Good day everyone on the forum,
It has been a rough 3 months for me and my fiancée, and we have decided to split. Differences in expectations is was the main issue for us and sadly we rushed in to apply for this flat after seeing each other for only 1 year plus.
In between us, our EC which TOPs in 2016. First time for everything for the both of us. Sales and Purchase agreement all signed and we have been contributing for the monthly fees through our CPF.
Fortunately, we are quite mature about it and are exploring ways to minimize loss incurred to both sides. Have any dear forumers been in this situation or know friends that are in this situation?
The tricky part about ECs after doing my research is that it is a lot more restricted than a normal BTO when it comes to break ups. I have found a lot of information from asking around and researching on the websites, but a lot of it is still unclear to me. Going to just list them down below, please do comment if you are sure of these issues.
Firstly, the deposit to be forfeited is 20% (10% possible if developer agrees). One agent mentioned to me that for ECs, the total deposit must be paid in CASH, as compared to a BTO which means that the current CPF sum paid towards the deposit will have to be credited back to my CPF account, with interest paid for, and then I would have to pay the forfeited deposit again in cash.
Secondly, is there a chance to do a name change if either of us happen to find a partner who is willing to take over the house (Does this also mean the person has to be a first timer and fit the same income/profile as either one of us?). {So far sources say that this is the only possibility to avoid forfeiting the whole deposit}
Thirdly, any chance for either of our parents to form a family nucleus with either one of us to take over the EC completely? {Again there are professionals I have spoken to that says this may be possible}
So to sum up the only options that may possibly be available would be:
a) Pay the deposit and move on {Ouch}
b) Get a new fiancé/fiancée {Silly}
c) Get a name change to parents {Best Option}
d) Get married {Worst Option}
Hope to get advice, any form of help would be much appreciated. Am in the midst of selling my car and other wedding related stuff in the anticipation of paying the deposit and legal fees.
Cheers.
It has been a rough 3 months for me and my fiancée, and we have decided to split. Differences in expectations is was the main issue for us and sadly we rushed in to apply for this flat after seeing each other for only 1 year plus.
In between us, our EC which TOPs in 2016. First time for everything for the both of us. Sales and Purchase agreement all signed and we have been contributing for the monthly fees through our CPF.
Fortunately, we are quite mature about it and are exploring ways to minimize loss incurred to both sides. Have any dear forumers been in this situation or know friends that are in this situation?
The tricky part about ECs after doing my research is that it is a lot more restricted than a normal BTO when it comes to break ups. I have found a lot of information from asking around and researching on the websites, but a lot of it is still unclear to me. Going to just list them down below, please do comment if you are sure of these issues.
Firstly, the deposit to be forfeited is 20% (10% possible if developer agrees). One agent mentioned to me that for ECs, the total deposit must be paid in CASH, as compared to a BTO which means that the current CPF sum paid towards the deposit will have to be credited back to my CPF account, with interest paid for, and then I would have to pay the forfeited deposit again in cash.
Secondly, is there a chance to do a name change if either of us happen to find a partner who is willing to take over the house (Does this also mean the person has to be a first timer and fit the same income/profile as either one of us?). {So far sources say that this is the only possibility to avoid forfeiting the whole deposit}
Thirdly, any chance for either of our parents to form a family nucleus with either one of us to take over the EC completely? {Again there are professionals I have spoken to that says this may be possible}
So to sum up the only options that may possibly be available would be:
a) Pay the deposit and move on {Ouch}
b) Get a new fiancé/fiancée {Silly}
c) Get a name change to parents {Best Option}
d) Get married {Worst Option}
Hope to get advice, any form of help would be much appreciated. Am in the midst of selling my car and other wedding related stuff in the anticipation of paying the deposit and legal fees.
Cheers.
