Asked by leonard leonard
From Joint to single life ownership
Background : 3+ years ago, my brother and I bought a unit at 300k, with loan 30 years on 250k. Now, he wants to transfer his portion to me.
Q(1a) Will a new SnP required?
Q(1b) If yes, what is the cost incurred (valuation price 600k now)
Q(1c) is it considered as sold and will this involve RPGT to him?
Q(1d) if it is a new SnP, does it mean the 5-year RPGT period will "restart" after the ownership transfer? Anyway to avoid this?
Q(2a) I understand the bank loan refinance is required. My financial status now can support the full loan, but want to know if this is considered "termination of loan agreement" then "set up a new loan agreement"? Will both me and my brother be charged early termination penalty?
Q(2b) For new loan, do I require to get a mortgage again as I got it in my current loan already/
Q(3) Is there other charges incurred (other legal fee, stamp duty, etc) other than mentioned above?
Thank you for your help. Thanks.
Background : 3+ years ago, my brother and I bought a unit at 300k, with loan 30 years on 250k. Now, he wants to transfer his portion to me.
Q(1a) Will a new SnP required?
Q(1b) If yes, what is the cost incurred (valuation price 600k now)
Q(1c) is it considered as sold and will this involve RPGT to him?
Q(1d) if it is a new SnP, does it mean the 5-year RPGT period will "restart" after the ownership transfer? Anyway to avoid this?
Q(2a) I understand the bank loan refinance is required. My financial status now can support the full loan, but want to know if this is considered "termination of loan agreement" then "set up a new loan agreement"? Will both me and my brother be charged early termination penalty?
Q(2b) For new loan, do I require to get a mortgage again as I got it in my current loan already/
Q(3) Is there other charges incurred (other legal fee, stamp duty, etc) other than mentioned above?
Thank you for your help. Thanks.
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