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Good morning,

If your EC is Lake life and its only 3.5 more months to MOP (30 Dec 2021, I will strongly advise you to wait out (usually I will advise my clients start marketing 2 to 2.5 months before MOP).

Cause if you want to find a qualified buyer right now, the buyers will have to fulfill HDB eligilibilty (restriction). Either SC +SC or SC+ SPR couple. But if you wait out till on or after MOP, the pool of buyers broaden. Single SC or SPR are eligible to buy and usually property price is better on or after MOP compared to within MOP.

I had sold resale EC within MOP. Both clients underwent annulment thus they have to return CPF housing grant back and thereafter they are considered as first timer for their individual HDB purchase.

But for your case, you should be considered as second timer (you can double confirm with HDB on this cause you didn't return any housing grant to CPF board) and HDB loan should be a no go (you can try to appeal to HDB cause you are regarded as private owner). If your current spouse is a first timer, it should be a half housing grant for first/ second timer if all eligibility conditions are met.

I feel you might have to clear and clarify most of your doubts with the HDB branch officer handing Lake Life EC. You can cc me in the email so I can advise you further.

If your EC MOP, you wont have so much concerns. You can purchase a resale HDB straight away if your financial capability allows you to do so first then sell your EC within 6 months from purchase completion date.

You obtained approval to sell which also can mean MOP is not applicable to you anymore, you can proceed to purchase (please clarify with HDB branch officer) if financial capability okay to do (funds like cash, cpf on hand and loan no issue).

But if you need funds from your EC (sales proceeds and CPF OA funds) then you will have to wait until we secure a buyer first then you take up a bridging loan or wait for all the funds to be refunded then purchase a resale HDB.

Hope my sharing helps in aiding in your enquiry. May I know how can I value add further in your property needs?

Best regards,

YT Tan
Property Kaki
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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 Mdm,

You are able to purchase a resale flat first, however in your case, you will not be able to use the CPF plus interests that is currently tied to the EC. You will not be eligible for the HDB loan but you may be eligible for CPF Housing Grant is your spouse is a first timer.

For your case, since the MOP of Lake Life is just a few months away, you are actually in a good position to get a good price for your property. I have assisted many clients to sell their EC units within the MOP and will be happy to provide you with some tips and advice on how to get the highest price in such scenario.

Please feel free to contact me so that I can assist you further.

Regards,
Nick Tan
(M) +65 9644 4854 
B.Eng(Chemical)(Hons)(NUS) / Cert-in-REA
(E) nick96444854@gmail.com
SEAA Salespersons Achievement Platinum Award 2020

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Hi,

1) Under your current condition, you have to wait till you got your final court order before you can do anything.
2) The whole process can be as such: Final Court order -> write in to HDB for approval to sell b4 MOP -> start sell/buy
3) You don't have to wait till the completion of your sales, because you will be given 6 months grace period to dispose of your current EC upon collection of your new purchase.
4) You are not eligible to any grant, but if your spouse is a 1st timer. He will still able to recevie grant amount similar to Single Citizen grant.
5) You are still eligible to HDB loan since you did not utilized your chance of HDB loan in your EC purchase.

Hope the above answer to 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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