on 22-03-2018 10:59 AM
Hi all, would like to know how you change the manner of holding between two registered proprietors from joint to tenants in common. We hold the Title. Thankyou. Jennifer1
on 27-03-2018 02:19 PM
Change in the manner of holding is a consideration option in the transfer document in Victoria. You should create the Transfer as you ordinarily would and select "change in manner of holding" in the type of consideration panel.
This page may provide more assistance on how to set up the Workspace.
on 06-04-2018 09:32 AM
I'm trying to change clients from joint to tenants in common, I act for both - in VIC
I have created the workspace acting for the proprietors on title
then created a transfer
the two people appear as the owners
but then it has "tenancy" details - I assume this is the tenants in common
but it looks like I have to go in and enter their info again as transferees???? this is a lot of double handling, is there an easier way I am missing
on 09-04-2018 06:26 PM
Thank you for your question. To confirm, you have a scenario where there are two proprietors on title registered as joint tenants, and you are lodging a transfer to change to tenants in common. You have opened a workspace in the role of Proprietor on Title, edited your clients' details in the Participants screen and created a Transfer in the Documents screen.
In the Transfer document, you will need to select the appropriate Tenancy type (ie Tenants in Common in this scenario) in the Tenancy Details section. You can click in the box below "Party", select one of the proprietors on title and enter their share details. You can then click green button "Add Tenant in Common", select the second proprietor on title and enter their share details. You will not need to enter in your clients' information again in the Transferee Details section. You can then complete the remainder of the Transfer document as usual.
I hope that answers your question.
on 10-04-2018 08:14 AM
Thanks Nancy, now it wants transferee addresses but there's nowhere to enter them.
Will I also need to do a SRO form?
on 10-04-2018 09:23 AM
Are you referring to the message "These addresses are required to progress the transfer to a "Prepared" status however the Transfer may be saved without this information if you wish to enter it later" which appears in the Transferee Details section? If yes you will not need to enter the addresses however please ensure that you have completed your clients' current and future addresses in the Transferor Details section.
You will need to verify stamp duty before you can lodge the transfer (see guide here).
on 12-04-2018 12:24 PM
I do have the current and future addresses in the transferor section, but it still says "in preparation"
on 12-04-2018 02:03 PM
it is working now, maybe I had to put in a settlement date first, or maybe I had to start the SRO form?
12-04-2018 09:07 PM - edited 12-04-2018 09:10 PM
Yes a transfer workspace must have a financial settlement, with a proposed settlement date and time (ie lodgement date and time). Even if you have entered all the necessary information, the Transfer document will not progress from In Preparation status to Prepared status if your workspace does not have a financial settlement.
To add a financial settlement, go to the Settlement screen, click on the action cog in the Settlement Summary tab and select Set Settlement Date.
Please note you will need to enter source funds, which will be required to pay Land Registry lodgement fees, PEXA fees, and stamp duty (if applicable).
on 26-06-2018 12:27 PM
I am also trying to lodge a transfer from joint proprietors to tenants in common, the only issue being we have a mortgagee. We are not discharging the mortgage but simply changing the manner of holding.
We cannot settle the matter as the "lodging instructions" that I had prepared allow me to make the Bank the issuing party for the title (which is an eCT already). My issue is that the instructions keep saying that their must be issuing instructions and the responsible subscriber needs to complete these. The Bank will not answer my "conversations" as to what needs to be done.
Any advice as to what I need to do would be appreciated.