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

[austin_hts]

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

Anyone knows in which document is stated the type of joint ownership, i.e. Tenancy in common or Joint Tenancy? I search the SPA, couldn't find. very important difference. How come lawyers didn't mention and let purchasers decided? Which is the default?

"A property held by 2 or more persons as joint tenants means that upon the death of one joint owner, his interest in the property is taken over by the surviving owner(s). A joint owner may not will away his interest in the property to others in his Will.*

Property held by 2 or more persons as tenants in common means that each owner has a specified or distinct share or proportion in the property. For example, such share could be on an equal basis (50%-50%) or 70% - 30% basis etc. Each owner may be able to dispose his share in the property either by sale or under his Will. Upon one owner's death, the surviving co-owner(s) do(es) not take over the deceased's interest in the property as is in the case of joint tenancy. His share passes under his will or in accordance with the law of intestacy, as the case may be."

 

[desmondakt]

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

I am a singaporean but my wife is a malaysian(not working)
Am i able to buy a property in malaysia with my wife's name on it but will be using my name only to take a home loan?
Understand from an agent that it can be done, just want to confirm which bank does that cos different agent say different things.
Anyone know of any JB bankers that i can directly check with?
Thanks in advance.

 

[Funniman]

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

I am a singaporean but my wife is a malaysian(not working)
Am i able to buy a property in malaysia with my wife's name on it but will be using my name only to take a home loan?
Understand from an agent that it can be done, just want to confirm which bank does that cos different agent say different things.
Anyone know of any JB bankers that i can directly check with?
Thanks in advance.

The loan should be in joint names or in the name of your wife.
And you sign in as a guarantor as well. Proof of fixed deposits will help. But if your wife's name crops up in the CCRIS, then there would be some problems. The bank will treat this as a Malaysian loan.

 

[desmondakt]

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

Thanks for the reply. Do you know of any bankers you can recommended?

 

[palindrome]

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

Anyone knows in which document is stated the type of joint ownership, i.e. Tenancy in common or Joint Tenancy? I search the SPA, couldn't find. very important difference. How come lawyers didn't mention and let purchasers decided? Which is the default?

As I understand it, there is no concept of joint tenancy/tenancy in common in Malaysia. I forget what they have instead, but if it's a standard SPA there would be no mention of tenancy in common/joint tenancy.

 

[Funniman]

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

Thanks for the reply. Do you know of any bankers you can recommended?

Sorry. I am from KL so could not help you.
I believe CIMB is quite hungry these days.

 

[Funniman]

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

Anyone knows in which document is stated the type of joint ownership, i.e. Tenancy in common or Joint Tenancy? I search the SPA, couldn't find. very important difference. How come lawyers didn't mention and let purchasers decided? Which is the default?

As I understand it, there is no concept of joint tenancy/tenancy in common in Malaysia. I forget what they have instead, but if it's a standard SPA there would be no mention of tenancy in common/joint tenancy.

A Standard SPA is regulated by the Housing Developer Association. A customised SPA may have some problems later.

 

[austin_hts]

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

Hi, I checked with my lawyer. In Malaysia, default is tenancy in common. Check title deed. Hence each owner can include the portion owned in his/her will.

Thanks.

Anyone knows in which document is stated the type of joint ownership, i.e. Tenancy in common or Joint Tenancy? I search the SPA, couldn't find. very important difference. How come lawyers didn't mention and let purchasers decided? Which is the default?

As I understand it, there is no concept of joint tenancy/tenancy in common in Malaysia. I forget what they have instead, but if it's a standard SPA there would be no mention of tenancy in common/joint tenancy.

 

[amgm125]

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

Hi all, We've just gotten the lawyer's quotation after signing the Bank loan agreement.
I would like to check with all bros and sis here, upon seeing the breakdown of the lawyer's quotation charges, is it normal that disbursement charge to be approximately RM6.5k which the lawyer charged after deducting lawyer fee including GST, stamp duty and levy (excluding loan related fees)?
We just want to know what we are paying for, and sad to say our lawyer turns out to be the sloppy/bo chap type. That's why we are very worried now that he will anyhow charge and more expensive than usual.

 

[DMX88]

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

hi all,

what is the normal application time for state consent? I bought 1 unit at bukit indah from developer, signed SPA in Oct and paid for the state consent application fee. The lawyer (Toong & Co) only submitted the application to the state consent on Dec 2013. Until now haven't heard any update from them.

Now I'm following up for the status with the lawyer.

And what's the update about the plan to increase levy? Currently 10K, there was a plan to increase to 30K, but latest news i read (abt 2 wks ago), say it will increase to 2% from purchase price instead of flat rate, any idea when will it be effective? The news also never mention when...

 

[Frodo]

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

hi all,

what is the normal application time for state consent? I bought 1 unit at bukit indah from developer, signed SPA in Oct and paid for the state consent application fee. The lawyer (Toong & Co) only submitted the application to the state consent on Dec 2013. Until now haven't heard any update from them.

Now I'm following up for the status with the lawyer.

And what's the update about the plan to increase levy? Currently 10K, there was a plan to increase to 30K, but latest news i read (abt 2 wks ago), say it will increase to 2% from purchase price instead of flat rate, any idea when will it be effective? The news also never mention when...

Your lawyer sat on it for 2 months?

 

[nextreal]

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

I also haven't received news of my 2 state consents. SPAs were signed in Jul 13 and Sep 13. Both lawyers also helping me to chase, but what else can I do?

 

[Eesee]

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

State Levy

Recently just received a notice from Lawyer's office that my state consent has expired and need to pay additional RM500 for renewal otherwise cannot do transfer of property to owner's name. Have checked with some other developer and was told there is no such thing as renewal of state consent. It is a "one-off" payment. Can anyone advise is there such a thing as renewal of state levy after one year?

 

[ginfreely]

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

State Levy

Recently just received a notice from Lawyer's office that my state consent has expired and need to pay additional RM500 for renewal otherwise cannot do transfer of property to owner's name. Have checked with some other developer and was told there is no such thing as renewal of state consent. It is a "one-off" payment. Can anyone advise is there such a thing as renewal of state levy after one year?

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.

 

[FHBH12]

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

I also haven't received news of my 2 state consents. SPAs were signed in Jul 13 and Sep 13. Both lawyers also helping me to chase, but what else can I do?

I distinctly remember that my lawyers only asked me to sign SPA AFTER the state consents were given. Are you sure it is SPA? I can't imagine the developers sells to you legally before the state agrees. The developer cannot over-ride the state's authority. Or things have changed?

 

[rosnyus]

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

I distinctly remember that my lawyers only asked me to sign SPA AFTER the state consents were given. Are you sure it is SPA? I can't imagine the developers sells to you legally before the state agrees. The developer cannot over-ride the state's authority. Or things have changed?

I also signed spa and loan agreement before state consent was given.

 

[teanotcoffee09]

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.

I also signed spa and loan agreement before state consent was given.

 

[contrarian]

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.

I agree with this view.

 

[DMX88]

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

I also haven't received news of my 2 state consents. SPAs were signed in Jul 13 and Sep 13. Both lawyers also helping me to chase, but what else can I do?

ooh that's very long, already 6 and 4 months respectively. do you know when your lawyer submit to state authority? when u signed SPA, doesn't mean that lawyer immediately submit. for my case, it's two months. my bad also, too busy, didn't follow up with that during that 2 months

 

[DMX88]

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

Your lawyer sat on it for 2 months?

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