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 Bumi Lot

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TSxngjn
post Jul 7 2015, 04:04 PM, updated 11y ago

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I looking for 1st house. But most of the 2nd hand house within my budget was bumi lot.
Is it ok to go for it? what are the different between bumi lot and non bumi lot?
Transfer name will have issue? Will be extra fees for it?
Thank you
Immortal_00
post Jul 8 2015, 08:21 AM

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same problem here cry.gif
wild_card_my
post Jul 8 2015, 11:57 AM

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QUOTE(xngjn @ Jul 7 2015, 04:04 PM)
I looking for 1st house. But most of the 2nd hand house within my budget was bumi lot.
Is it ok to go for it? what are the different between bumi lot and non bumi lot?
Transfer name will have issue? Will be extra fees for it?
Thank you
*
Is it leasehold of freehold? Is it in Selangor and WP?

If it is freehold, then no issue at all as bumi lot in these states are just for the discount quota. Once owned by a bumi it can be freely transferred to another person without any issue.

For leasehold, on the other hand, is a little tricky. Regardless of the "Bumi lot" status of the property, once a leasehold is owned by a Bumiputra, it can be difficult to transfer it to a non-bumi, as per what I was told. This is because leasehold properties require state consent, and it is up to their discredion to allow the transfer or not.

In states like JB and Negeri9, the "bumi lot" is part of the title. Hence bumi lot properties in these areas have a 20% deduction in MV based on what my valuers tell me.

Correct me if I am wrong, as no one is 100% right.

edit: mistakenly write "Freehold" when I meant to write "leasehold"

This post has been edited by wild_card_my: Jul 8 2015, 02:09 PM
TSxngjn
post Jul 8 2015, 02:06 PM

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QUOTE(wild_card_my @ Jul 8 2015, 11:57 AM)
Is it leasehold of freehold? Is it in Selangor and WP?

If it is freehold, then no issue at all as bumi lot in these states are just for the discount quota. Once owned by a bumi it can be freely transferred to another person without any issue.

For freehold, on the other hand, is a little tricky. Regardless of the "Bumi lot" status of the property, once a leasehold is owned by a Bumiputra, it can be difficult to transfer it to a non-bumi, as per what I was told. This is because leasehold properties require state consent, and it is up to their discredion to allow the transfer or not.

In states like JB and Negeri9, the "bumi lot" is part of the title. Hence bumi lot properties in these areas have a 20% deduction in MV based on what my valuers tell me.

Correct me if I am wrong, as no one is 100% right.
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It was freehold in KL area.
wild_card_my
post Jul 8 2015, 02:09 PM

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QUOTE(xngjn @ Jul 8 2015, 02:06 PM)
It was freehold in KL area.
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Then no problem. Once bought, even by a bumi as a bumi lot (for the bumi discount), the bumi owner can let it go to anyone, bumi or otherwise
TSxngjn
post Jul 8 2015, 02:11 PM

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QUOTE(wild_card_my @ Jul 8 2015, 02:09 PM)
Then no problem. Once bought, even by a bumi as a bumi lot (for the bumi discount), the bumi owner can let it go to anyone, bumi or otherwise
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what worry me is after few years i want sell and it only can sell to bumi. Please correct if im wrong:-
based on what i understand from yours statement. If it was bumi-lot for freehold then i can sell to anyone without problem.
If it was bumi-lot leasehold then it need state consent which might be not approve.
wild_card_my
post Jul 8 2015, 02:22 PM

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QUOTE(xngjn @ Jul 8 2015, 02:11 PM)
what worry me is after few years i want sell and it only can sell to bumi. Please correct if im wrong:-
based on what i understand from yours statement. If it was bumi-lot for freehold then i can sell to anyone without problem.
If it was bumi-lot leasehold then it need state consent which might be not approve.
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Yes, if it was a bumi/non-bumi lot freehold in Klang Valley, no problem to let go to anyone. You don't need anyone's permission/consent. Like I said, in Selangor and KL, the "bumi-lot" status is not attached to the title. The only difference is if the property is freehold (free to do anything you want) or leasehold (read below)

The problem with leasehold is that, you ALWAYS have to ask for consent, no matter if you are bumi/non-bumi OR if the property is bumi/non-bumi lot. According to my lawyer, about 80% of the case for a leasehold property transfer between bumi to non-bumi fails to get consent. I didn't ask about the chances of success for a leasehold property transfer between non-bumi to non-bumi OR non-bumi to bumi. But I think the chances would be better than 80% failure rate for bumi to non-bumi transfer.

The land office is just looking after some people's interests i guess whistling.gif whistling.gif whistling.gif

disclaimer: I am not a lawyer, please do clarify with them and my advice and opinion cannot be held as facts. If you need a good lawyer for S&P let me know. Don't use the real estate agent's lawyer since you do not want your S&P lawyer to be in cahoots with the agent. The lawyer should protect your interests, not theirs.

