Hi, I am a buyer here as well, and is wondering if anyone has managed to get the sales and purchase agreement amended, as well as the leaseback agreement for that matter?

Would appreciate anyone's thoughts on the leaseback agreement in particular, as it is rather one sided in my opinion, and it is not exactly a 15 year leaseback !!! There is an opt out every 3 years etc, not to mention 30 days notice of lawfull termination from the company without any compensation. Owners on the other hand had to give 6 months' notice! 

Also, what are people's thoughts on the leasehold status? In my copy, there is only a mention of Strata Title, does anyone have any further details, ie. term of lease, condition of renewal etc? How much will it cost to renew?

Also, anyone know how long these properties are built to last?

The leaseback if for 15 years only (2 + 3x4 +1), what happens after that?

Would appreciate any feedback and help.

I am STILL waiting for the mortgage application, and it is doing my head in! It seems that the local Malaysian banks are not willing to lend on this development, and I wonder WHY??? I had no problem securing a loan on another development, but seems like this golden palm is taboo to them. From what I hear only Nova Scotia bank is lending, and the rates aren't competitive at all.

Looking forward to hearing from someone... anyone???

Thanks.

I have purchased on the Palm. Like many others after 8/9 Months I am still awaiting a Mortgage offer on the property after sending off all the correct documentation. I am now wondering if it is worth getting my Mortgage from a UK lender and binning the Malaysian based Mortgage as it doesn't exactly fill me with confidence after hearing what others have said about it.

Obviously, before I look at this option I would like to know the basic details (positive and negative) of the Mortgage offer people have received from Scotia Bank. What rate was offered and what rate was offered during the interest only period (ie, construction)?

I'm getting a bit bored with this now, just trying to speed things up.

Hi 'GoldNuggets'

The broker would have applied to 5 banks (as did mine) - but it seems that it is hard to get a mortgage with any other bank. If you are not happy then it may be better to sort it out yourself with another bank. I probably would but I just do not have the time - and this one has taken nearly 6 months!

Legal fees are paid by us - unless it states otherwise in the contract? I have been told that this comes to around 1.2% of the purchase price. (which includes stamp duty)

Are you UK based? (bought in GBP)?

Will

I've just received my mortgage offer plus a stack of other documents, from Scotia Bank.  Is this the only bank making an offer? I thought the broker was supposed to have applied to 5 banks!

Also, bank states that all legal and valuation fees are to be paid by me.  I thought the developer was paying for these.  They don't even tell me how much the fees are!!

Finally, the offer is based on owner occupation, when they clearly know it isn't!!

Any others with the same problem?

Hi All

I have recently been given my letter of offer from the bank for my mortgage. I would be interested in hearing from others that too have recieved this.  I had a few issues whether I had bought this in British pounds or Ringgits. I seem to be paying my 30% deposit based on the original UK valuation - but my mortgage is for the Ringgit valuation (which was frozen when I put down my 1st deposit). Seems a ltitle confusing....

Hey Will, Yep, I'm a fellow investor...looks a great and unique development...the delays on mortgage is standard practice for the malaysian market I understand..

Have you been over there? I haven't but I'm reassured by the size of development ...looks like  a long term project that will be amazing when completed dwon the coast..like the government backing that means it has to be a success.

Cheers

YeboC

Hi

I was wondering if there were any other buyers of Units in the Golden Palm? I am still waiting for a mortgage to go through, it seems to be taking ages.

I would be happy to talk to other buyers about their feelins/experiences so far.

Thanks

Will