NSW How do I get my husbands name removed from title

[IndependantMiss1972]

My husband and i purchased a house and land in 2017. Due to his poor credit rating I had to sell my investment property to pay a 25% deposit.
I now have the cash to pay out this mortgage- but I am not going to do it if it remains in both names (his family are vultures and would have me kicked out of the home that i paid for in a matter of hours if he were to pass away.)
My bank says I have to totally remortgage the property in my name only.
Does this mean that i will have to pay stamp duty all over again?
He is happy to sign the property over to me- is there another way that we can do this?

 

[Nighthelyn]

Dear IndependantMiss1972,

no it cannot be done stamp duty free. In NSW, Duties Act 1997 has very few events when ownership change/transfer to be stamp duty free, and the act of husband 50% transfer to wife is not exempted. If you must transfer, stamp duty is roughly 4% of the 1/2 value of your home, and you will need a formal valuation. You need a conveyancer/solicitor to do this.

Other alternatives if the name doesn’t have to only be you on title, and you do not wish to incur stamp duty are:

1. Record a caveat on your husband’s portion of the property, if he cooperate;
2. Property is owned in joint tenancy - then if your husband passes, you can immediately with a death certificate lodge a notice of death at nsw land and be sole owner - this does not require nor affected by any will/probate/administration process;
3. Record a life estate on your husband’s share of the property, if your husband cooperate, and you need a lawyer to do this; and
4. Your husband has a will confirming his share of the property passes to you in his passing, and have someone who is not hostile to you as the executor.

Good luck!

-Nighthelyn