Posted by
jt1302
12 yrs ago
Hi,
A little bit of advice needed - my partner has acquired a village house which finished building last year and because we do not live in it we have decided to take out a mortgage on it to fund a deposit for a flat back in the UK. However, as we are currently away, his family who approached the bank for him has informed us that the banks do not offer mortgages for village houses. Is this correct?
If this is the case, we will have to probably sell the 2nd floor of the house. It is located in Yuen Long. Anyone have any idea of the housing prices there and the length of time it will take to sell?
Any help at all is greatly appreciated as I do not know anything at all about this and just need as much info as possible! Thanks!
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The cheaper you make it, the quicker it will sell
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Which part of Yuen Long? If it's Fairview Park, those move fairly well.. but typically as a whole house. Anyone who is willing to go out that far, typically wants more space and buying only one floor sort of defeats that purpose.
If its one of the newer developments then it's hard to say, I think transactions have stagnated as people are wary of the inherent risk in buying new developments in Yuen Long as they've been marked up to a pretty high premium using old developments such as Fairview Park as a benchmark.
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HKLEV
12 yrs ago
It depends on the location of the village house as well as on the bank whether or not you can get a mortgage.
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