The Dubai Land Department (DLD) offers a wide range of services to make the property transaction process convenient. One such service is the transfer of a finance lease. The service allows new lessees to take over the existing agreement, including all future payments and rights of ownership.
Let’s take a look at the finance lease transfer application in Dubai and all the steps involved.
Finance Lease Transfer Application in Dubai
To submit a finance lease transfer application in Dubai, lessees have to follow these steps.
- Step 1: Customers are required to visit the service centre located at Real Estate Registration Trustee centres.
- Step 2: Provide all the required documents (mentioned below) to the employee. The documents will be uploaded through the digital safe.
- Step 3: The employee will enter transaction details and wait for the audit.
- Step 4: Once done, pay the fee and receive the receipt.
- Step 5: Receive ‘Title Deed’, ‘Map’ and ‘Fee Balance’ via email.
Documents Required for Finance Lease Transfer Dubai Application
The following sets of documents are required for submitting a finance lease transfer application in Dubai.
- A letter indicating no objection to the transfer of finance from the previous financing entity.
- Finance lease registration letter from the new finance indicating start and expiry dates and the amount of the lease.
- Emirates ID of the owner (for verification only, no copy is required).
- In case of a representative, a legal power of attorney.
- For companies only, if the entity is not previously registered, it will be registered by the standard company registration process.
Service Fee to Submit Finance Lease Transfer Application in Dubai
Here is the complete breakdown of finance lease transfer fees in Dubai.
- 0.25% of the finance rental value.
- For the issuance of a Certificate of Title/ Title Deed, AED 250 will be charged.
- For the land plot map outside Dubai Municipality’s authority, AED 100 will be charged.
- For the land plot map within the Dubai Municipality’s authority, AED 225 will be charged.
- AED 250 for villa and apartment
- AED 10 knowledge fee
- AED 10 innovation fee
- A fee of AED 4000 + VAT is charged on the service partners’ fees
The fee can be paid through epay, Sadad Dubai platform, Noqodi and a Manager’s check in favour of the DLD.
FAQs
Can a finance lease be transferred in Dubai?
Yes, DLD offers a finance lease transfer option if the previous finance approves it.
What documents are required to transfer a finance lease?
The Dubai finance lease transfer requirements include, approval letter from the previous financier, a letter from the finance lease registration’s new financier and an Emirates ID.
How long does the lease transfer process take in Dubai?
The lease transfer process takes around 10 to 15 minutes.
This is how to submit a finance lease transfer application in Dubai. With services like finance transfer, the transparency and trust increase within the real estate market, attracting investors from all across the globe. The strong investment flow leads to a stabilised market offering higher returns. If you are also interested in availing these higher returns, browse through these properties for sale in Dubai and find an ideal unit for investment.
Stay connected with dubizzle’s property blog for more information on DLD services.
