Legal issues/questions - Anything to do with lawyers and banks

[FHBH12]

Re: SG Loan of Msian Loan Better ? Hidden Costs ?

I believe that SPA signed before obtaining State Consent is deemed as conditional SPA. If State Consent is not approved, this conditional SPA will be void.

So many pattern. Lucky my lawyers din drag. First one took just over a month to get state consent after signing intent to buy with developer, and second one took less than a month. SPA was quickly signed within 1 week of state consent.

 

[DMX88]

Re: SG Loan of Msian Loan Better ? Hidden Costs ?

So many pattern. Lucky my lawyers din drag. First one took just over a month to get state consent after signing intent to buy with developer, and second one took less than a month. SPA was quickly signed within 1 week of state consent.

oh that's very good. can share your lawyer's name for our reference in future transaction? thanks

 

[FHBH12]

Re: SG Loan of Msian Loan Better ? Hidden Costs ?

oh that's very good. can share your lawyer's name for our reference in future transaction? thanks

This is one of them: http://www.malaysianbar.org.my/legaldirectory/mfirmdetail.php?fid=4517 Highly recommended.

 

[Frodo]

Re: SG Loan of Msian Loan Better ? Hidden Costs ?

yes, terrible? how long normally it would take after submitted to lawyer?

Honestly I can't comment about how long it takes normally because I only have a one time experience in buying JB property. But given that state consent approval itself can take a few months I would think the lawyer should submit it within 2 weeks as a reasonable time frame. Everything depends on getting state consent approval. But if your property is only to be ready in 2 years time then I suppose it is not time critical so long as your purchase is above RM one million.

 

[malpaso]

Re: SG Loan of Msian Loan Better ? Hidden Costs ?

A good read : http://www.starproperty.my/index.php/articles/property-news/damages-for-late-delivery/

 

[Eesee]

Re: SG Loan of Msian Loan Better ? Hidden Costs ?

Yes there is a one year validity period from the date of state consent indicated on the letter of the state consent. It is in Malay and last time someone mentioned before can be renewed.

We paid up the house in full one month before the expiry of the state levy. The lawyer's staff told us that by the time they wanted to apply for transfer to our names, the consent just expired so they had no control over delay in paper work (implying that they are not responsible for the delay in our case???_). So it's unfair for us to pay for the penalty! Has anyone here experience the same problem?

 

[potter]

Re: SG Loan of Msian Loan Better ? Hidden Costs ?

Paid in full wo obtaining state consent approval. --自杀. Like tat easier to remember.:p

 

[DMX88]

Re: SG Loan of Msian Loan Better ? Hidden Costs ?

This is one of them: http://www.malaysianbar.org.my/legaldirectory/mfirmdetail.php?fid=4517 Highly recommended.

thanks! i shall consider this company for future transaction...

 

[DMX88]

Re: SG Loan of Msian Loan Better ? Hidden Costs ?

Honestly I can't comment about how long it takes normally because I only have a one time experience in buying JB property. But given that state consent approval itself can take a few months I would think the lawyer should submit it within 2 weeks as a reasonable time frame. Everything depends on getting state consent approval. But if your property is only to be ready in 2 years time then I suppose it is not time critical so long as your purchase is above RM one million.

to share, my lawyer is Toong & Co, appointed by Setia. And if i'm not wrong the legal fee absorption comes with condition that we accept this lawyer to settle the transaction

altho it's above 1M, there's another worry leh: levy will increase to 2%. anybody has any idea when is the effective time?

 

[DMX88]

Re: SG Loan of Msian Loan Better ? Hidden Costs ?

just got clarification from the lawyer, they said they were waiting for the complete documents from Setia, upon receiving it, they immediately send the application. it took 1 month instead of 2 months, i saw the wrong SPA signing date, sign it on nov and they submitted the application on dec, still considered slow.

and they mentioned that consent shd be received in this months, while the levy will be increased on 1 May...

 

[Frodo]

Re: SG Loan of Msian Loan Better ? Hidden Costs ?

just got clarification from the lawyer, they said they were waiting for the complete documents from Setia, upon receiving it, they immediately send the application. it took 1 month instead of 2 months, i saw the wrong SPA signing date, sign it on nov and they submitted the application on dec, still considered slow.

and they mentioned that consent shd be received in this months, while the levy will be increased on 1 May...

