It is becoming increasingly more common for family members or friends to buy a house together for the purpose of entering into the property market, because they would not have the financial resources to otherwise do it alone. But what happens when one party wants to move on and buy out the other party or to change the proportions of ownership between them?
A transfer of the whole or a part of a property between relatives and friends can be a complicated and expensive process if not handled properly. For instance, did you know that the party doing the ‘buying out’ only has to pay transfer duty based on the portion of the property they are buying and in certain circumstances, the transfer of a property between a husband and wife can be exempt from payment of stamp duty?
It is common for a deceased person to have left property in their Will either by gifting their residence to a specific beneficiary or by their property forming the ‘rest and residue’ of their estate.
The property may need to be sold, with the proceeds of sale being distributed to the relevant beneficiaries or transferred directly to the beneficiaries.
We can assist executors and beneficiaries of deceased estates to transfer property in accordance with the terms of the deceased’s last Will.
For more information please refer to our to Wills & Estates and Administration page.
Relationship break down
Unfortunately, when relationships breakdown and the parties have purchased a property together during the course of their relationship, the property either has to be sold and the proceeds divided between the parties, or one party may have the financial resources to buy the other party’s share.
We can assist parties, not only with their family law requirements, but also to draft Contracts for the sale of their property and facilitate transfers where one party is buying the other party’s share.
For more information please refer to our Binding Financial Agreements page.