Lowyat.NET: Latest topics by Lim Kim Soon

Legal fees for loan agreement

Lim Kim Soon — Mon, 09 Mar 2015 11:49:56 +0800

Hi....

Would like to seek for advise whether the following is reasonable? i personally think that it is a bit overpriced. Would loan legal fees usually negotiable?

PROFESSIONAL FEES
1 Preparation of Facilities Agreement RM 3,950.00
2 Preparation of Charge Annexure RM 395.00
3 Preparation of Consent to Charge RM 300.00
4 Preparation of Entry & withdrawal Private Caveat RM 350.00
5 Preparation of Statutory Declaration RM 200.00
SUB-TOTAL : RM 5,195.00
DISBURSEMENTS
1 Stamping fee on Original Facilities Agreement RM 2,500.00
2 Stamping fee on Facilities Agreement (2 copies) RM 20.00
3 Stamping fee on Charge Annexure (4 copies) RM 40.00
4 Stamping fee on Letter of Offer RM 30.00
5 Stamping fee on Statutory Declaration RM 30.00
6 Registration on Consent to Charge RM 100.00
7 Registration on Entry & withdrawal Private Caveat RM 420.00
8 Registration on Charge Annexure RM 120.00
9 Search fee on Title RM 180.00
10 Bankruptcy Search (Chargor/Borrower) RM 50.00
11 Affirmation fee on Statutory Declaration RM 50.00
12 Xerox/Telephone/Courier/Postage RM 150.00
13 Printing RM 80.00
14 Transport RM 300.00
15 Purchase Documents RM 350.00
16 Miscellaneous RM 50.00
GRAND TOTAL (LEGAL FEES & DISBURSEMENTS) : RM 9,976.70

Buying a leasehold house

Lim Kim Soon — Tue, 27 Jan 2015 14:59:50 +0800

I signed a booking form for a townhouse in November 2014. I was told by the agent and the house owner that strata title has been issued by the developer and to save hassle, owner will request for developer to direct transfer the strata title to my name. With this, transfer will take about 4 month.
Now I was informed that developer is not agreeable to direct transfer the strata to my name that the strata title will have to transfer to the owner, then to me. The whole process will take up to 8-9 month. I have yet to sign the SPA. Now my question is:-
1. Do I need to sign SPA now or I can wait until the strata title issued to the owner. The lawyer (which was introduced by the agent) urged me to sign SPA as soon as possible to lock in the price as the vendor may anytime revoke the purchase.
2. I was told initially that direct transfer of title is not an issue and now that it is not the case. Any action I can take? If I cancel the purchase can I still take back my booking deposit?
3. How long usually the title transfer (double transfer) will take? This is a leasehold property at Selangor.
4. I was offered to lease the property from the vendor after the expiry of 3 months of the SPA. Will it be risky if I renovate the house after 3 month considering that the title transfer has not been completed?
5. If opt not to rent the property from the house owner can he still lease to other people for income as he still need to pay for instalment? Would SPA usually prohibit owner to do so?

Used washing machine

Lim Kim Soon — Mon, 12 Jan 2015 08:56:20 +0800

any karang kuni here?

Mortgage loan

Lim Kim Soon — Fri, 09 Jan 2015 14:37:51 +0800

I have just got my RHB loan approved at BLR-2.45 for RM500K, 35 years. LO signed last week. I was convinced by my mortgage specialist to buy a MLTA which cost me RM5.2K p.a. as she gave me the impression that it is compulsory. Later on after I found out more from my friend and was told that it may not for some bank.
I called up the mortgage specialist to find out more and was told that the MLTA is in process as HLA has charged my credit card for RM5.2K (I felt curious as she told me that HLA will only charge for verification). I then ask whether can reduce the coverage to lower than 500K and was told that it is unlikely. Is that true? Since I have not signed by SPA and loan has not disbursed to vendor.
On top of that, I would like to ask:-

1. Is it compulsory to buy MLTA for mortgage loan? I am quite tight in budget and have not expected the MLTA to be that high.

2. Can I withdraw my loan application as the loan has not disbursed yet if I am being offered by another banker for a better rate?

3. Bank has approved BLR-2.45. will bank give the same rate if now I choose not to buy the MLTA. Is BLR-2.45 in normal range for those loan with/without MLTA?

Thanks for the advise.