The ownership of a leasehold land
Posted: Sat Dec 28, 2024 8:32 am
The land is yours forever unless the Government gain it back through a certain act. In Klang Valley, except for Malay Reserved land, freehold land rarely requires consent to transfer from the state authorities. This mean that transferring ownership from a seller to a purchaser is easier and shorter. The lawyer can complete the whole transfer process within 90 working days from the sale and purchase agreement.
In contrast… is only up to a certain period, usually 99 years. denmark whatsapp fan The land is not yours but owned by the state government instead. When the lease is near to expiry, you can extend the lease period by paying a certain land premium. The state government will repossess the land if you choose not to renew. Because the state government is the ultimate owner, any transfer require their consent.
Hence, the process to transfer ownership for leasehold property is longer than permanent ownership. The lawyer can conclude the transfer process within 6-7 months from the sale and purchase agreement. One major caveat.. Transferring leasehold property from a Bumiputera seller to a non Bumiputera buyer is difficult. This is because the state government may have a policy to ensure Bumiputera holdings in real estate.
In contrast… is only up to a certain period, usually 99 years. denmark whatsapp fan The land is not yours but owned by the state government instead. When the lease is near to expiry, you can extend the lease period by paying a certain land premium. The state government will repossess the land if you choose not to renew. Because the state government is the ultimate owner, any transfer require their consent.
Hence, the process to transfer ownership for leasehold property is longer than permanent ownership. The lawyer can conclude the transfer process within 6-7 months from the sale and purchase agreement. One major caveat.. Transferring leasehold property from a Bumiputera seller to a non Bumiputera buyer is difficult. This is because the state government may have a policy to ensure Bumiputera holdings in real estate.