Posted by
annebin
19 yrs ago
Our flat was recently sold, and the new landlord (buyer B) bought it as an investment, so they are not keen on moving in.
Thing is, (we assumed potential buyer A is buying since they came to view the flat 4x, and offered us a generous compensation to move out asap),we went flat-hunting and fell in love with another unit that is double the size of our flat with at least 10% off our current rate.
My questions are:
1. Should we decide to preterminate, can we negotiate to get our security deposit back?
2. Are property rates up at the moment? Do you foresee increase in rentals til the end of the year (our lease expires in october)?
3. If our agent can find another tenant who will be willing to pay 20% higher rent, is it fair to negotiate some compensation (to cover moving costs and agent fees in our next flat)?
4. Is it wise to move now or should we wait til our lease expires?
ps
There's no problem with our current flat, and we like it here, except for the lack of space..
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2006
19 yrs ago
Too late for you, but in case it helps others reading this thread in the future.... as a poster implied in reply to your post a few weeks ago on this topic, you were in a position of strength before - you could simply have refused to open the door to prospective buyers (by implication, unless/until the vendor agreed a compensation package for you in the event of a sale). Now, you have put yourself into a position of weakness. So now, it is just as oldhand says.
Here's the old thread...
http://hongkong.asiaxpat.com/forums/propertychat/threads/78369.asp
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Thanks Oldhand and 2006.
I guess we'll juts have to be happy with the status quo..We don't lose anything anyway.
It's just that the flat we saw was really beautiful and I'm assuming by the time our lease expires in October, the rent would have increased already. My husband's company pays for our rental fees so maybe he can just negotiate an increase in his housing budget by then..
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2006
19 yrs ago
PS. I hope my post (above) didn't sound horrible: you seem to be a really nice person who put your (previous) landlord's financial well-being at least as high, if not higher than your own. But being nice in business in HK tends not to pay off.... it doesn't buy you goodwill as it might in places that have a deep-rooted concept of "fairness".
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2006 if your lease finishes in October you should be passed the lock in 12 month stage and now be on either a one month or two month notice of termination of the lease - which you are in your rights to do.
Check your lease - leases signed before a certain date had this break clause after 12 month commitment. Don't give up on the other flat just yet.
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No worries 2006.
Dimac4, I still have that slim hope that when they're done with the processing of the papers, my agent can work things out or at least try-- I know our flat can fetch for a higher rate (I checked around, maybe 30-50% more than what we're currently paying).
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whoa, your flat's rental value is up 30-50% in less than one year?
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I think we just got a very good deal last year..
Comparing with the current prices posted for approx the same size in same building, the rates now are easily 30% higher.
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