HI forum members, I am new to this and have a couple of questions for the experts.
My husband and I are thinking of leasing an apartment in Bali. The lease has only 17 years left to run and the property is 12 years old and in a very central location. The advice received from the management company is they are unsure if the owner will re-new if so, at what cost.
I have a morbid fear of the "big developer" coming and knocking this 2 strorey perfectly position block, down in 2032. I know I am basically asking how long is a piece of string?. If the lease was renewed, what are the costs usually associated with this. I was under the impression, and could still be correct, that we would have to purchase the lease again (for the same amount, or maybe more).
As we are frequent visitors to Bali, we are trying to minimise accommodation costs, and of course, have fallen in love with this property!
Any advice would be much appreciated. As an aside I have already been in touch with Vidhi Law Office to seek their advice also.
Thanks in advance.