Renew is cheap
Q: How much do i have to pay to extend my lease?
A: There are 2 options:
Option A: Pay a mere RM1,000 for extension of lease
- Property cannot be resold for profit. (State Authorities will lodge in a Registrar Caveat on the property)
- The property can be transferred to family members.
Option B: Pay the premium for lease extension (currently with 30% discount)
Premium for residential property in Selangor
= (1/4) x (1/100) x (Market Value of land) x (lease period – years remaining on the lease)
Premium for commercial & industrial land in Selangor
= (3/4) x (1/100) x (Market Value of land) x (lease period – years remaining on the lease)
- Above are governed by Selangor Land Rules 2003 and Selangor Quarry Rules 2003
Premium for all categories on land use in KL
= (1/4) x (category of land use) x (1/99) x (Market Value of land) x (lease period – years remaining on the lease)
- Above is governed by the Federal Territory of Kuala Lumpur Land Rules 1995
- For strata title properties, the applications to renew the strata titles & master title may be made by the Management Corporation on authority of an unanimous resolution (under a new provision in section 90A(8) of the National Land Code)
Sure.
But... would it be approved, as u know this is strata, everyone has to agree etc blah blah... try getting a 100% agreement among 5 friends on where to have dinner..
Also, we paid for 99 yr leasehold... now they give 91 yrs lease hold? Really?