Hdb Sales Proceeds Calculation Help

[babyg1979 0]

Hi All,

I am currently going through a divorce from my husband and would like to know the procedures or steps needed.

My 4rm flat from resale ( HDB loan) is only a year plus and i know that i cannot take over this house on my own even with myself working.

If i surrender to HDB, and they sell this house out, wil they give me my profits? will they allow me some time to get another place with my daughter? will they return the profit according to which spose contributed via cpf? I have been the sole ayee to the house and feel its not fair if my husband who never contributed exceot for his grant and 1k from his cpf.

[babyg1979 0]

I bought this house in March 2008 and have been payibng it via (part CPF and part bank contribution) all under my name until 2010 where i switched to full CPF contribution(all on my cpf account)

Now my husband and i a re heading for divorce and i am very unclear about the HDB rulings.

i am supposed to stay minimum 5 years but looks like this is not hapenning.

what are my options?

1. will the house be sold at amrket price and sales proceeds be divided to how much each party contributed?

2. will i be able to apply for another flat with my 3 yeard old daughter in time before HDB takes over the flat?

3. how much levy and interest will i have to pay HDB?

[therat 18]

if you sell back to HDB, will not in market rate.

HDB will buy back base on their valuation which is different from those valuation report that you will expect to get. base on what I read.

Possible, buy back your husband share. If your dau is follow u.

Don't return to HDB, if possible

One of my friend divorce and return the HDB unit back to HDB.

Penalty, cannot buy HDB for next 10 yrs.

I find this in HDB

http://askhdb.hdb.gov.sg/Home/hybrid/Theme...ategory%3D60665

Q: What will happen to my flat when I am going through a divorce?

A: Under the HDB's prevailing policy for divorce (not due to non-consummation of marriage or annulment or break-up of Fiance / Fiancee relationship), a divorced party who has the custody of the child (including care and control) is allowed to retain the flat subject to the eligibility conditions. For further details, please click on the Retain Flat Ownership.

Retain Flat Ownership.

http://www.hdb.gov.sg/fi10/fi10326p.nsf/w/...ce?OpenDocument

Divorce

Under the HDB's prevailing policy for divorce (not due to non-consummation of marriage or annulment or break-up of Fiancé / Fiancée relationship), a divorced party who has the custody of the child (including care and control) is allowed to retain the flat subject to the eligibility conditions.

If there are no children from the marriage, the divorced party (flat owner) may retain the flat under the Single Singapore Citizen (SSC) Scheme, provided:

* he / she is a Singapore citizen

* he / she is at least 35 years old

* the matrimonial flat must be a resale flat purchased from the open market without the CPF Housing Grant for Family.

If the matrimonial flat is bought directly from HDB (including resale flats bought with the CPF Housing Grant for Family), the 5-year minimum occupation period (MOP) must be satisfied before the divorced party is allowed to take over the flat under the SSC Scheme.

Alternatively, the divorced party may include another person to retain the flat, subject to the prevailing eligibility criteria and eligibility scheme regardless of the occupation period.

If the divorced owners wish to resell their flat in the open market, they must have completed the MOP for the flat, as at the date of divorce completion. If the divorce is within the MOP and none of the owners is eligible to retain the flat, the owners may have to return the flat to HDB, subject to HDB's approval. The compensation for the return of flat will be determined by HDB.

View guidelines for the Minimum Occupation Period (MOP) for HDB flats.

[babyg1979 0]

if you sell back to HDB, will not in market rate.

HDB will buy back base on their valuation which is different from those valuation report that you will expect to get. base on what I read.

Possible, buy back your husband share. If your dau is follow u.

Don't return to HDB, if possible

One of my friend divorce and return the HDB unit back to HDB.

Penalty, cannot buy HDB for next 10 yrs.

I find this in HDB

http://askhdb.hdb.gov.sg/Home/hybrid/Theme...ategory%3D60665

Q: What will happen to my flat when I am going through a divorce?

A: Under the HDB's prevailing policy for divorce (not due to non-consummation of marriage or annulment or break-up of Fiance / Fiancee relationship), a divorced party who has the custody of the child (including care and control) is allowed to retain the flat subject to the eligibility conditions. For further details, please click on the Retain Flat Ownership.

Retain Flat Ownership.

http://www.hdb.gov.sg/fi10/fi10326p.nsf/w/...ce?OpenDocument

Divorce

Under the HDB's prevailing policy for divorce (not due to non-consummation of marriage or annulment or break-up of Fiancé / Fiancée relationship), a divorced party who has the custody of the child (including care and control) is allowed to retain the flat subject to the eligibility conditions.

