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What will happen to HDB flat after 99 years?
HDB flats nearing the 99-year expiry will depreciate till it is worth nothing when it finally runs out. HDB will surrender the land back to the State and the flats will be recycled and rebuilt into newer HDB flats for future Singaporeans. You no longer can live in your humble abode.
Should I sell old HDB flat?
The short answer is, No. In the off chance it does not and you manage to sell your flat at cost price, you will still need to acquire another flat to live in. Current trend predicts that downgrading to a smaller flat is going to cost more than the 3-room flat you initially had.
What will happen to condo after 50 years?
What protects your ownership of a condo unit is The Condominium Act of the Philippines (Republic Act 4726) passed in 1966. In summary, it stipulates that if a project has been obsolete or uneconomic after 50 years, the majority owners of the common area reserve the right to stop any restoration or remodelling.
What if I outlive my HDB lease?
Well, HDB says: “If you outlive the lease of your flat, you will not be left homeless. We will look into your circumstances such as family support, health condition, and financial status, and work out an appropriate housing arrangement with you and your family members.”
What happens when Freehold runs out?
The freeholder owns the land the property is built on, which means you, as a leaseholder, have to pay ‘ground rent’. Once the lease expires, the property reverts ‘back’ to being a freehold property, where both the building and the land it is on are under the ownership of the freeholder.
What happens when one of the owners of a HDB dies?
When one of them passes away, the right of survivorship applies and the other owner will take sole ownership of the flat, as long as he/she fulfils all the eligibility conditions. In some cases, parents may buy a HDB flat together with a child, as joint owners.
What happens to your HDB flat if you die in Singapore?
Note that the eligibility criteria to retain the flat includes Singapore Citizenship or Permanent Residence and at least 21 years of age. As wills inherently deal with property, they are relevant to the outcome of the HDB flat in the event of death. For a quick summary, you may wish to download our free guide to will-making here:
What are the requirements to own a flat in Singapore?
He/ she/they must be a Singapore Citizen (SC) or Singapore Permanent Resident (SPR), be at least 21 years old, and satisfy all of HDB’s current eligibility rules and conditions to own a flat (see www.hdb.gov.sg for full details).
What happens to your property when your partner dies in Singapore?
In Singapore, couples commonly buy their flats under the joint-ownership scheme where both hold an equal share. When one of them passes away, the right of survivorship applies and the other owner will take sole ownership of the flat, as long as he/she fulfils all the eligibility conditions.