Asked by Anonymous
Situation: My parents in law and I applied for BTO in the same estate under Multi-generation scheme. My inlaws own a 3 room flat, and we own a 4 room flat and we stayed on the same floor
We recently have enquired HDB on the HDB Conversion and HDB replied that my in laws and their next door neighbour are able to join together to convert into a jumbo flat (2 x 3 room units).
My parents in law have fully paid for their own flat. While our 4 room still have loan, and we are likely to clear the loan within 7 years. Of course, we will also ask the neighbour to sell the 3 room flat to us if possible.
We are thinking to "exchange" our 4 room flat with our in laws 3 rooms flat, so that we can purchase the neighbors 3 room unit and convert into 1. My in laws can have our 4 room flat. Reason is that our family is growing and that we want to have a bigger flat, and at the same time, we want to stay near parents
Questions
- Are we allow to change the flat ownership (not through sale) ? As such, our 4 room flat to be our parents name and 3 rooms flat to be our name (if we we manage to clear our loan)
- If sale is involved, can we buy our 3 rooms flat at $650K and sell our 4 room flat to them at $600K ? Reason is that our parents are already old, and they cannot afford the top up
- If the above options are not doable, what are some of the options that we can have ? What are the additional items that we will have to pay to ?
We recently have enquired HDB on the HDB Conversion and HDB replied that my in laws and their next door neighbour are able to join together to convert into a jumbo flat (2 x 3 room units).
My parents in law have fully paid for their own flat. While our 4 room still have loan, and we are likely to clear the loan within 7 years. Of course, we will also ask the neighbour to sell the 3 room flat to us if possible.
We are thinking to "exchange" our 4 room flat with our in laws 3 rooms flat, so that we can purchase the neighbors 3 room unit and convert into 1. My in laws can have our 4 room flat. Reason is that our family is growing and that we want to have a bigger flat, and at the same time, we want to stay near parents
Questions
- Are we allow to change the flat ownership (not through sale) ? As such, our 4 room flat to be our parents name and 3 rooms flat to be our name (if we we manage to clear our loan)
- If sale is involved, can we buy our 3 rooms flat at $650K and sell our 4 room flat to them at $600K ? Reason is that our parents are already old, and they cannot afford the top up
- If the above options are not doable, what are some of the options that we can have ? What are the additional items that we will have to pay to ?
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