Joint property ownership to single ownership

Querist : Anonymous (Querist) 31 January 2019 This query is : Resolved
My wife and I are joint owners of an apartment in Mira Road, Thane. The property is currently mortgaged with a financial institution as well.

Due to differences amongst us, we are planning to separate and file for a divorce by mutual consent. My wife is willing to leave the house to me, however I want to ensure that the property ownership is also transferred to me in entirety prior to our separation as a safety measure.

Based on the above details, I wish guidance on the below points:
1. What is the process and documentation requirements for the ownership to be transferred?
2. Do I need to initiate the discussion at registrar office or my Bank?
3. I have heard about Gift Deed and Relinquishment of property. Do any of these options make sense in my case?
4. What charges am I likely to incur in the process? Are stamp duty and registration charges applicable?

I want the process to be absolutely foolproof with no ambiguity. Kindly consider this element as well.

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kavksatyanarayana (Expert) 31 January 2019
1.Before filing separation, your wife may execute Gift deed in your favour which costs less. I think it is a maximum of Rs.200/-- if executed in favour of family member. However check in your state as the stamp duties vary from one State to other State. 2. If the loan taken by both jointly, then you shall contact the Bank authorities for transfer of the loan in your name only, if she executed Gift deed in your favour. 3. Gift is better. for relinquishment you have to pay some consideration to her. 4. for Gift the charges are less as noted at point 1.