Hi

I have a property now currently it's under my gf and my name, now the house will be fully taken over by me. So we are planning to transfer the ownership and remove the joint name in loan and SPA.

Technically can it be done ? Currently the loan is still less than 5 years...

thanks !

just as above post, yes - technically it can be done.

you'll need to 'buy' over her portion and get a new loan (under your own name) to pay off the existing loan.

legal fees incurred:-

1. SPA to buy her portion over
2. redeem the property from current bank (minimal)
3. loan agreement fees (new loan to settle off old loan)

the relationship is ended, no point to keep it anymore...

dont think currently it's good time to sell it..

can i request refinancing (same amount) with same bank ? currently the loan is under ambank..

you may talk to your bank officer.
imo gonna costs yo.

last time look at combined income

now bank only can look at TS income. so need to justify the income and credit rating of TS alone...

my salary alone now is higher than last time combined income, needs to look into the cost needed for this process.

yes you can.

however there's the costs that i've mentioned.

be prepared to pay the SPA and loan legal fees (1% of SPA price and 1% of loan amount)

then stamp duty on the transfer (1st 100k x 1%, next 400k x 2%, beyond 500k x 3%. and add them all up) and stamp duty on loan (0.5% of loan amount)