[Novice Teaching]A Must-Read Guide to Jointly Buying a House | Hong Kong 香港



One person counts the short, and two counts the length. Want to speed up the pace of getting on the bus, many couples will choose to buy a flat jointly. In addition to love and responsibility, what else should two people consider when buying a property with “shares”? 00:18 Joint name? Single name? When a couple buys a property, they can choose to buy a property with one person or two people together. The purpose of buying a property with one name is to maintain the first place quota of one of the parties. If both parties have a down payment and the mortgage is paid together, or if one party issues the down payment and the mortgage is jointly owned, even if the property is not jointly owned by the two, as long as one of the parties provides evidence, there is a share of the down payment and mortgage payment. In the future, there will be opportunities to get back some of the property rights. If assessed from an investment perspective, buying a property jointly is not the most cost-effective. Suppose that after two people buy the property, one of them wants to buy the second unit, and he will have to face double stamp duty (DSD). During the signing of the “Sale Agreement”, if you already own other residential properties in Hong Kong, any property at any price will also be subject to 15% tax. In addition, the “upper limit of contribution to income ratio” needs to be lowered. The first property only needs 60%, but the second property drops to 50%. Under stricter requirements, applicants may not be able to pass the stress test. 01:27 Joint rights? Decentralization? If you decide to buy a property jointly, you have to consider “joint ownership” or “decentralization”. “Joint ownership” means that two people jointly own all the property rights. When one of the co-owners dies, the other co-owners will automatically inherit the rights and interests of the property. Due to overlapping ownership, two people must agree to sell the property, not one person. “Decentralized co-ownership” means that two persons hold the property rights in a certain proportion. Depending on the payment of the two persons or the agreement between the two parties, they can share half of each other, or the ratio varies between 64 and 73. The co-owner does not automatically have priority in inheriting the other The right of ownership of one party. If one party wants to sell the property in the future, but the other party is unwilling, it can only sell the property in proportion to its ownership and become a broken lease. 02:23 In terms of co-branded mortgage purchase, it is similar to the practice of buying a property in the name of an individual, except that the bank will calculate the income of two contributors together. Compared with one person’s contribution, it will be easier to pass the contribution-to-income ratio and pressure test. The two can also share the first installment together, reducing contributions and daily expenses. But it should be noted that if one of the parties already owns or guarantees another property, the mortgage ratio, contribution-to-income ratio and stress test need to be reduced by 10% at the same time. Regardless of the joint name or the single name, in order to avoid future disputes, it is best to make an agreement before buying the property, stating both parties’ rights and interests in the property and the profit distribution after the property is sold, so as to relieve both parties’ doubts. 📌 If you have any questions about the property market or mortgage, please leave a message below or inquire with our online customer service: 👉 HongKongFloorPlans “#美联Confidence Index”: 👉Download the new upgraded version#美联17 search criteria 🔍 newly added #Map搵楼# MTR step search 🚇搵楼 in one step! #Real estate big competition ⚖️ to help you choose a Fit plate! #首创代理带睇楼, Internet celebrity agent self-portraits 📹 Login and enjoy# Personalized information and seamless cross-platform experience! ⚡ ▄▄▄▄▄▄▄⭐️ Featured videos⭐️ ▄▄▄▄▄▄▄▄ 📺【#新手教】Silver master plate enters the market 5 big tips📺【#新手教】Buy “No Deed House”, “Broken Deeds” Notice for the building”📺【#新手教】I should pay attention to the terms of the lease when signing a lease? 📺[#新手教]See all the purchase expenses other than the first phase in one go! Now on ” HongKongFloorPlans”: Subscribe to ” HongKongFloorPlans” YouTube channel: Like ” HongKongFloorPlans” Facebook page: Follow ” HongKongFloorPlans” Instagram: Follow public account: meilian_hk ( HongKongFloorPlans Hong Kong).

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