur is if the loan was taking out in both names with the bank. A simple letter claiming that your husband is still liable for the loan and debt should be sufficient for the bank. Otherwise they can review the loan and make you take out a new one.
http://www.austlii.edu.au/au/legis/tas/consol_act/da200193/s55.html
DUTIES ACT 2001 – SECT 55
55. Exemptions transfers to partners in a marriage or relationship
(1) No duty is chargeable under this Chapter on a transfer, or an agreement for the sale or transfer, of dutiable property if it is proved to the satisfaction of the Commissioner that –
(a) as a result of the transfer or agreement, the whole of the property is or will be held by the parties to a marriage or significant relationship, or by caring partners, as joint tenants or as tenants in common in equal shares; and
(b) the dutiable property –
(i) is land that has erected on it a private dwelling house and was solely or principally used, as at the date of transfer, as the principal place of residence of the parties to the marriage or significant relationship, or of the caring partners; or
(ii) is vacant land and the parties to the marriage or significant relationship, or the caring partners, intend to use it as the site of a private dwelling house to be solely or principally used as their principal place of residence; or
(iii) is shares that confer an entitlement to exclusive possession of a company title dwelling that was solely or principally used, as at the date of transfer, as the principal place of residence of the parties to the marriage or significant relationship, or of the caring partners; and
(c) both the transferor and the transferee are the parties to the marriage or significant relationship, or are the caring partners, or one of them and no other person is a party to the transfer.
(2) In this section –
"private dwelling house" includes a lot, within the meaning of the Strata Titles Act 1998, used as a place of residence.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Why does your husband not want his name on the title any more?
K
Linar,
I think they might be worried about a business deal going wrong and putting the family property at risk.
Removing a name from the title won't necessarily protect him from being sued if a business deal goes wrong.
Courts these days can look into things like removal of names from title, transfer of assets and other sudden liquidation of assets prior to starting a business. If it is decided that such transfer of assets were for the purpose of avoiding litigation, then the assets can still be deemed to belong to the person being sued.
Even discretionary trusts aren't safe these days. If a court decides that the trustees effectively have sole control over the trust, then the assets of the trust are deemed to be the assets of the trustees.
I would be getting good legal advice before spending money on removing names from the title.
Cheers
K
All,
I think that Alan Bond's case was the instigator for the rules as Linar has explained.http://www.austlii.edu.au/au/legis/tas/consol_act/da200193/s55.html
<h3>DUTIES ACT 2001 – SECT 55</h3>
55. Exemptions transfers to partners in a marriage or relationship (1) No duty is chargeable under this Chapter on a transfer, or an agreement for the sale or transfer, of dutiable property if it is proved to the satisfaction of the Commissioner that –(a) as a result of the transfer or agreement, the whole of the property is or will be held by the parties to a marriage or significant relationship, or by caring partners, as joint tenants or as tenants in common in equal shares; and (b) the dutiable property –
(i) is land that has erected on it a private dwelling house and was solely or principally used, as at the date of transfer, as the principal place of residence of the parties to the marriage or significant relationship, or of the caring partners; or (ii) is vacant land and the parties to the marriage or significant relationship, or the caring partners, intend to use it as the site of a private dwelling house to be solely or principally used as their principal place of residence; or (iii) is shares that confer an entitlement to exclusive possession of a company title dwelling that was solely or principally used, as at the date of transfer, as the principal place of residence of the parties to the marriage or significant relationship, or of the caring partners; and
(c) both the transferor and the transferee are the parties to the marriage or significant relationship, or are the caring partners, or one of them and no other person is a party to the transfer.
(2) In this section –
“private dwelling house” includes a lot, within the meaning of the Strata Titles Act 1998, used as a place of residence.
Hey Terry, I have the same case and was wondering if this is also applicable to the USA, Texas to be specific? Kitchen Cleaning
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