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NSW Property Transfer & Costs - No Mortgage

Discussion in 'Property Law Forum' started by Shellz57, 17 May 2015.

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  1. Shellz57

    Shellz57 Member

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    I have a property that I jointly own with my ex. We have owned it for 25 years and have been separated for 23 years. I am about to transfer his half to my daughter and he is in agreement with this. My half will be divided between my 2 sons, quarter each. But this will be passed to them on my death. The property is valued at $250,000, although there is a house it is a knock down so land value only! The property is in NSW. I have been in contact with a solicitor who will do the transfer and also provide a will. He estimated the cost at between $8000 - $10,000. This seems to be rather a lot so would be interested to know if anyone has an idea as to the costs and also if there are any cheaper ways to do this.

    I'm on a disability pension and have had to wait until the house was paid off before I could make any changes to the title as the bank would not transfer the mortgage to me. Now the house is paid off I now have to sort it out.

    Any views would be kindly appreciated.
    Thank you.
     
  2. Sophea

    Sophea Well-Known Member

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    Hi Shellz57,

    You don't necessarily require a solicitor to transfer title in your property. Its just a matter of lodging some forms with the Land Titles Office (or equivalent in NSW). There is a lot of information online about the forms that you need to use etc, and the staff in the office can also assist you to some degree. It will just be a lot more hassle doing it by yourself.

    Check out this website:
    Transferring an interest in a Torrens title property - Land and Property Information


    With regard to the will, you can make an appointment to visit the Public Trustee who offer a free will making service provided you appoint them as executor. They also take a fee from your estate on your death for performing this task - based on sliding scale percentage. More information here: Fees and Charges | The NSW Trustee and Guardian
     

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