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Paradigm812
16-01-10, 21:04
Hi everyone,

Need you advise on the following

1) I currently had a HDB flat which is 3yr plus. As i bought from the gov new, i cannot sell it after 5 yrs.

2) I would like to buy a New Condo now as it will normally TOP 2 yrs from now which i can sell my HDB by then.

Is there a work around from here? Can i buy the Condo using my dads name now and transfer the ownership to me after it TOP? What will be the cost incurred if doing so? My father was low income worker. Will he be able to get the bank loan? Is there anyway we can get the bank loan approved? Pls help

Thanks to all who advise. Have a nice day
shauntanzs
16-01-10, 21:30
Yes you can buy using your dad's name and you be the financer. Then you transfer after u reach ur 5yrs.
spikey69
16-01-10, 23:23
but the transfer of ownership may involve some costs...if i remember correctly
Paradigm812
16-01-10, 23:34
ANyone know the exact cost of transfer? And how can i be the financer? Will the bank allow that?
Party
16-01-10, 23:47
you can put under yr dad name and u as a borrower, if u transfer to yr name later on, stamp-duty will incurred, u have ask for a certain share, check with any:cheers1: local bank for advice.....
spikey69
17-01-10, 02:02
you can put under yr dad name and u as a borrower, if u transfer to yr name later on, stamp-duty will incurred, u have ask for a certain share, check with any:cheers1: local bank for advice.....

ah yes...stamp duty and legal fees as well...not cheap...i think stamp duty for $1M property is $25,800 or thereabouts
august
17-01-10, 12:41
You can just buy the condo right? IIRC don't think there is any restriction on HDB owners puchasing private pty..
cheerful
17-01-10, 19:17
For flats bought directly from HDB
(including flats bought from the open market with CPF Housing Grant)

The flat owners must satisfy the required occupation period for the flat before acquiring the private property.
Above is just one of HDB's policies. You can't buy pte property until you hv physically occupied the flat for 5 yrs.
Acer
17-01-10, 19:18
You can just buy the condo right? IIRC don't think there is any restriction on HDB owners puchasing private pty..

his present HDB is direct from HDB.
Need 5 yrs MOP
southpark2000
17-01-10, 19:45
http://www.hdb.gov.sg/fi10/fi10206p.nsf/WPDis/Investing%20In%20Private%20PropertiesPolicies?OpenDocument

Google is yr friend...........
Paradigm812
17-01-10, 21:44
Hi All,

So i presume i need to pay the stamp fee and legal fee for the change off ownership even i pay for the Condo under my Dad's name right.

I understand all the constraint about the 5 years thing thats why i am asking anyone out there got any work around....
spikey69
17-01-10, 22:14
yes - there is a workaround the 5 years thing. Subtly stated in a lot of forums. In my earlier years, I sold my HDB flat before the 5 years was up.
kawaiing
17-01-10, 22:36
Hi All,

So i presume i need to pay the stamp fee and legal fee for the change off ownership even i pay for the Condo under my Dad's name right.

I understand all the constraint about the 5 years thing thats why i am asking anyone out there got any work around....

it happened to me last yr too. my lawyer friend thought me one way u can avoid payment twice stamp duty, first u use your dad name to buy and later when house TOP or when your HDB 5yrs u add your name in, but now u must ask your dad at lawyer office to write a wills to prove that the house is 100% belong to you, so even u dun change ownership the house still belong to u and next time u have this letter your bro/sis wont be able to fight with u, the stamp duty cost 3% of the house buying price minus $5300, so its not a small amount.

The other way u can do is go HDB appeal but its didnt work for me as i fail 3times when i appeal :(.
hope the info helps
proud owner
18-01-10, 00:12
it happened to me last yr too. my lawyer friend thought me one way u can avoid payment twice stamp duty, first u use your dad name to buy and later when house TOP or when your HDB 5yrs u add your name in, but now u must ask your dad at lawyer office to write a wills to prove that the house is 100% belong to you, so even u dun change ownership the house still belong to u and next time u have this letter your bro/sis wont be able to fight with u, the stamp duty cost 3% of the house buying price minus $5300, so its not a small amount.

The other way u can do is go HDB appeal but its didnt work for me as i fail 3times when i appeal :(.
hope the info helps

if you have to ... on paper .. ask your dad to 'sell' to you at the lowest price possible ..
cos stamp duty is a pct of the transacted price ..

on and off we can see in caveat .. very low psf traded ... those are 'relative selling to relative' at out of market pricing ..

whos to stop your dad from selling a 1.5 mio condo to you are 250k ?? right ??

but of course .. a WILL to 'pass on' the condo to you only cost less than $500
Paradigm812
18-01-10, 07:55
Hi Spikey69,

U mean u are allow to sell ur flat before 5 years? What's the penalty for doing that?

Hi proud owner,

Actually we also had thought of the will thing but many family too conservative Liao. Writing will is like not morally right. I know it's a norm now. Hahaha.

Hi All,

I don't think they is any more work around. So I think either I wait for 5 years or asked my dad to write a will.

Thank you all for ur ideas and contribution. Have a nice day
shespawn
18-01-10, 08:18
actually if you are in no hurry, why want to buy now? why not wait for a downturn for prices to be more affordable then buy? i've waited for 2 years to get my place at a right price and another 3 years for it to be built.
Latio
18-01-10, 08:45
Shespawn gives very good advice. I concur with her.
Everything is cyclical .. I think.....
spikey69
18-01-10, 11:19
u dont live forever...how many cycles can u wait for in your working lifetime? 4 to 5? u want a higher std of living, go for it. Just do yr research properly, there are always good buys out there.
Regulators
18-01-10, 12:52
in two years, people have could have bought and sold and make 2 or 3 pots of gold. It is about buying the right place at the right price in whatever market conditions becoz not everywhere would be expensive even when the market moves up. if everybody thinks like you, there will be years with no market movement at all for that two years you waited


actually if you are in no hurry, why want to buy now? why not wait for a downturn for prices to be more affordable then buy? i've waited for 2 years to get my place at a right price and another 3 years for it to be built.
Paradigm812
18-01-10, 15:24
in two years, people have could have bought and sold and make 2 or 3 pots of gold. It is about buying the right place at the right price in whatever market conditions becoz not everywhere would be expensive even when the market moves up. if everybody thinks like you, there will be years with no market movement at all for that two years you waited

Ya i agree. If I like the place, I will go for it if the price is reasonable. But now i was stop by the 5 years thingy.....hahaha

So have to wait for 2 years.
Property_Owner
18-01-10, 17:42
if you have to ... on paper .. ask your dad to 'sell' to you at the lowest price possible ..
cos stamp duty is a pct of the transacted price ..

on and off we can see in caveat .. very low psf traded ... those are 'relative selling to relative' at out of market pricing ..

whos to stop your dad from selling a 1.5 mio condo to you are 250k ?? right ??

but of course .. a WILL to 'pass on' the condo to you only cost less than

$500

Lol, pal. Then his dad got to top up 1.25m if he sell. Scam?