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Leasehold? Tak Nak!

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Joined: 09 Dec 2009
Posts: 176

PostPosted: Fri Feb 08, 2013 5:52 pm    Post subject: Leasehold? Tak Nak! Reply with quote

Dont buy leasehold, otherwise you end up like this fellow:


Woes of a leaseholder
Posted on 7 February 2013 - 08:06pm

OWNERS of leasehold properties can face nightmares when renewing their leases. Legally speaking, the authority can refuse to renew and take back the land. If they charge you a very high rate, it's like making you buy the property all over again.

Worse still, when you buy a property, you are prepared to take a bank loan. For lease renewals, you have to pay cash even if they charge you RM5,000 or RM10,000. Not every owner can afford it.

That's what happened to my property. I own a double storey shophouse in Bahau, Negri Sembilan. Seven years ago, my neighbour paid RM20,000 to renew the lease. Now, the authority wants us to pay RM500,000. Isn't this considered a "land grab?"

We are forced to go through the hassle of writing to the authority to reduce the rate. If they stick to that figure, we will eventually be forced to evict because we can't afford to pay.

I don't understand why properties have to be leasehold. Even though 99 years is a long time, the term will come an end eventually. And one of your loved ones will have to deal with it. If the authority wants to take back the freehold land for any national project, all they need to do is compensate the owner at the market rate.

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