Tips for New Property Owner: Rent out your Property Safely!
標籤: Property owner
[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?”
Not all properties can be offered for rent! If the property has been mortgaged to the bank, in principle, the mortgagee’s consent must be obtained before the property can be offered for lease. Many banks also have mortgage or rent restrictions on non-self-used properties.
1. Sign the Estate Agency Agreement for Sale of Residential Properties in Hong Kong and appoint a real estate agent to sell a flat
In the event of death, the deceased is likely to leave some estate, which may include money, stocks, or property. When the inheritance includes a piece of property, this will involve numerous procedures. The following are common questions regarding inheritance of property.
Currently, the Ad valorem stamp duty rate for residential property transactions is flat at 15 per cent.
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.
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.
Village houses are roughly divided into two categories – standard “small house” and village house on “old schedule lot”. The most common are standard small houses, which are three-storey high and have a floor area of about 700 square feet each.
Buying a second-hand village house can avoid the risk of government not granting the Certificate of Compliance. At present, new-style village houses are generally built like housing estates with well-managed gardens, parking lots and playground.
The first thing to do when buying a flat is, of course, to look for one and conduct an ocular inspection of the building. Many real estate agencies list properties on their websites and mobile apps.