Properties

Leasehold property process in Malaysia

07.22.08 | 1 Comment



Finally, everything is coming into places now!

Today, my lawyer told me that the Land Office have finally approved the consent to tranfer the title to my name. What does this mean?

  1. the consent was sent to the Land Office in early March 2008 - therefore it takes roughly 6 month to get the conset to transfer for a leasehold property in Malaysia. Freehold takes less, probably 3 months
  2. the official letter will take another 2-3 day to be issued by the Land Office. I am still wondering why it takes so long for a letter to come out - must be the inefficiency
  3. I can proceed with private caveat once the official letter is issued. The purpose of private caveat is to prevent the vendor from
    fraudulently dealing with the property in a manner prejudicial to
    the interests of the purchasers and end-financiers.
  4. My loan was approved in Jan 2008 so private caveat will allow my lawyer to advice the bank to release the payment balance (90%) to the vendor.
  5. Should everything goes as planned, I can actually move into my new condo already
  6. My lawyer can start charging the property to the loan provider and at the sametime finalise the title transfer to my name. I guess this process will take another 1-month minimum.

Basically, leasehold property process in Malaysia is quite tedious and time consuming. Frankly speaking, it is slow because it is managed by inefficient agency that may have vested interest to specific land or properties in certain area. Bear in mind that the land office is currently using online system, and it takes this long. Can you imagine what it was like before the online system?

Should you have any other experiences on leasehold property process, please do share for the benefit of others.

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