Searches
14. An essential preliminary to every land transaction is a search in the land registers to ascertain who is registered as the owner of the property and what, if any, incumbrances are registered against it. During the year 19,327 searches, 4,000 more than in 1960-61, were made by members of the public, the vast majority being made by Solicitors' clerks who are familiar with the Land Office system of keeping the registers. In addition to these, thousands of searches were made for Government departments either by their own or by the Land Office staff. Owing to the great activity in the property market the Land Office search area was frequently over-crowded, and it will clearly have to be expanded at the first opportunity.
Stamp Duty
15. The total amount of stamp duty paid on instruments registered reached the record figure of $31,580,000, over $10,000,000 more than in 1960-61. The increase was mainly due to the larger total of considera- tions in assignments, which included one made on an inter-company transfer of property on which 2% ad valorem stamp duty was adjudicated at $1,609,456! This is the highest amount of stamp duty ever paid on a single instrument.
Land Tenure
16. With one exception all land in the Colony is held leasehold from the Crown. In the very early days of the Colony Crown leases were granted for 75 years, but in 1849 the term was extended to 999 years, and much of the most valuable land in the centre of the city is held on leases for that term. The 75 year non-renewable lease did not however entirely drop out of use, and from 1875 onwards large numbers were granted mainly for lots on the Peak and in Kowloon, where hundreds have expired or are nearing expiry. Except where the land is required for public purposes it is regranted for a further 75 years on terms including the payment of a premium, which is based on the land value excluding buildings thereon, and which in certain circumstances may at the lessee's option be paid by instalments. The practice of granting 999 year leases was discontinued in 1898, since when leases have been granted for 75 year terms, usually with the right of renewal for a further 75 years at a reassessed rent. Exceptionally, leases of the lots in the Praya East Reclamation carried out in the 1920s are for 99 years renewable for 99 years. Crown leases for lots in the New
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