If there are no children from the marriage, the divorced party (flat owner) may retain the flat under the Single Singapore Citizen (SSC) Scheme, provided:

* he / she is a Singapore citizen

* he / she is at least 35 years old

* the matrimonial flat must be a resale flat purchased from the open market without the CPF Housing Grant for Family.

If the matrimonial flat is bought directly from HDB (including resale flats bought with the CPF Housing Grant for Family), the 5-year minimum occupation period (MOP) must be satisfied before the divorced party is allowed to take over the flat under the SSC Scheme.

Alternatively, the divorced party may include another person to retain the flat, subject to the prevailing eligibility criteria and eligibility scheme regardless of the occupation period.

If the divorced owners wish to resell their flat in the open market, they must have completed the MOP for the flat, as at the date of divorce completion. If the divorce is within the MOP and none of the owners is eligible to retain the flat, the owners may have to return the flat to HDB, subject to HDB's approval. The compensation for the return of flat will be determined by HDB.

View guidelines for the Minimum Occupation Period (MOP) for HDB flats.

Hi Therat,

Thanks for responding,

With that said, once the divorce, i am unable to sustain the finances. it will be financially tight with a growing kid.

Any other alternatives? meaning once i surrender to HDB, they will not allow me to purchase another flat with my daughter?

[therat 18]

better check with HDB.

I think is case by case base.

may be can get a smaller flat.. sth that within ur mean.

For this kind of case, don't depend too much on forum information.

Get the information direct from the source.

If my understand is wrong or I remember anything wrongly, the person suffer is you.

Drop HDB a visit.

[edenstrauss 3]

Hi babyg1979,

I agree with therat that selling your flat back to HDB should be the last option. And I also agree that you should be calling the HDB resale hotline at 1800-8663066 or your branch office. They are the law-makers so will be able to guide you along the right track.

HDB will take it back at a very low pricing and probabbly sell it off to JTC for renting out to their workers who needs a place to stay.

HDB will not share any profits with you because it's definitely not a property agent, and do not assist sellers in selling off their flats.

I would highly recommend that you try to sell off on your own or through an agent (you'll need to pay commission) upon finalisation of your divorce.

To find out an estimated amount for sale proceeds, please look at this HDB on-line calculator:

http://services2.hdb.gov.sg/webapp/BB24Sal...aleProceedsCalc

The online calculator would take into account your accrued interest which you will be able to find out how much it is either through the SINGPASS accounts for both yourself and your hubby; or based on the year-end statement.

Alternatively, you could make a trip down with your NRIC to your branch office to obtain an up to date balance of your outstanding loan amounts, accrued interest to date, etc.

Assuming that upon finalisation of your divorce, your lawyers will check with your branch office to obtain approval to sell off your flat. The judge in the court will normally specify a time-frame in which you would be required to sell off your flat.

The monies will first go into paying off outstanding mortgage loan for the flat (concept is the same as owing $ so have to pay off the $ first), followed by returning whatever amounts each owner has contributed from his/her CPF account. After which, if there are sale proceeds (i.e. so-called profits) left, the judge will be the one who will decide on the quantum each party gets.

You will then have to convince the judge why your ex-husband deserves none of the profits.

And please, do get in touch with your branch office and resale hotline to relate your situation to them & have a clearer picture how you should proceed from here.

Edited December 29, 2010 by edenstrauss

[babyg1979 0]

I get what you guys/gals mean here.

I am very unsure on what to do next and its scary as i am handling this on my own with no support from anywhere at all.

I have to meet with HDB this 4th jan as i want to discuss on what are my next options with them.

Thanks you all.

merry Xmas

[edenstrauss 3]

Hi babyg1979,

all the best & Merry Christmas to you too!

Edited December 29, 2010 by edenstrauss

[TANGQ 0]

why dun u talk to your MP? With a letter from MP - HDB will be easier on u. Will be a waste if u return flat to HDB.

[bepgof 20]

I get what you guys/gals mean here.

I am very unsure on what to do next and its scary as i am handling this on my own with no support from anywhere at all.

I have to meet with HDB this 4th jan as i want to discuss on what are my next options with them.

Thanks you all.

merry Xmas

Already engaged lawyer right?

Many correspondence will fly in between u & husband on T & C, negotiations.

Meeting with HDB oin one-way, yield no result.

Consult lawyer's opionion is the best.

Edited December 30, 2010 by bepgof