Posted by
jlc
17 yrs ago
Seriously considering buying a 2nd floor flat in a 49yr old chinese walk up in Sheung Wan. In terms of re-sale is the age of the building problematic (Government lease goes till 2063)? Additionally should i get the building structurally assessed-if so how do i go about this?
Any advice re this type of property purchase would be greatly appreciated.
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C
17 yrs ago
check with StanChart, they gave me the best offer for a bldg and even 30 yr term (my bldg ~42 yrs). But depends on your area too, if the valuation can be met. I am in HV, not sure about how SW would measure up.
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The age is not strictly relevant in re-sale but if you want to buy with financing from a bank, make sure that the bank is prepared to give you full financing back-up. The bank may not agree to lend you 70% of the purchase price given the age of the building. If you want to assess the structure, you have to engage the service of a building surveyor or architect.
Also check on the title to see if any building orders have been registered.
Weir & Associates
Solicitors & Notaries
16th Floor Tak Shing House
Theatre Lane
20 Des Voeux Road Central
Central
Hong Kong
Tel : 2526-1767
Fax : 2868-3568
email : weirlaw@hongkonglaw.com
www.HongKongLaw.com/weirlaw
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jlc
17 yrs ago
Thanks for advice on Stand Chart. I checked with Stan Chart-unfortunately they will not consider buildings over 45yrs of age! Very frustrating!!
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HK Gov lease goes till 2047. We have soft ware that can tell you everything you need to know about the building. Glad to be of assistant if you come into our office after Monday. The system broke down this weekend. We have lots of owners who bought older building then renovate it to the highest of standard to achieve the highest yield. LindaLaau@gmail.com. We are Licensed estate agents.
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