Posted by
annebin
19 yrs ago
The owner of the flat we are leasing advised us that there will be a potential buyer coming tomorrow to look at the place.
If they push through with the deal and decide to pre-terminate our lease contract, do we have the right to negotiate that they shoulder cost of our moving to another apartment? What happens to our security deposit? I read the tenancy agreement and there's no clause regarding above issue.
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Ed
19 yrs ago
If they sell while you have a lease in place I think you would be compensated.... you should check with a solicitor....
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It is not in the contract the we SHOULD or should not allow any potential buyer to view flat we are currently leasing. The landlord asked for our permission and our most convenient schedule a few days ahead of time so I don't see any reason why not as long as it is not done frequently.
Also, I did not mention that it will be mutually beneficial if the landlord pre-terminates because we want to live elsewhere but are bound by the lease (cos we don't want to forfeit the sec deposit). As long as we get the security deposit back, the sooner the better. If the LL agrees to shoulder or subsidize our moving cost (assuming he will pre-terminate lease), well and good.
And curvy kerby, we do not have a bad record in the building just because we made some noise one sunday afternoon..
But thanks for the insights
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Our property agent sat down with us the other day and informed us that the potential buyer is serious about buying our flat. They will definitely return our security deposit, will offer some compensation to sweeten the deal and will cover cost of our move to another flat.
Seems like a fair deal to us, and everybody happy.
However, until they have both signed the transfer of ownership, we were advised by the agent to stay put and not sign up to find another flat yet. If they do not come to an agreement, we're still ok staying here, so any which way is fine for us.
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The agent has been coming almost everyday with 2 sets of potential buyers. Set A has sat down with us and asked when is the earliest we can leave if they decide to buy..we said in a month. Is that feasible?
Anyone who has experience in buying flats in HK? How long do you take to decide? They've come back 3x since the initial viewing..
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AYM
19 yrs ago
To annebin:
1. I agree completely with what Patrick Yiu said.
2. I am a tenant, a landlord and have been a buyer. This is my experience:
a) a serious buyer may come as few as 1 time or 2-3 times before deciding to buy. Very often because he/she has been looking around for quite some time.
b) when I was a tenant at a former flat, the buyer came only twice before confirming to buy. When I was a buyer, I looked at the flat only once before deciding to buy (for the reason mentioned).
3. You have been doing such big favours for your landlord and I just hope that should you have to move out earlier, you would be well-compensated because the rent has gone up substantially during the last 12 months.
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Hi AYM,
Thank you for your advice.
Potential buyer A offered compensation (verbally), and I informed the property agent that should they come to an agreement, I would require a written list of "deliverables"-- the offered compensation, shouldering of moving costs, property agent's commissions when we move to another flat, and whatever else we negotiate.
Potential buyer B has not offered compensation yet; Prop agent said they are buying as an investment, and will wait for our lease to expire.
Oldhand-- thanks for that useful info.
Are there other things I can negotiate to sweeten the deal while still keeping fair?
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2006
19 yrs ago
Just to re-iterate what others have said, rents for typical "expat" places have gone up much more sharply than the rest of the market recently. In my colleague's smart building, for example, they are some 35% higher than 12 months ago. So, if you haven't already, do plenty of research into what you will be paying at your next place (remembering that this may be above, rather than below, the "asking" price the agent has indicated - until the summer there will simply be too many expats chasing too few high quality, well decorated places).
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AYM
19 yrs ago
Hi Annebin,
Make sure that you'll have something written if the ultimate buyer is potential buyer A.
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