Hi,
I was wondering if anyone knows the rough costs of transferring the name a property is in?
I have an investment house which I want to keep. I no longer earn an income and so cannot claim anything. I would like to put the house in my husbands name. How much does this transfer cost?Thanks for your help.
Unfortunately not that simple.
You wil be up for Stamp Duty on the Transfer value charged at the current valuation as well as CGT on any gain made.
In addition the discharge, transfer and registration fees if the property is mortgaged as well as any new application or set up costs.
Richard Taylor | Australia's leading private lender
Thanks for that info. You learn so much as you go along and strategy changes. I always did plan to sell it and I guess if I set it up that way, that is just what I should do.
Richard, what about adding a name. If I was to add my husbands name to the title? Does that cost?
Hi Coco
Yes because it would still result in a partial sale and therefore trigger Stamp Duty & CGT.
Richard Taylor | Australia's leading private lender
Hi Coco
I guess you are earning an income, the rent you receive, it just might not cover the expenses, you could look at you finance and change it to a interenst only loan, then that might give you an positive cashflow, income etc..
Richard could assist you with the refinancing.
cheers
MattThanks Matt appreciate the comment.
Richard Taylor | Australia's leading private lender
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