Decoupling For 2nd Property?

[may2012]

Heard it from 10pm news some buyers decouple(remove name from title) in order to buyer another pty w/o paying ABSD.

Its saying may not be wise cos need to pay 3% stamp duty for removing a name.

A friend told me he is doing this as the stamp duty is half of 3% if its just removing one name from the title.

So who is right?

[kane]

Heard it from 10pm news some buyers decouple(remove name from title) in order to buyer another pty w/o paying ABSD.

Its saying may not be wise cos need to pay 3% stamp duty for removing a name.

A friend told me he is doing this as the stamp duty is half of 3% if its just removing one name from the title.

So who is right?

Buy second property 7%. Obviously decoupling will be a cheaper route no? Unless it's a gcb then maybe it's too ex to decouple unless you planning to buy another gcb.

[price]

Not every couple can do this if you're planning on taking a loan. Both must have substantial earning power for loans to be approved

[buttercarp]

Hi price, I made you another signature as requested.
Tell me if you prefer it to be bigger.

[blackjack21trader]

Heard it from 10pm news some buyers decouple(remove name from title) in order to buyer another pty w/o paying ABSD.

Its saying may not be wise cos need to pay 3% stamp duty for removing a name.

A friend told me he is doing this as the stamp duty is half of 3% if its just removing one name from the title.

So who is right?

so may i ask if this apply to tenants-in-common or can be used for joint tenancy also ? Will the stamp duties be different ?

[yowetan]

Hi...I encouraged this notion. More taking up loans.

Next, I will be hoping for a crash. So those who stretch themselves with two or more properties will need to make space(s) for the crash.

[Allthepies]

If stamp duty is 1.5%, I don't mind decoupling.

[hopeful]

Heard it from 10pm news some buyers decouple(remove name from title) in order to buyer another pty w/o paying ABSD.

Its saying may not be wise cos need to pay 3% stamp duty for removing a name.

A friend told me he is doing this as the stamp duty is half of 3% if its just removing one name from the title.

So who is right?

stamp is not 1.5%, it is still 3%.
but the value is proportional.
eg $1million, 60% by A, 40% by B.
B transfer to A, stamp duty is 3% x (40% of 1million)
not 1.5% x 1milion.

[blackjack21trader]

so may i ask if this apply to tenants-in-common or can be used for joint tenancy also ? Will the stamp duties be different ?

from what i understand, for a joint tenant to cease the name from the title deed, he must die first or otherwise convert the tenancy to tenancy in common. you experts here say i say like this correct or not?

[price]

Hi price, I made you another signature as requested.
Tell me if you prefer it to be bigger.

Thanks sister!!! this is perfect!

[blackjack21trader]

stamp is not 1.5%, it is still 3%.
but the value is proportional.
eg $1million, 60% by A, 40% by B.
B transfer to A, stamp duty is 3% x (40% of 1million)
not 1.5% x 1milion.

that is the reason why i ask about joint tenancy, see above. and nobody knows the answer ?

sigh.....

[blackjack21trader]

Thanks sister!!! this is perfect!

please make one banner :" I AM SO HANDSOME " for me. thanks.

[economist]

For joint-tenancy, it should half of 3%, or 1.5% of the price. Considerably lower than 7% or 10% ABSD. But, better confirm with lawyer.

[may2012]

stamp is not 1.5%, it is still 3%.
but the value is proportional.
eg $1million, 60% by A, 40% by B.
B transfer to A, stamp duty is 3% x (40% of 1million)
not 1.5% x 1milion.

tks hopeful

[buttercarp]

please make one banner :" I AM SO HANDSOME " for me. thanks.

For you bro BJ.

[thomastansb]

Many people were hoping since Q3 2009. They were disappointed for 4 years. Since US is continuing to print close to a hundred billion dollars a month, maybe need to wait for a few more years. I heard China, Japan and ECB also joining the printing frenzy. Oh ya, Singapore also

Hi...I encouraged this notion. More taking up loans.

