Legal fees on a purchase

Never bought in HK before and looking to sort out monies for when I can. What legal fees would I be expecting on say a property of 6/7K and what other expenses will be incurred.


Any good solicitors recommended too would be great help?


Many thanks

Thanks Patrick I do mean $6-7 million. I am trying to work out what savings we need in order to make a purchase when we think property prices have settled. Any ball park figure for the whole lot?

Stamp Duty depends on the sale price. If you buy somewhere for more than 6.72M, you will have to pay 3.75% of the price in Stamp Duty. If the property costs more than 6M but no more than 6.72M, you will have to pay $180,000 plus 10% of the excess over 6M. And so on, down a sliding scale to the minimum of $100 for a property not costing over 2M.


Lawyers fees - I agree with Patrick, around 7K to 15K or maybe up to 20K.


Estate agency fees - 1% of the purchase price. This is payable by both the vendor and the purchaser.


Solicitor - talk to Janet So of Angela Wang & Co, 2846-7762. She might also be able to give you some idea of the legal costs.


As Patrick has already said, there's also the difference between the price and the bank valuation which is often at least 20%, plus any renovation costs.


If you need help finding a property, send me a pm and I'll send you a listing.