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  1. #11

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    Quick off topic question - Understandably a bank will only approve you for a mortgage if you can show the deposit is made of your own money and not financed. But, is it fine to take out a loan to pay for everything else, such as stamp duty, agent's, fee, solicitor's fee? I'm in a position where I can cover the required deposit, but it leaves 0 money left for everything else, which in my case looks to be adding up to around 100k HKD.

    Oh and also another one - I've been viewing apartments with an agent from Midland Realty who says she would arrange a mortgage. I thought I'd read the solicitor should do this? Who is best to get to arrange a mortgage for me, and do I need someone to do it... can I not do it myself?

    Thanks!


  2. #12

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    Quote Originally Posted by kryzlowski:
    Quick off topic question - Understandably a bank will only approve you for a mortgage if you can show the deposit is made of your own money and not financed. But, is it fine to take out a loan to pay for everything else, such as stamp duty, agent's, fee, solicitor's fee? I'm in a position where I can cover the required deposit, but it leaves 0 money left for everything else, which in my case looks to be adding up to around 100k HKD.

    Oh and also another one - I've been viewing apartments with an agent from Midland Realty who says she would arrange a mortgage. I thought I'd read the solicitor should do this? Who is best to get to arrange a mortgage for me, and do I need someone to do it... can I not do it myself?

    Thanks!
    It is ok
    Posted via Mobile Device

  3. #13

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    Also another question if anyone can help. I'm considering a flat which is about .3m below bank valuations. If I could borrow based on the valuation this would sort out a lot of my financing concerns. But from talking to a few banks now, it seems they normally base the mortgage on which ever is lower out of their valuation and the sale price.

    I did speak to Fubon bank, who said they base mortgages on the valuation, but they would need a day or two to get back to me with their valuation. This doesn't help much as I need to get in there and sign the presale agreement either today or tomorrow morning if I want the flat I'm looking at!

    Last edited by kryzlowski; 10-02-2011 at 03:03 PM.

  4. #14

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    Quote Originally Posted by bryant.english:
    In Lau Fan Shan, for example, you can buy a whole village house for under 3 000 000. You could let out two floors for 6000 each and live in the other. You see the benefits of this arrangement.
    Will the HKMC work with this, considering many village properties are sold illegally?

  5. #15

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    Quote Originally Posted by bookblogger:
    Will the HKMC work with this, considering many village properties are sold illegally?
    what is an illegally sold property?? one the seller didn't own in the first place?

  6. #16

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    NT village houses are often built on government land and are expressly intended for the use of the indigenous villager only. However they are often rented and even sold to outsiders. The current government never does anything about this, but a future government might.


  7. #17

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    Quote Originally Posted by Skyhook:
    Where are you planning on investing ? and what is your reasoning to invest there particularly ?

    If it is Tuen Mun, you better wait for the Govts final decision regarding the refuse incinerator that it is planning to build there. If it is successful and you bought prior to the final decision, and they do go ahead, you can pretty much kiss any chance of making money, good bye.
    Only until the incinerator is actually built and everyone realises it's no more noxious than any other large building. That's just pure NIMBY-ism. Looking at the plans for it, you could be standing right next to it and have no idea what it was.

  8. #18

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    I believe that the HKMC is officially only for people who are actually going to live in the property that they are purchasing, although this rule is sometimes ignored...


  9. #19

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    Who is it ignored by? Those processing the application? Or you mean people get the approval and then instead of moving in the rent it out privately or through an agent that doesn't mind?


  10. #20

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    The latter, people rent it out after a while instead of living in it themselves. The estate agents do not bother asking the landlord to provide a No objection Certificate from the Bank saying its ok to rent.


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