Next, I will be hoping for a crash. So those who stretch themselves with two or more properties will need to make space(s) for the crash.

[bakasa2002]

Nx thing we know be like China where couples divorce to buy properties ...

[Rein]

Not every couple can do this if you're planning on taking a loan. Both must have substantial earning power for loans to be approved

Also the seller stamp duty clock restarts at point of decoupling right?

[economist]

yes, for the decoupled portion.

Also the seller stamp duty clock restarts at point of decoupling right?

[blackjack21trader]

For you bro BJ.

Thanks, appreciate ur work, good sister

[dare2]

Hi...I encouraged this notion. More taking up loans.

Next, I will be hoping for a crash. So those who stretch themselves with two or more properties will need to make space(s) for the crash.

....theres's a different between a good wine and a bad Whine.....the latter is sour.....though both are made of grapes....

[blackjack21trader]

....theres's a different between a good wine and a bad Whine.....the latter is sour.....though both are made of grapes....

your England is very good

[blackjack21trader]

For joint-tenancy, it should half of 3%, or 1.5% of the price. Considerably lower than 7% or 10% ABSD. But, better confirm with lawyer.

Thanks good brother economist. I will check with my most powerful lawyer, however I thought it is best I check with you guys here to confirm first before meeting with him so that I can sound smarter.

[Allthepies]

Thanks good brother economist. I will check with my most powerful lawyer, however I thought it is best I check with you guys here to confirm first before meeting with him so that I can sound smarter.

Do share share with us once you have an answer from your lawyer.

[Allthepies]

Thanks good brother economist. I will check with my most powerful lawyer, however I thought it is best I check with you guys here to confirm first before meeting with him so that I can sound smarter.

Do share share with us once you have an answer from your lawyer.

[smellyfish]

this is exactly what i did, transferred to wife to make a purchase. not so much for the stamp duties savings, but for the LTV.

also because of revised valuation, get to unlock some equity from existing property.

the bank will treat it as a arms length sale of 1/2 share of property, assuming its joint tenancy

leakage is:

stamp duty - yes, you only pay 3% of 1/2 if joint tenant.

lousier loan package - was having a step down package previously

legal fees - you pay for both buyer and seller. no subsidies these days.

[may2012]

this is exactly what i did, transferred to wife to make a purchase. not so much for the stamp duties savings, but for the LTV.

also because of revised valuation, get to unlock some equity from existing property.

the bank will treat it as a arms length sale of 1/2 share of property, assuming its joint tenancy

leakage is:

stamp duty - yes, you only pay 3% of 1/2 if joint tenant.

lousier loan package - was having a step down package previously

legal fees - you pay for both buyer and seller. no subsidies these days.

tks. first hand exp

[sherlock]

this is exactly what i did, transferred to wife to make a purchase. not so much for the stamp duties savings, but for the LTV.

also because of revised valuation, get to unlock some equity from existing property.

the bank will treat it as a arms length sale of 1/2 share of property, assuming its joint tenancy

leakage is:

stamp duty - yes, you only pay 3% of 1/2 if joint tenant.

lousier loan package - was having a step down package previously

legal fees - you pay for both buyer and seller. no subsidies these days.

For me I would not dare to make this move to save some $$... scared wifey run away with my house

[Santro]

Thanks Bro. Did you have to re-assess your property based on current market value.
Also, If you already have existing properties then would the existing ABSD and 4 year lockin apply. Will SD be 3%+(7% if 2nd and 10% if 3rd property onwards).

this is exactly what i did, transferred to wife to make a purchase. not so much for the stamp duties savings, but for the LTV.

also because of revised valuation, get to unlock some equity from existing property.

the bank will treat it as a arms length sale of 1/2 share of property, assuming its joint tenancy

leakage is:

stamp duty - yes, you only pay 3% of 1/2 if joint tenant.

lousier loan package - was having a step down package previously

legal fees - you pay for both buyer and seller. no subsidies these days.

[buttercarp]

For me I would not dare to make this move to save some $$... scared wifey run away with my house

LOL, I thought it should be the other way round?