Asked by
I am a co-owner with my father and would like to have a space on my own with my wife and kids. Unfortunately, my father refused to move out. I have been contributing my cpf for about 7 years and it's a large sum of money. In order to remove me as an owner, i need to pay outstanding amount and my contributed cpf (with interest).

My father is noy eligible to get a loan to finance due to his age and no money in cpf. How should I get my name removed as an owner without selling the house. HDB say no matter what, we still need to sell off the house. but my father is not willing to have a change of environment. Any other ways to work around it? I know my options are close to zero now. Thanks.
0
82 views
Want this question answered?
Get faster responses from our experts by upvoting.
Be the first to upvote this question.

3 Answers

Hi,

1) It seems like HDB is offering the best solution, which is to sell the house.
2) You may consider asking your father to apply for a 2-rm Flexi lease BTO. Although this takes a long time to solve your concern, however, it is the easiest and cheapest solution.
3) I believed the BTO should be able to be fully paid using the split sale proceeds after selling your current flat.
4) You may also consider buying over his share so that you don't have to move out.
5) But of course you may also sell it when your father receives the letter for BTO key collection.
6) In this way, you can move to another location nearer to your kids' school.
7) Short term solution would be to sell the current flat and buy 2 resales flats to accommodate your father and your family separately, but this is an expensive solution.

Please give me a thumbs-up if the answer provided is relevant to your main concern. Thanks!!!

Hope the above answer your main concerns, but if there are more query, please feel free to contact me at 90110636  , or email: ling.ck7@gmail.com if more information is needed.
I'll be glad to assist.

Best regards
Ling CK
 90110636 
ling.ck7@gmail.com
https://R056727F.propnex.net/
https://www.facebook.com/Homesellerbuyer

Note:
Any response to our answer does not reach us.
The best way to get a follow-up is to Whatsapp or email us directly. Read More
1
Am unsure of the situation with your father at home, but if you are looking for personal space, will renting somewhere nearby for your father be a solution? Unfortunately, if you remove your name from the property, you will be required to refund the CPF monies including the accrued interest back into your CPF account. Read More
1
Robbie Chen Chee Howe
Hi,

Yes, you're correct in your understanding of the situation. Hence, your other option would be to rent another place, either your Father or you.

I am experienced and well-versed in both HDB and private transactions. I will be able to assist you in your property plans. Please get in touch with me for a more in-depth discussion.

Should you need require further assistance in matters relating to property, please contact me at my mobile 9748 6305  . I will be happy to assess and share with you the possibilities for you in the current market.

Thank you.

Best regards,
Robbie Chen
 9748 6305 
PropNex Realty Read More
0

Still looking for answers?

Get answers from PropertyGuru experts in 24 hours

Previously Asked Questions