Asked by l***@gmail.com
Hi. Good morning.
I currently bought a property and only upon applying for loan that I found out from the bank officer that my property has only 40 years left of leasehold. The issue is I am planning to apply for 100% loan, and the bank requirement is the developer has to renew the leasehold to 60 years. However, the Developer is pushing the responsibilities to renew the leasehold to me, the buyer with the reason that I am the one who wish to apply for 100% loan thus I have to renew it myself. As for my understanding, the Developer should have the responsibility to renew the leasehold to 60 years. Am I right? My concern is who should be the one renewing the leased in this situation and what is the right procedure ?
I currently bought a property and only upon applying for loan that I found out from the bank officer that my property has only 40 years left of leasehold. The issue is I am planning to apply for 100% loan, and the bank requirement is the developer has to renew the leasehold to 60 years. However, the Developer is pushing the responsibilities to renew the leasehold to me, the buyer with the reason that I am the one who wish to apply for 100% loan thus I have to renew it myself. As for my understanding, the Developer should have the responsibility to renew the leasehold to 60 years. Am I right? My concern is who should be the one renewing the leased in this situation and what is the right procedure ?
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