The lease buyback scheme is not being forced on the couple so it's not as if the government is forcing it on them. It also doesn't take the flat from them, and they are allowed to reside there until they pass away. After all what good is the flat to them when they are gone? So I'm therefore quite curious to know why they don't want to take up that scheme.
I think the lease buyback scheme is fine for the elderly who require a regular income stream.
Yeah that's what i thought too although I get the impression that their children have already moved out since they are likely to be of working age by now possibly with their own families. Of course if they have a child staying with them having financial difficulties then they would be concerned about leaving the flat behind. In any case we don't know what's going on exactly and can only speculate.
I wonder what if you opt for lease buyback and few years later your old flat is chosen to be redeveloped.
From what I know, in SERS the HDB ensures that people living in the affected block do not lose out. In fact they gain. As such, there is nothing to suggest that anyone who opts for lease back and then subsequently the block is affected by SERS would lose out in any way.
The lease buyback scheme is not being forced on the couple so it's not as if the government is forcing it on them. It also doesn't take the flat from them, and they are allowed to reside there until they pass away. After all what good is the flat to them when they are gone? So I'm therefore quite curious to know why they don't want to take up that scheme.
I think the lease buyback scheme is fine for the elderly who require a regular income stream. The fact that some do not wish to take it up is simple: they want to leave a property behind for their children. If they do not have much money in old age then they should be realistic instead of behaving as though they are great benefactors or great matriarchs and patriarchs who will leave behind a significant inheritance. The kids should be told that they cannot inherit a property. But if the parents do go to their grave then the kids can still remain in the property until the lease reaches its end.
so why can't this moronic MP help this couple?
You are right that those affected by SERS will normally not lose out, but only if they have the full remaining lease of the flat to give up.
If they had already opted to buy back say half of remaining lease some years ago, that cash amount would have been converted into annuity income.
They will only get half the compensation from SERS.
If they are already too old for a loan, how are they to buy a new flat?