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I am in a joint tenancy with my mother for a unit that was completed in 1988. Would you advise that I buy over my mother's share of the tenancy, or should I consider buying a unit with a longer lease? I am buying as a single.

Also, should I decide to sell off this unit, will there be cash for my mother, or will all her proceeds go into CPF? She is 72 and does not have much in her CPF, hence we're wondering about the minimum top-up for her retirement account and the sale proceeds will go into meeting that minimum amount.

Thank you!
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9 Answers

Hi,

Thanks for the enquiry. May I know the property location? This will help me to understand whether there is still further value to hold on to the property few more years down the road. Another way to do this could be to buy another property under your single name, and rent out the existing flat so to get recurring rental income to secure the retirement. After all, hdb rental yield is quite strong, and further more you likely bought this at a lower entry price.

Did she use any cpf OA to finance this property? And is the property still under any home loan? This will help us to understand if we need to set aside the sale proceeds to meet the retirement sum amounts.

I am contactable at 97432395  for further discussion. Look forward to speak further.

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

Warm Regards,

Ivan Ng Realtor
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Hi,

1) The current flat has a remaining lease of 64 years.
2) If you are comfortable in the current flat and location then I would say it is fine to retain.
3) Whether you are buying over your mum's share or selling this away, your mum will face the same situation on the CPF issue.
4) The official reply from the CPF on retirement sum is:
(a) If own a property, only need to fulfill BRS.
(b) If not owning a property, will need to fulfill FRS.
5) So, in order to get an accurate answer on this. It is advisable to approach the CPF board directly.
6) It is because according to your mum's age. Her minimum retirement sum should be either $90k or $94.6k dependent on her birthdate whether she reached 55 yrs old on 1st July 2005 or 1st July 2006.
7) She might also not need to top up her retirement sum since she has already past her CPF life purchase period (from 55 to 65).
8) If you wish to change another environment. I would suggest you work out your budget and check on the prices of the HDB flat in your preferred town.
9) It is best to speak to an agent to get most of the info in a meeting. This shall save you a lot of hassle doing your research.

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 queries, 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 
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https://R056727F.propnex.net/
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1
Dear sir/mdm,

What is your priority in the short, medium and long term with this intention to either buy over your mother's share or sell this to buy a newer unit?

For CPF wise, only if she had utilised CPF funds for the purchase of this flat, then she will need to refund the amount used including the accrued interest. Otherwise, cash proceeds generated from the sale need not to be used to top up her CPF account. If she has used CPF funds for the purchase, we will then need to determine if she has sufficient retirement sum amount in the CPF RA.

I have been in the real estate business since 2009, with more than 13 years of experience serving the Singapore real estate market.

I am very active in the residential segment of Singapore real estate market, having transacted hundreds of deals from HDBs to private condominiums and landed properties in Singapore, and have handled many unique cases in sales and purchases as well as rental deals.

Over the years, I have also established a network reaching out to more than 9,400 expatriates, bringing my market presence to both in and outside of Singapore. This has created an additional exposure when I manage my client's portfolios, on top of the conventional on and offline platforms, where other estate agents are relying on. This has allowed me to consistently convert leads into results.

With an evolving market, where change is the only constant, I have also been investing in upgrading of my knowledge and skills sets to improve myself and meet the demands of current and future market.

We are offering our clients a complimentary first consultation without obligations (Absolutely FREE!). Schedule for your FREE session today!

Warmest regards,
Geryl Lim
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1
Robbie Chen Chee Howe
Hi,

In order for me to give you a more appropriate recommendation, I will need you to furnish me with more information. As everyone's situation is different, I think it is only fair to you that I gather these information first before providing you with the proper advice.

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
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PropNex Realty Read More
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Travis Toh Guo Zheng
1. Depending on your long term property goals such as are you planning to sell in the future.

2. It is possible she has balance cash sales proceeds - a detailed financial calculation is needed.

Please reach me at +65 88554382  for a free non-obligatory discussion on how I can serve you for your real estate needs, thank you!

My socials:
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Hello!

There are multiple ways to secure income, and whether or not you should purchase a flat on your own depends solely on your needs.

I will be able to further assist and advice you on what works best, do contact me so that I will be able to further understand your circumstance and help you better.

Hello! I know of the exact property that you are your specifications.

Do kindly give me a message via WhatsApp at HP: 8780 5146 

Paedric Chiang
ERA Realty Network
HP: 8780 5146  Read More
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Tan Pei Cheng (Pei)
Hi,
I would be glad to assist you.
Feel free to contact me at wa.me/6597100155 .
Hope to hear from you soon.
Pei
Associate Group Director
Propnex Realty Pte Ltd

https://linktr.ee/peiproperty
https://r011838b.propnex.net Read More
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IF you Need Further Help For Property such as Renting / Selling / Buying or Investing ,...

I am Sorry that This platform does not allow me to direct contact you.

To further assist you, please feel free to contact me via WhatsApp at 9856 9255  or through this link: https://wa.me/6598569255.

My services come with no obligations, and I'm here to help with any questions or assistance you need.

You can check out my reviews here: https://www.propertyguru.com.sg/agent/able-s-k-toh-61591.

For buyers, I offer solutions for sourcing resale and new private homes at no charge.

I can connect you with reputable bankers for private housing loans free of charge and with no obligation.

I also have partners to assist with mortgage home insurance matters.

Let's seal this affinity by technology; please PM me your contact for assistance with your real estate needs. So, I believe in Affinity (Chinese word: 缘份) :), let's SEAL this AFFINITY Not by blood but by Technology > Please PM, Private Message your contact so that I CAN BE (EXTRA) PAIR OF HANDS / BRAIN and LEGS to Assist you NOW or FUTURE REAL ESTATE NEEDS!

*** You can reach me at my Singapore mobile: +65 9856 9255  or email me at Able.selling@gmail.com.

From: ABLE Toh- Your Property ASSISTANT :)

“ i am ABLE to Help As Much As You are ABLE To PM (Private Message) me ”

XXXXX The END XXXXXXX Read More
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