Urgent advice needed

[autumnal_solace]

Hello all, I have been trying to seek answers being a silent reader, but time is running out and I would really appreciate help here. Basically both of us have applied for a flat and it should be ready very soon. The problem is that he is helping his parents pay for their monthly instalment. So yes, his parents' flat is partially under his name and he is expected to continue to do so. Of course, after we have gotten our keys, his name will need to be transferred over to the new flat. Because his parents are too old, HDB will not provide loans for them. This means that my fiancé will need to fork out a lump sum payment if they want to sustain that flat. However, it is a six figure sum and obviously he doesn't have the means to service that.

The finance question here is:
let's say my family is kind enough to extend a helping hand. Is there any way to ensure (in paper) that a portion of the house belongs to us? While I do not wish to bruise any relationship ties, and money is a sensitive issue after all, how can I ensure that my family's monetary help is recognized? So that, in future (*touch wood), if anything happens, this sum of money can be retrieved.

As to the possible question of downsizing, it is another option but right now, I would appreciate any advice on the finance question posed above. Thank you in advance.

 

[ramdick]

Hello all, I have been trying to seek answers being a silent reader, but time is running out and I would really appreciate help here. Basically both of us have applied for a flat and it should be ready very soon. The problem is that he is helping his parents pay for their monthly instalment. So yes, his parents' flat is partially under his name and he is expected to continue to do so. Of course, after we have gotten our keys, his name will need to be transferred over to the new flat. Because his parents are too old, HDB will not provide loans for them. This means that my fiancé will need to fork out a lump sum payment if they want to sustain that flat. However, it is a six figure sum and obviously he doesn't have the means to service that.

The finance question here is:
let's say my family is kind enough to extend a helping hand. Is there any way to ensure (in paper) that a portion of the house belongs to us? While I do not wish to bruise any relationship ties, and money is a sensitive issue after all, how can I ensure that my family's monetary help is recognized? So that, in future (*touch wood), if anything happens, this sum of money can be retrieved.

As to the possible question of downsizing, it is another option but right now, I would appreciate any advice on the finance question posed above. Thank you in advance.

Get a lawyer to draft out the details & all parties to sign in agreement to the installment amounts

 

[autumnal_solace]

thanks for the suggestion. so its that simple? any idea how much are the fees involved?

 

[steadybongbibi]

There is a saying ....."a friend in need is a friend indeed." $$$ test friendship.

to lend, or not to lend ?

If you help, bonds could strengthen.
If you dun, likely to lose the friendship.

personally, i lend only if i am prepared for the money not to be recovered back, but i would caution against lending due to the nature of ur situation, as the sum is big, moreover loan period cld be long and i kept waiting for it to be repaid.

from a psychology perspective, shld i ever have to enforce the return of a loan i lose the friendship.

seek legal advice, shld u decides to help.

 

[Bismarck]

Have you spoken to HDB about this? Will be interested to hear your case.

 

[Mr. Wood]

Try to take bank housing loan?