【Preparation for Property Purchase】 Practical Tips for Purchasing a Property at the Lowest Cost
標籤: buy property
If you pay attention to advertisements of real estate agents, you will often see a note which says “land premium has been paid” for HOS flats listed as on offer for sale. What is the premium?
[A comprehensive guide on government rent] Which types of properties need to pay government rent? How is government rent calculated?
Many people find it difficult to distinguish between rates and government rent, and they don’t even know how they are assessed. Some people still say that those living on Hong Kong Island and Kowloon need not pay government rent.
Tom: “The government has relaxed mortgage insurance schemes, thus paving the way for more properties to become eligible to apply for and obtain mortgage loans of up to 90 per cent of the value of a flat. But is it difficult to apply for a mortgage loan?”
[Trading of a haunted house] Is a haunted house worth buying? Is there a way to determine if a property is haunted?
Many people are averse and are very likely to resist any suggestion to purchase a “haunted house.” But because prices of “haunted houses” are generally discounted, properties in good locations have become the pick of some first-time homebuyers.
[Comprehensive guide for Home Ownership (HOS) Flats Mortgages] Mortgage tenor and focus of New HOS programme against HOS White Forms holder
Although new HOS flats and those eligible for purchase by buyers with White Forms are both subsidized housing provided by the Housing Authority (HA), the first programme involves first-hand properties, while the latter involves used HOS flats before premiums for them are paid to the government.
[Buying property through shares transfer in a company] What you need to know about actual operation and hidden risks
There are numerous big-ticket property transactions in the market with values that exceed HK$10 million. These properties are often held by companies. What is it really like to purchase a property through shares transfer in a company?
Currently, the Ad valorem stamp duty rate for residential property transactions is flat at 15 per cent.
A personal credit rating is a reference indicator that most banks use when processing and approving loan and mortgage applications.
Banks usually evaluate the market value of a property based on different factors, including the property’s location, views from the flat, on which floor it is located, and transaction records in the building when appraising the property.
To avoid excessive lending that could lead to a housing bubble, the government has introduced a stress test.
Applying for a mortgage loan is mainly divided into two categories: The first type is based on income, and the second type involves worth–based lending.
A) Applicants with fixed income(1) HKID cards of borrower and guarantor (if applicable)(2) Sale and Purchase Agreement (applicable to new mortgages)
After signing the provisional sale and purchase agreement, the buyer can formally start applying for a mortgage loan. Owners can directly find a bank or find a professional mortgage referral company, such as Mreferral Mortgage Brokerage Services.
The purchase of a property generally involves three main legal documents: sale and purchase agreement, deed of assignment and mortgage deed. The solicitor’s fee, will be subject to the transaction value and the age of the property, and it usually amounts to several thousand Hong Kong dollars or more.