This post has been edited by wild_card_my: Jul 8 2015, 02:25 PM
Alvinyeo
post Jul 8 2015, 02:46 PM

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wild_card_my, your advice only applicable if the strata title been issued by the developer. If master title non-bumi can't purchase bumi lot.
TSxngjn
post Jul 8 2015, 02:47 PM

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QUOTE(Alvinyeo @ Jul 8 2015, 02:46 PM)
wild_card_my, your advice only applicable if the strata title been issued by the developer. If master title non-bumi can't purchase bumi lot.
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strata is for condo/ apartment? My was landed.
wild_card_my
post Jul 8 2015, 02:56 PM

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QUOTE(Alvinyeo @ Jul 8 2015, 02:46 PM)
wild_card_my, your advice only applicable if the strata title been issued by the developer. If master title non-bumi can't purchase bumi lot.
*

Thanks for the correction. Are you referring to Master title Leasehold or Freehold or both? So if Master title, bought as Bumi lot with Bumi quota... bumi owners can't transfer to non bumi until the master title has been sub-divided? I will have to learn more about this.


QUOTE(xngjn @ Jul 8 2015, 02:47 PM)
strata is for condo/ apartment? My was landed.
*
Perhaps this apply to mastertitle units which have not been subdivided into individual titles as well. Is that correct, Alvinyeo?
TSxngjn
post Jul 8 2015, 02:59 PM

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QUOTE(wild_card_my @ Jul 8 2015, 02:56 PM)
Thanks for the correction. Are you referring to Master title Leasehold or Freehold or both? So if Master title, bought as Bumi lot with Bumi quota... bumi owners can't transfer to non bumi until the master title has been sub-divided? I will have to learn more about this.

Perhaps this apply to mastertitle units which have not been subdivided into individual titles as well. Is that correct, Alvinyeo?
*
so my landed was ok right?
wild_card_my
post Jul 8 2015, 03:22 PM

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QUOTE(xngjn @ Jul 8 2015, 02:59 PM)
so my landed was ok right?
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Does it already have an individual title or is the parcel of land still under master title?
Alvinyeo
post Jul 8 2015, 04:26 PM

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QUOTE(wild_card_my @ Jul 8 2015, 02:56 PM)
Thanks for the correction. Are you referring to Master title Leasehold or Freehold or both? So if Master title, bought as Bumi lot with Bumi quota... bumi owners can't transfer to non bumi until the master title has been sub-divided? I will have to learn more about this.

Perhaps this apply to mastertitle units which have not been subdivided into individual titles as well. Is that correct, Alvinyeo?
*
Both FL and LH. As long is master title then no.

Yes, not yet subdivided into individual title yet.
wild_card_my
post Jul 8 2015, 04:40 PM

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QUOTE(Alvinyeo @ Jul 8 2015, 04:26 PM)
Both FL and LH. As long is master title then no.

Yes, not yet subdivided into individual title yet.
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Understood, thanks for the update. I learned something new today.
TSxngjn
post Jul 8 2015, 05:32 PM

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QUOTE(wild_card_my @ Jul 8 2015, 04:40 PM)
Understood, thanks for the update. I learned something new today.
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My was individual title. so will it ok?
wild_card_my
post Jul 8 2015, 05:55 PM

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QUOTE(xngjn @ Jul 8 2015, 05:32 PM)
My was individual title. so will it ok?
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Yeap, should be good!
ikram_p
post Jul 9 2015, 12:19 PM

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I buy one new house at puncak alam.. Leasehold-bumi. My lawyer said both leasehold and freehold have the same condition if under bumi title. Every State have their own condition if fall under bumi cateria.
wild_card_my
post Jul 9 2015, 01:23 PM

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QUOTE(ikram_p @ Jul 9 2015, 12:19 PM)
I buy one new house at puncak alam.. Leasehold-bumi. My lawyer said both leasehold and freehold have the same condition if under bumi title. Every State have their own condition if fall under bumi cateria.
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What is this "same-condition" that you are referring to ya?
ikram_p
post Jul 9 2015, 05:20 PM

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QUOTE(wild_card_my @ Jul 9 2015, 01:23 PM)
What is this "same-condition" that you are referring to ya?
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The first thing I ask when buying a bumi lot about selling. He said lease or free, both can be sell to bumi only.
wild_card_my
post Jul 9 2015, 09:55 PM

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QUOTE(ikram_p @ Jul 9 2015, 05:20 PM)
The first thing I ask when buying a bumi lot about selling. He said lease or free, both can be sell to bumi only.
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I have helped securing loans for purchases in Selangor where the houses were originally bought as bumi lot and they were sold to non bumi. In selangor, the "bumi"-ness is not attached to the title. Can check your own titles just to be sure.

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