Need help! Buying property

BettySwollocks — Mon, 22 Jul 2013 17:34:48 +0800

Hi sifus,

I need some serious advice. I'm a first property buyer, so I don't really have any experience on this. Any help is appreciated. Here is my situation.

Signed SNP in Dec 2011 to purchase a condo in KL (leasehold). Apparently, the house owner only owned 50% of the share of the house (the other 50% was deceased, and the owner was going to change to his name).

Up until now, the transaction still haven't been completed. The reason is the consent from land office to transfer the 100% share to the owner's name.

I've got the worst lawyer ever, he doesn't answer call, doesn't call back. Once in a while my call will get through, and his excuses are always the same, always blaming the owner side. He's completely useless too, doesn't know a single thing, I don't know how he passed his exam.

I already have a loan approved by a bank early this year.

Now the worst part is I've poured too much money on this to call of the deal:

- 10% deposit (~30k)
- my useless lawyer fee (~3k)
- fees to value the property (~1k)

That is around 30k cash that is frozen and I can't use for anything else. Plus the value of the property already increase a bit.

I've tried to directly contact the landlord, he doesn't answer my calls/doesn't call back.

Now I've waited 18 months for this property, at the meantime, I have to rent somewhere else (which was supposed to be a temporary arrangement). What can and should I do now? I'm kinda lost.

My concern is that:

- the owner purposely delay the sales (he is still renting out the place) and since the value increases, he can easily cancel the transaction - even he return deposit, I will still lose lawyer fees and valuation fees.
- the bank loan will expire (it doesn't say anything about expiry), and I've already spent money on the valuation fees.

Have anyone ever faced with this situation before? Thanks.

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Need help! Buying property