Client Question :
We owned a house under our both names, my husband and I.
The loan currently is under our both names.
I want to remove my name from the property and loan.
So, how can we do it?
MHL answer:
You have two ways to do it.
✅THE FIRST WAY.
?METHOD:
1. Fully settled the home loan.
2. Appoint a lawyer to do the transfer from your 50% shares to your husband.
3. Once the transfer is complete, your husband will own 100% shares of the property.
?COST:??
1. Money to fully settled the home loan.
2. Cost to complete the discharge of charge. This works it done by a lawyer to discharge your property from the existing bank. It might cost below rm1500.
3. Cost to hire a lawyer to complete the transfer of property, 50% shares from you to the husband.
You’ll need to pay for the legal fees and disbursement fees. The lawyer fees will be based on lawyer scale fees.
If you want to have a quote, click the link below.
https://malaysiahousingloan.com/stamp-duty-legal-fees-purchasing-house/
? 4. The good news is you don’t have to pay for stamp duty. A transfer between husband and wife by way of MOT doesn’t require stamp duty. So you can save a lot.????
✅THE SECOND WAY.
?METHOD:
1. Your husband should apply to refinance with a new bank.
2. Inform the new bank that,
? You’ll transfer your 50% shares to your husband.
? Your transfer is by way of a memorandum of transfer (MOT) not Sale & Purchase(SNP). It’s imperative to let them know this.
?? We have experience banker to handles this type of cases. If you need some recommendation, please do let us know or reach out at 0126946746.
‼Btw, not all banks can finance by way of MOT. Most of them require SNP.
❌By way of SNP will be a disadvantage for you. There will be an additional cost to you.
A. You have to pay full stamp duty. There will not be any zero stamp duty.
B. You will have to pay seller legal fees around RM2k.
3. Once approval granted, appoint a lawyer to complete the property transfer and your refinancing loan together. Best to use the same lawyer.
4. Appoint an experienced lawyer to handle this. If you don’t have any, we can recommend to you. Call us at 0126946746.
Our associate lawyer firm handles lots of this type of cases.
5. The lawyer will complete the transfer and refinancing loan together.
?COST:??
1. Cost of refinancing. Loan legal fees, stamp duty, disbursement fees, and valuation fees.
This will be around 2-3% from the loan amount. Some banks allow financing the cost with your new home loan.
2.Cost to hire a lawyer to complete the transfer of property, 50% shares from you to the husband.
You’ll need to pay for the legal fees and disbursement fees. The lawyer fees will be based on lawyer scale fees.
If you want to have a quote, click the link below.
https://malaysiahousingloan.com/stamp-duty-legal-fees-purchasing-house/
? 3. The good news is you don’t have to pay for stamp duty. A transfer between husband and wife by way of MOT doesn’t require stamp duty. So you can save a lot.????
Tip:
Make sure your current home loan penalty period is over to avoid the additional cost involved.
We hope you enjoy and understand our question and answer session.
If you have any more query, feel free to reach out.
See you soon ?
Melissa Lee
Online Mortgage Consultant
0126946746(David)
Www.malaysiahousingloan.net
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