Hi all,
I have been separated for 2 years and 8 months and the official divorce was 12 months ago this month, I continued to live in the house because we were in a fixed mortgage and it had a lot of years to go so the exit fee was around the 30-35k adding selling fees etc it would have been around 40k out of pocket, and we bought the house at the worst possible time, right at the peak in 2005 so with the house dropping in value and exit fee we would have been looking at around 20k each dept after the sale and i could afford the mortgage payments, so to ultimately save both of us money there was an agreement that my ex would leave the house and her name would stay on the title till the exit fee reduced and would have no claim to the house, all verbal apart from an email she draft up, now the time has past i am wondering if i should just pay the stamp duty on her half to get her name off the title or sell the house completely and hope she does not go for half. My ex has not been making any mortgage payments since she left the house back in early 2008. I have heard it is not a good time to sell, my house in in Werrington Downs, Penrith area NSW.All advise welcomed, as this is quite stressing.
Thank you to all that respondPaul Danby
if you are on good talking terms still, then i would talk to her, and see what she will do… maybe she wont want her name off it, maybe she wont want half… i’d talk and ask, or get something more in writing.
Post-divorce sales are always classed as a 'distressed sale' unless, like in your case you can afford to hold on until the market turns etc.
It may be worth your while to discuss your requirements with one or two of the local agents (or the property sales websites like domain/realestate.com.au) to suss out what has been happening in your area over the past 3-5 years (there may have been some positive movement).
You may still have issues with the payout figure if the fixed period of the loan has not yet expired.
i am wondering if i should just pay the stamp duty on her half to get her name off the title
From a legal aid document on the internet
If you have a court order to transfer half the ownership you could be exempt from NSW stamp duty
http://www.legalaid.nsw.gov.au/asp/index.asp?pgid=515It talks about an application for consent order (form 11) from
http://www.familylawcourts.gov.au/wps/wcm/connect/FLC/Home/Court+Orders/What+are+orders/
http://www.familylawcourts.gov.au/wps/wcm/connect/FLC/Home/Property+and+Money+Matters/If+you+agree+about+property+and+money/Yes stamp duty and CGT exempt on transfer subject to court orders or marriage breakdown. etc – But if it is an investment becareful about CGT as you could inherit her gain and end up paying extra tax.
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
She wants her name off it as soon as possible as do I, thanks for your comment i will definitely try and get some more in writing.
Thank you for the links they are very helpful.
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