Wish you everything soon soon lee lee!

 

[DorisPing]

Re: SG Loan of Msian Loan Better ? Hidden Costs ?

DMX,
Levy increase in May?? Sure or not?? Is this official?
Is this based on the SPA signing date or consent date?

just got clarification from the lawyer, they said they were waiting for the complete documents from Setia, upon receiving it, they immediately send the application. it took 1 month instead of 2 months, i saw the wrong SPA signing date, sign it on nov and they submitted the application on dec, still considered slow.

and they mentioned that consent shd be received in this months, while the levy will be increased on 1 May...

 

[crystal_tiong]

Re: SG Loan of Msian Loan Better ? Hidden Costs ?

for those using UXX bank for mortgage , if you hv changed your mailing address last yr to your msia address , please check they dont deduct another RM70 for postage fees . Mine kenna deducted even though i have changed my address since last year .... msia banks really no standard . i been receiving my monthly statement in msia address since last sept , they still anyhow deduct ! luckily i always check what they deduct from my loan acct. too bad i dun really know how they caculate the loan interest , else can really check any mistake . every month paid RM2400 and RM1650 goes to interest , ouch !

 

[potter]

Re: SG Loan of Msian Loan Better ? Hidden Costs ?

Quick quick reduce yr principle loan amt lor. Receive loan statement yrly can liao mah.

 

[kawan2sgmy]

Re: SG Loan of Msian Loan Better ? Hidden Costs ?

Wah, that's a lot of $ just on interest alone.
Every mth the house eats up quite alot: RM1650+ maintenance+ water & light, excluding quit rent, reno, cleaning, etc.
Do give a thought abt renting it out if U don't intend to stay, can help offset some fixed expenses. Remember, for every investment, the investment must take care of itself! With the money collected, U can always do up a nicer reno in future. If nobody stay in the house, it will run down faster.

for those using UXX bank for mortgage , if you hv changed your mailing address last yr to your msia address , please check they dont deduct another RM70 for postage fees . Mine kenna deducted even though i have changed my address since last year .... msia banks really no standard . i been receiving my monthly statement in msia address since last sept , they still anyhow deduct ! luckily i always check what they deduct from my loan acct. too bad i dun really know how they caculate the loan interest , else can really check any mistake . every month paid RM2400 and RM1650 goes to interest , ouch !

 

[crystal_tiong]

Re: SG Loan of Msian Loan Better ? Hidden Costs ?

Wah, that's a lot of $ just on interest alone.
Every mth the house eats up quite alot: RM1650+ maintenance+ water & light, excluding quit rent, reno, cleaning, etc.
Do give a thought abt renting it out if U don't intend to stay, can help offset some fixed expenses. Remember, for every investment, the investment must take care of itself! With the money collected, U can always do up a nicer reno in future. If nobody stay in the house, it will run down faster.

thanks for the advice , i am staying on weekends and my house is not run down except my garden needs to do it nicely ....
i do have a part time helper to clean the house once or twice a month.

 

[crystal_tiong]

Re: SG Loan of Msian Loan Better ? Hidden Costs ?

Quick quick reduce yr principle loan amt lor. Receive loan statement yrly can liao mah.

actually Uxx implement estatment for credit cards but not for loan . i dont need their monthly statement too as i can view online.

 

[DMX88]

Re: SG Loan of Msian Loan Better ? Hidden Costs ?

Wish you everything soon soon lee lee!

thanks! wish the same to you

 

[DMX88]

Re: SG Loan of Msian Loan Better ? Hidden Costs ?

DMX,
Levy increase in May?? Sure or not?? Is this official?
Is this based on the SPA signing date or consent date?

that's what my lawyer told me.. they said in the email "we were informed"

based on consent date, that's why i'm worried..

 

[DorisPing]

Re: SG Loan of Msian Loan Better ? Hidden Costs ?

icic...i should check with my lawyers as well...but will this affect the entire johore or exclude medini like the ringgits 1mio ruling...?

that's what my lawyer told me.. they said in the email "we were informed"

based on consent date, that's why i'm worried..