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jazz2005 03-08-2020 05:15 PM

[Serious] Should I decouple from a jointly owned property?
 
Background:

I co-own the private property with my mother and brother that we currently live in. We plan to eventually sell the place and go our ways.

Now, my brother wishes to decouple from the property so that he and his wife can invest in a property though they have no immediate plans to move out.

The decoupling will leave my mom and I as the remaining owners of out current home, and the decoupling rules also barred us from selling our current home for 3 years.

As I'm single, my plans for the future include either getting a BTO 2 room flat or getting a three room resale flat.

HDB rules require that I wait three years after the sale our current home before I can apply for a BTO flat. There no such rules if I were to get a resale flat though.

Question: Should I also decouple from the property and let our mother be the sole owner so that I can be free to wait out the 3 years required by HDB? HDB also states that I can apply for a wavier to the three year period. Does anyone know about the success rate on such application for wavier? Any info would be much appreciated. TIA

NiShiZhu 03-08-2020 05:20 PM

Quote:

Originally Posted by jazz2005 (Post 128880137)
Background:

I co-own the private property with my mother and brother that we currently live in. We plan to eventually sell the place and go our ways.

Now, my brother wishes to decouple from the property so that he and his wife can invest in a property though they have no immediate plans to move out.

The decoupling will leave my mom and I as the remaining owners of out current home, and the decoupling rules also barred us from selling our current home for 3 years.

As I'm single, my plans for the future include either getting a BTO 2 room flat or getting a three room resale flat.

HDB rules require that I wait three years after the sale our current home before I can apply for a BTO flat. There no such rules if I were to get a resale flat though.

Question: Should I also decouple from the property and let our mother be the sole owner so that I can be free to wait out the 3 years required by HDB? HDB also states that I can apply for a wavier to the three year period. Does anyone know about the success rate on such application for wavier? Any info would be much appreciated. TIA


Yes u and ur brother should decouple at the same time if both have plans to buy your own home and set up a family.
But u must Ensure ur current private property has been fully paid as I assume your mother was unable to take any loan due to her age limit.

If ur private property is still under loan, will you and your brother be able to fully pay it before your mum became the sole owner of this property?
Do also work out the decoupling sum, stamp duty incurred, lawyer fee etc to see if it worth the effort.

jazz2005 03-08-2020 05:52 PM

Quote:

Originally Posted by NiShiZhu (Post 128880234)
Yes u and ur brother should decouple at the same time if both have plans to buy your own home and set up a family.
But u must Ensure ur current private property has been fully paid as I assume your mother was unable to take any loan due to her age limit.

If ur private property is still under loan, will you and your brother be able to fully pay it before your mum became the sole owner of this property?
Do also work out the decoupling sum, stamp duty incurred, lawyer fee etc to see if it worth the effort.

Yes, our current home has been fully paid up. I guess the biggest advantage for me to decouple will be the flexibility to opt for a BTO or resale HDB flat after waiting out the no sale period. My greatest hurdle will be to raise the funds to repay the CPF I had used for the mortgage. Perhaps, I will need to borrow the money from my brother bt is so difficult to open my mouth.

PropExpert 03-08-2020 05:56 PM

Quote:

Originally Posted by jazz2005 (Post 128880137)
Question: Should I also decouple from the property and let our mother be the sole owner so that I can be free to wait out the 3 years required by HDB? HDB also states that I can apply for a wavier to the three year period. Does anyone know about the success rate on such application for wavier? Any info would be much appreciated. TIA

It's 30 months. Not 3 years.

jazz2005 03-08-2020 05:58 PM

Quote:

Originally Posted by PropExpert (Post 128880854)
It's 30 months. Not 3 years.

OK, thanks.

NiShiZhu 03-08-2020 06:11 PM

Quote:

Originally Posted by jazz2005 (Post 128880767)
Yes, our current home has been fully paid up. I guess the biggest advantage for me to decouple will be the flexibility to opt for a BTO or resale HDB flat after waiting out the no sale period. My greatest hurdle will be to raise the funds to repay the CPF I had used for the mortgage. Perhaps, I will need to borrow the money from my brother bt is so difficult to open my mouth.

Yes, the greatest hurdle is to raise fund to repay whatever cpf u n ur bro has contributed, plus accrued interest. So would selling off the private property makes more sense?

And also, what’s the % share ownership between the 3 of u?
If u and your brother has more % of ownership than your mum, well, then will incur more stamp duty if ur mum buys over the share from the 2 of u.

Of coz in the best setting, if your mum ownership is 98%, you n your bro 1% each, then very minimal BSD incurred. :D

jazz2005 03-08-2020 06:21 PM

Quote:

Originally Posted by NiShiZhu (Post 128881154)
Yes, the greatest hurdle is to raise fund to repay whatever cpf u n ur bro has contributed, plus accrued interest. So would selling off the private property makes more sense?

And also, what’s the % share ownership between the 3 of u?
If u and your brother has more % of ownership than your mum, well, then will incur more stamp duty if ur mum buys over the share from the 2 of u.

Of coz in the best setting, if your mum ownership is 98%, you n your bro 1% each, then very minimal BSD incurred. :D

My brother and I each holds 20% and the balance belongs to our mom. I hope to apply for a BTO 2 Rm flat so that will require about 5 years provided HDB agrees to waive the waiting period to apply for a flat after selling BTO applicants sell their private property. So selling immediately is out of the question as we need a roof over our heads.


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