Hi,
1) You are in the beginning stage of your event so you might not be aware of you have to have an agreement with your wife on how to split the share of your house.
2) You properly are in Joint Tenancy with your wife in the current flat, thus assume it is 50/50 split.
3) This could be different when comes to a life event such as yours.
4) It could be split into 40/60, 30/70, and so forth depends on both of you when you bring this up to court for judgement.
5) The next is to see whether your wife has the financial capacity to take over your share as discussed.
6) She has to apply for an additional loan from the current mortgage finance centre be it HDB or bank.
7) Once your share is transferred you will have higher finance means to look into your next purchase.
8) With your current salary if you are 40yrs old and below, you can get a loan of 204k.
9) If you are 41 yrs and above, every yr older your loan will reduce by $6k accordingly.
10) To sum up if your flat valuates at $500k for example, you will get back 250k.
11) Your budget for the next purchase is around 250k + 204k + 40k = ~494k.
12) You can find a 3~4-rm flat (TOP 2014 and beyond) island-wide with the above budget.
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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