Severing joint tenancy in NSW

In New South Wales, a severance of a joint tenancy can be done either by agreement or unilaterally (on your own).

A severance of a joint tenancy takes place when the joint owner transfers his or her interest in the asset ‘to themselves’. Accordingly, there is no stamp duty or CGT payable on the severance.

There are separate Land Registry Services (LRS) forms for the two types of severance. For an agreed severance, you use a ‘Transfer altering tenancy’ (Form 01JT). For a unilateral severance, you use a ‘Transfer severing a joint tenancy’ form (Form 01TJ).

For a unilateral severance, Land Registry Services is required to notify the other owners of your application to sever the joint tenancy, so you must provide the names and postal addresses of the other owners on the Form 01TJ.

The Certificate of Title must be produced with each application for severance (whether by agreement or unilateral). This means that your mortgagee’s consent to the severance will be required, and your mortgagee will need to produce the Title to allow registration.

For assistance changing the ownership of jointly held property to a property held as tenants-in-common, call us on 1300 654 590.

Our Great Lawyer Guarantee

We want to be part of your team over the long term. We'll achieve this by sticking closely to the following principles:

  • We'll listen carefully to understand what you want to achieve. Then we'll thoroughly explain our advice and step you through the documents. You can be sure you'll know the full consequences.
  • Our lawyers work as a team, so someone will always be available to answer your questions, or point you in the right direction. You will also benefit from a range of perspectives and experience.
  • One of our key goals is to pass on as much knowledge as we can, so you can make your own informed decisions. We want to make you truly independent.
  • We only do what we're good at. You can be confident that we know what we're doing and won't pass on the cost of our learning.
  • For advice and documents, we provide a fixed or capped quote so you don’t take price risk. If you're in a dispute, we'll map out the process and costs so you know what to expect.
  • We're not in this game for our egos. We're in it for a front row seat to witness your success.

We measure our success on how efficiently we have facilitated your objectives, enhanced your relationships, and reduced the level of stress for all involved.

If we sound like people you can work with, call us now on 1300 654 590 and speak directly with a great lawyer.

Call 1300 654 590 and speak with a lawyer today

You'll be put straight through to a great lawyer who will guide you to the right solution.

Estate planning for sole directors of private companies

Estate planning for sole directors of private companies

If you are the sole shareholder and director of a private company, have you thought about what will happen to your business if you lose capacity or die? Failure to plan for this eventuality can affect the financial viability of your assets and leave your family vulnerable – so it is something you need to turn your mind to. Fortunately, there are several solutions that are easy to implement and lots of advice about these issues is available.

read more