hello

currently the loan is 100% under my name
but condo joint name 50 % / 50 % with gf

VP in Dec 2022 and would like to change to 100% ownership under my name, spoken to legal firm, they are ok to do so , developer approves, but ask to get permission from bank, however when i enquire from the bank on approval to change the ownership to 100% my name, they reply as below


Following up to your concern pertaining change the home ownership from 50% / 50% to 100%, regret to inform you that the Bank is not able to accede since the security is still under Assignment whereby Strata Title has yet to be issued and Bank charge has yet to be created.

means what ya? sorry dont understand all the terms, any ways i can do now please? wait strata title then request from bank again?

thank you

Meaning you have to wait till Strata Title to be issued then only you can make progress.

Strata Title = Ownership of the box / place / house as per S&P.

No strata title = all ownership of box / place / house are still under developer

B4 you proceed to transfer name, are you aware that you are required to 'buy' the 50% shares of the ownership from your gf ?

In the process, you are required to pay legal fees and mot to acquire the remaining 50%.

'Buy' doesnt necessary involve actual buying or cash transfer but a requirement under the National Land Code Act.

Depending on the reason of your 'transfer', if is 'urgent', it can still be done through another bank under refinancing method.

Whether is current or refinancing bank, legal fee and mot have to be paid.. Valuation fee, if applicable.

This post has been edited by mini orchard: Jan 18 2023, 08:48 AM

very likely u need to get new loan to refinance.

NO choice. Have to wait till Strata Title is issued, or refinance the Property completely and transfer her 50% at the same time.
She cannot assign her 50% to you now as you have both assigned your rights etc in the property to the Bank.

thank you all for the replies

back and forth i sent messages to bank and never reply my simple question, after obtain consent from co registered owner, can directly inform the bank on the changes without doing refinancing ? upon receiving strata title

btw how to know or check or obtain info when can strata title be issued please?

this one have to check with developer to see are they ready to release the strata title?

simple answer = NO

bank will not let u do that, thus u need to refinance.

when title can be issued? see ur S&P or ask developer. if project launch before 2018/9 then just wait, maybe few year after handover key.

if project launch after 2018/9 then title should be out during handover key.

why not ? the loan is already 100% under my name
i just change house ownership name ma



wattt, wait few years? might as well i refinance now but how does it work, say my loan 500k, refinance another 500k ? or bank only allow 450k loan i need pay them 50k like that?



https://forum.lowyat.net/topic/4574304

thread started april 2018.. hmm

"security is still under Assignment whereby Strata Title has yet to be issued and Bank charge has yet to be created" = the step where the title is under your name AND the bank is assigned to have certain legal rights over your property until loan is settled is not complete.

Sounds like your property is a development under master title, developer has not issued the strata title for your individual unit.

So bank cannot cincai change ownership, because the title under you+your GF's name doesn't exist yet.

Need to wait until that step is complete before they can allow ownership changes.

long answer = can be done but up to bank's discretion. usually for consumer units they wont bother to approve. hence its easier to tell u cannot be done and go refinance the unit.

refinance sum depend on current market value & your DSR.

What happen to u n gf? Why delete her name. Story abit