Mortgage with Two Other Family Members - I Want to Get out

Lsct911 on 12/06/2021 - 23:43
Last edited 13/06/2021 - 13:25 by 1 other user

I am currently in a 3 way mortgage, myself and 2 others and I want to get out. What’s the best way to go about this? The other 2 owners are family members and I want to go my own way

Can I sort it internally with the bank and transfer my share of home ownership and mortgage to the other 2? Will I need to hire lawyer? Will I have to pay stamp duty?

Financial

Comments

  • johndowy on 13/06/2021 - 00:09
    +2

    Yes.

    johndowy on 13/06/2021 - 00:09 (Collapsed - Offtopic. Show)
  • rektrading on 13/06/2021 - 00:21
    +3

    A 3-way death pledge sounds like a horrible cocktail.

  • MS Paint on 13/06/2021 - 00:51
    +3

    3 way mortgage advise

    I give up

    MS Paint on 13/06/2021 - 00:51 (Collapsed - Offtopic. Show)
    • spackbace on 13/06/2021 - 00:52
      +4

      "3 way" had you reading more, but it was all disappointment from there

      • MS Paint on 13/06/2021 - 00:55

        Even mortgage kept me engaged

        • bdl on 13/06/2021 - 01:13
          +1

          If you want to get engaged maybe you need an Ozbargain ring sizer :)

  • bazingaa on 13/06/2021 - 00:57

    I used to watch a drama on TV with a similar situation but between 5 friends, can't remember the name though.

    bazingaa on 13/06/2021 - 00:57 (Collapsed - Offtopic. Show)
    • MS Paint on 13/06/2021 - 00:58
      +3

      Friends

      Five Bedrooms

      • bazingaa on 13/06/2021 - 16:38

        ah that's the one

    • bdl on 13/06/2021 - 01:14

      A Current Affair

  • thatonethere on 13/06/2021 - 00:58

    Death…

    thatonethere on 13/06/2021 - 00:58 (Collapsed - Offtopic. Show)
  • iNeed2Pee on 13/06/2021 - 01:52

    What do you mean member since 2012?

    This is not how it's supposed to work!! You need to be a brand new member to ask these questions! 😂

    iNeed2Pee on 13/06/2021 - 01:52 (Collapsed - Offtopic. Show)
  • FizzBalls on 13/06/2021 - 03:23
    +1

    Time machine may work here.

  • bemybubble on 13/06/2021 - 06:50
    +6

    Get 3 market appraisals. Take the average and have them buy you out. That’s as fair as you’re going to get and will remove any come back in future about it being unfair.

    You should get a lawyer who does conveyancing to do the transaction. Stamp duty will be more than likely unless it’s a primary residence. May even be capital gains tax so would be wise to seek tax advice too.

    • sct911 on 14/06/2021 - 01:26

      It is a primary residence , all 3 of us live in the house, so no stamp duty ?

      • bemybubble on 14/06/2021 - 07:06

        It’s too important not to see a lawyer or accountant

      • MrHyde on 14/06/2021 - 07:07

        Stamp duty will need to be paid if there is any change in ownership. So, when you sell your share to the other two - the other two have to pay stamp duty on the fair market value of your share - can't just sell it cheap in the hope of low stamp duty.

  • El-Rhi on 13/06/2021 - 10:21

    Do the other two owners want to buy you out?

    • pharkurnell on 13/06/2021 - 11:04
      +3

      or can they afford to, or have you discussed with them? Spoken to anyone ? Done anything?

      • sct911 on 14/06/2021 - 01:25

        I don’t want to be bought out, I just want out, don’t care about money

        • El-Rhi on 14/06/2021 - 07:31

          So you want to gift your share to the other two?

  • Tee Rex Arms on 13/06/2021 - 15:25

    How the (profanity) did this ever seem like a good idea?

  • leiiv on 14/06/2021 - 11:24

    I am also very curious about this. Obviously, the sure way is to change the names and pay stamp duty. But is there a way to do this without paying stamp duty? Can you still be the owner of the property but not as a mortgagor (by paying off all your share for example)?

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