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Hi,

It will be treated like a normal sale & purchase using typically the market bank valuation of the share of ownership transferred, and the conveyancing fees will be approximately $6k as 2 law firms will need to be involved. The stamp duty on the market value of the share ownership to be transferred is also payable to IRAS.

As for the refinancing, if you plan to include your wife as a co-borrower, there needs to be another assessment of the loan attainable for this property. We can do an preliminary in-principle approval first and work out a suitable bank package so that both of you come out of the transactions with your objectives met.

May I have more info and requirements about your plans so to make better recommendations? Thanks and look forward to value-add to your housing plans.

Warm Regards,

Ivan Ng Realtor
ERA Senior Marketing Director
ERA Diamond Achiever

ERA Top 11 Achiever in June 2020 (Top 1% Company Level)
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-- EC Sellers, Private Property Buyers Dr. Chan & Ms. Xie --

I would like to compliment Mr Ivan Ng for his professional work and effort.I sent my first post in Jan 2019 and Ivan replied promptly, so I have decided to contact Ivan for follow up. My EC was not ready for sale due to MOP (another 3 months from Jan) at that time and Ivan was able to give me advices on how to proceed from there. Initially we have decided to try to write to HDB for early sale but since it was only 3 months left, eventually we waited for another 3 months while we looked for our next property. Ivan was able to arrange for new property showroom appointment at a timely manner while helping us to list for our EC for sale. We were a bit worried when our EC sale time was longer than expected due to trade war, but Ivan was able to reassure us that our EC would sell. By November, he managed to secure a buyer for our EC. Thank you.

-- HDB Yishun BTO 5-RM Sellers, Private Property Upgraders Mr. & Mrs. Koh --

I would like to express my appreciation to Ivan Ng for his excellent work. Ivan is a dedicated, client-focused, patient and sincere agent. Throughout the whole process of selling and looking for our next property, he has always acted very professionally that makes my wife and I feel at ease and assured. Ivan is not a pushy and hard sales agent. Ivan listens and understands our needs and carefully guided us through. We are fortunate to have Ivan as our agent. Thank you Ivan. Read More

Hi Alfred,

1) This is known as part sales/purchase.
2) This is similar to normal selling and purchase as if this is a single property selling and buying. Except you don't have to do an OTP.

Buying and selling process
1) The first thing that needs to be done is to do an IPA with a selected bank. This is to ensure that your wife has the financial capacity to take over the share.
2) The buying party will have to pay valuation fees ($250~$350) to the bank before the bank can determine the amount to loan.
3) If your wife does not have the sufficient capacity to take over and needs your income to involve. It will be slightly more complicated.
4) Liaise with the bank to get their panel's lawyer to draft an S&P for both parties. Although you will be meeting one lawyer, there will be 2 lawyers from 2 law firms involved.
5) Buying party will need to pay the buyer stamp duty for the share purchase; e.g. share valued at $500k, BSD shall be $9.6k. Also a mortgage stamp duty of $500.
Legal fees and stamp duty can be paid using CPF if there are sufficient funds.
6) Selling party is subject to a penalty from the bank on the early redemption of the loan. Usually is 1.5% of the remaining loan amount or a fixed amount. This depends on the individual bank's policy.
Note that you might be able to negotiate with the bank to waive the penalty if your wife is taking a loan from the same bank (but this is only possible and not guarantee).

Refinance the property (yourself + your wife)
1) This comes in when your current package interest in this bank is not in favor and intend to change to another bank. This is known as refinancing. Legal fees of approximately $2k.
2) But if you only want to review and get a better interest package from the same bank. This is known as repricing. Usually, legal fees are waived.
3) Not really sure what is your situation and your objective so find it difficult to advise over here.

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

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Hi,

I would be most glad to assist you further and please feel free to let me know if you need any assistance. Have a good day ahead.

Regards
Aaron Chong
 9730 8455 
aaronchong2774@yahoo.com.sg Read More

Hi Sir,

Your wife will have to purchase your cousin's share of the property, and then pay stamp duty on the value of the shares being transferred.

Both you and your wife, as the new owners of the property, will have to have the capability to finance any loans that you undertake, up to a max of 75%, after returning any CPF monies your cousin had contributed towards the property.

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