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 Freehold but has restriction interest property?

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TSkatmai81
post Dec 2 2015, 07:36 PM, updated 11y ago

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Saw sales brochures of property on sale... written in the fine print:
tenure: freehold
Restriction interest (sekatan kepentingan): land owned cannot be transferred, leased, mortgagee, except with prior approval from the approving authority.

Isn't this a freehold?
Anyone can clarify?
TSkatmai81
post Dec 6 2015, 01:20 AM

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QUOTE(miahak @ Dec 2 2015, 10:50 PM)
Freehold doesnt mean that state authority cannot impose any restriction to the land..

Usually the state used it to control bumiputrra interest on the land so that the land is not easily being transferred, leased, charged to non bumi..
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Any problems selling next time compared to freehold without restrictions?
TSkatmai81
post Dec 7 2015, 11:40 PM

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In such property with sekatan kepentingan, is it tedious and difficult to transfer to my children in future? Not sell but transfer to them...
TSkatmai81
post Dec 7 2015, 11:43 PM

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QUOTE(miahak @ Dec 6 2015, 11:51 AM)
Need consent fr state authority (SA) when to transfer, charge etc.

Takes some time for SA approval thus longer the transaction period. Up to 6 mths depends on state.

For transfer of interest from bumi to non-bumi. It is up to SA to decide but normally the answer is NO.

If you are non bumi.. Should be no problem in future selling

No restriction means no need consent to do any transaction on the land.. Unless if it is a malay reserved land - self explanatory
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So bro, if in future I (non bumi) want to transfer to my children the said property, is it difficult?
TSkatmai81
post Dec 8 2015, 12:02 AM

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Also will like to know.... when purchasing the property with loan, the property needs to be mortgaged to the bank. Only when loan has been settled we can redeem the property. Will property with sekatan kepentingan has any problem?
TSkatmai81
post Dec 12 2015, 02:21 AM

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QUOTE(miahak @ Dec 8 2015, 11:10 PM)
No consent needed for Discharge of charge of ur property when u paid off ur mortage

Love and affection transfer should be no problem. But still, a consent from state authority need to be obtained 1st.

To do all this u need a conveyancing solicitor, whom he/she should guide and make yourself clear about all this
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Thanx a lot for the insight:)

 

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