Buying Property

[sideduck]

Hi People,

I am doing some research in buying a property and I was wondering what kind of fees are associated with buying a property. Does anybody know what is a good mortgage rate in HK and a good price range per sq feet? Also, I was wondering if anybody knows what are the monthly expenses that need to be paid. If you can give me a list, that would be much appreciated. For example, management fee, heating, water, etc. In addition, how is the property tax calculated and paid in HK? Is this an annual payment? Is this all the expenses that I would need to know in buying a property in HK? Is there anything else I need to know? Thanks for help!!!!!!!!!!!!!!!!!!

[KnowItAll]

Some of the basics are covered in this thread.

http://www.geoexpat.com/forum/buying...ng-t22170.html

Fees associated with buying:

1) Solicitors fees: Negotiable.
2) Estate Agents Fees: Usually fixed at 0.5% .. sometimes negotiable by the buyer in a tough market
3) Stamp Duty: http://www.ird.gov.hk/eng/tax/sdu.htm

Good price per square foot: Typically ranges between $1000 to $50,000 depending on the location. Yes, I am purposely being unhelpful here.


Monthly costs: Utilities (Gas, Water, Electricity), Management Fees

Quarterly Costs: Govt Rates

Annual Costs: Insurance

[Meerkat]

Regarding the Solicitors fees. Is the following all that is included?

1) S&P related
2) Assignment Deed
3) Mortgage Deed
4) Disbursements (process surrounding above and travel)

Have I missed anything?

What is a good guess at now much all the above should cost? ( I am not including Stamp Duty deliberately)

MKT

[KnowItAll]

Meerkat - Negotiable if you get a good recommendation. Avoid the gwailo firms and find a reasonably priced chinese outfit. Might need to be specialized if you are buying in new territories etc ...

[lionrock88]

I've used this firm multiple times and they're excellent.

S.K. Lam, Alfred Chan & Co.
Solicitors & Notaries

202, 2/F., Dina House, Ruttonjee Centre, 11 Duddell Street, Central, Hong Kong

Tel: (852) 2847 3333 Fax: (852) 2525 3777


Their fee is around 8K-9K (exclusive of stamp duty, assignment deed etc.)

English is excellent, service is timely and personable, and they will guide you through every step of the process.

[Meerkat]

Thanks Lionrock

[pin]

I've used this firm multiple times and they're excellent.

S.K. Lam, Alfred Chan & Co.
Solicitors & Notaries

202, 2/F., Dina House, Ruttonjee Centre, 11 Duddell Street, Central, Hong Kong

Tel: (852) 2847 3333 Fax: (852) 2525 3777


Their fee is around 8K-9K (exclusive of stamp duty, assignment deed etc.)

English is excellent, service is timely and personable, and they will guide you through every step of the process.

That is actually fairly high for lawyers fees.

I got a lawyer who charged HK$7.5k, but that included dealing with various indemnities to take on an existing tenancy agreement. If it was a straightforward conveyance, it would have been cheaper.

The firm is a reasonably sized local one.

PM if you need details.

[lionrock88]

That is actually fairly high for lawyers fees.

I got a lawyer who charged HK$7.5k, but that included dealing with various indemnities to take on an existing tenancy agreement. If it was a straightforward conveyance, it would have been cheaper.

The firm is a reasonably sized local one.

PM if you need details.

SK Lam may not be the cheapest but they're definitely very good.

He was representing a vendor for an old property that i was thinking of buying. The property had an illegal structure as well as several outstanding notices - all in all - a bit more complex than the average deal.

He was negotiating against my then solicitor.. and long story short - my solicitor looked quite inadequate in comparison. He showed why not all lawyers are created equal and some are (much) better than others.

Ever since, I've switched to using his firm and everything has been great. They are very thorough and astute - can handle simple as well as complex cases - and you can trust that your best interests will be well represented.

[pin]

SK Lam may not be the cheapest but they're definitely very good.

He was representing a vendor for an old property that i was thinking of buying. The property had an illegal structure as well as several outstanding notices - all in all - a bit more complex than the average deal.

He was negotiating against my then solicitor.. and long story short - my solicitor looked quite inadequate in comparison. He showed why not all lawyers are created equal and some are (much) better than others.

Ever since, I've switched to using his firm and everything has been great. They are very thorough and astute - can handle simple as well as complex cases - and you can trust that your best interests will be well represented.

I have no doubt he is good.

One thing to note from your post, that it should not always be price that you should consider when looking for a lawyer (KIA - I'm waiting for a comeback from you on this ;-p).

When I was looking for quotes, I actually did find a cheaper lawyer (HK$6k), however felt more comfortable with the one I went with. I have to say, I was happy with their service, and am glad I paid the extra amount.