Article By: PracticeForte Advisory Affiliate Ong Ying Ping
Q: My parents and I are co-owners of a HDB flat under joint tenancy. We would like to change the holding type to tenancy-in-common, as well as increase my proportion of shares. Is this allowed? How do we go about it?
A: Yes. If there are two or more co-owners or a HDB flat, you may change the holding type of your flat – either from joint tenancy to tenancy-in-common, or vice versa.
Once you are holding the flat under tenancy-in-common, the proportion of shares held by each co-owner can be changed. This can be done without monetary consideration. In the re-distribution of proportion of shares, the total must add up to one.
Housing policies governing the lease administration do not change even when the manner of holding or legal status of ownership of the flat changes.
HDB offers the requisite services to carry out these procedures. Alternatively, you may engage the assistance of a trusted solicitor.
Author Ong Ying Ping
Source https://www.facebook.com/oypesq.sg