Transfer from joint ownership property to single ownership

Vishal Mal (Querist) 25 August 2013 This query is : Resolved
Myself and my wife has agreed for mutual seperation.
Since my wife is working and owns multiple properties in her name.She has agreed to give away the place we own jointly to me.
The property has a bank loan which i'm paying and EMI goes from my account.
What is the procedure to transfer the property from joint ownership to single owner.

Please advise.

Thanks.

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Anirudh (Expert) 26 August 2013
According to you, the entire EMI is being paid by you and you are agreeable to pay future EMIs also.

Since the property is in the joint names, your wife has to give a REGISTERED RELINQUISHMENT DEED, relinquishing her entire right, title and interest in the property in question in your favour, with the condition that you would be paying the entire future EMIs to the financial institution. For this you have to take the consent of the Bank also.

Vishal Mal (Querist) 26 August 2013
As mentioned earlier,i'm willing to continue to pay future EMIs till the end of loan period.Any idea what is the bank formalities,is it complicated? Do you think bank will have a problem since all deductions are going promptly every month from my single account and no contribution from my wife.
What is the total cost involved in making the REGISTERED RELINQUISHMENT DEED in Bangalore?

ajay sethi (Expert) 26 August 2013
bank wont have any problems in giving its consent since all EMIs are being paid by you . contact a local lawyer in bangalore . he will do the needful .

Vishal Mal (Querist) 26 August 2013
Thank you all for your prompt response.
Can you also provide an idea on the last part of my question.

What is the total cost involved in making the REGISTERED RELINQUISHMENT DEED in Bangalore?

Shonee Kapoor (Expert) 30 August 2013
Every lawyer would charge as per her standing in the court.

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Shonee Kapoor
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Guest (Expert) 30 August 2013
You would need to seek help of a local lawyer for help and to get an idea of the cost of relinquishment deed in the shape of stamp duty applicable in Karnataka state as well as lawyers fee.

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