i signed SNP on mid of Nov 09.
It is leasehold house in Selangor.
loan amount is RM225k.

I get consent on end of Jan 2010.
until now, the bank redemption statement is not released.
my lawyer firm is Chan & associates in Leboh Pasar.
SNP lawyer and bank lawyer is different,
because at first, ChaN & associates told me that they are OCBX panel,
so i appointed them as SNP and bank lawyer,
after that bank called me and i was informed that ChXn is not their panel,
so i change to other lawyer firm to handle my bank loan.

After consent released, if the bank cannot release money within 90 days,
there is late penalty...

My questions are:
1) Is it normal that after consent is released, two months later, seller bank still not yet issue bank redemption statement? until now,my SNP is not stamping yet too. Is it normal?
According to lawyer firm, they already sent my SNP to land office two weeks ago,
but land office is not yet reply.
2) After end of March, there is late penalty,
how to calculate this late penalty.
How much per day?
if possible, i am not willing to pay....
i saw in some forum, normally after SNP is signed,
one month later, lawyer can get bank redemption statement.

Please advise me how to do.

This post has been edited by pewfy: Mar 27 2010, 07:44 AM

there is extension when it comes to leasehold property...check ur s&p to see the clause

example of late penalty calculation:

outstanding owing to the seller = RM 100,000
late penalty rate = 8% per annum (the rate depends what is stated in s&p)
late for = 30 days

late penalty = RM 100,000 x 8%/ 365 days x 30 days = RM 657.53

Dear Leongal,

Thank you for reply.
normally, how long time the vendor's bank (Maybank) will send bank redemption form to my lawyer?
my consent is released on end of Jan,
but so far, still pending the bank redemption form.
it is more than 2 months.Is it normal?

For your information, vendor and me are using the same lawyer.

My friend who signed SNP on end of Nov 09,
leasehold house in selangor,
her bank already released money to her vendor last week....
but mine one is still far away from expectation.

I am frustrated....
my family keep on asking me when we can move to new house.

understand your frustration....as i have just went through it and finally OVER...it is a relief

usually banks will take 14 (working) days to get the redemption statement out....

It is not normal to take that long. Try to chase your lawyer again.

yes, usually the redemption statement will take at most 2-3 weeks.

but not to worry so much about the penalty, it a property buying-selling process there are many parts involved, involving the buyer, seller, bank of both parties, govt land office, lawyers, etc.

if the delay is not caused by buyer, don't be alarmed. worry only if your bank loan takes a long time to be released.

in your case, getting the redp. statement is the sellers responsibility, so unlikely the delay will cause you any late penalty, but will delay you getting the keys.

best is to check with your lawyer, remember you PAID him to help you.

hi,

kindly drop me a call when ur convenient.

thx.

pewfy, do contact merce, he is really helpful

thank you everyone.
yesterday lawyer firm informed that the delay is due to vendor has problem with bank,
but after vendor called to bank to verify,
it is not true. there is no problem.
i think the lawyer firm was just finding an excuse why they cannot get bank redemption form in 8 weeks.


After this experience, i really fed up with second hand house and the unprofessional lawyer firm,
new house is better!!!

i couldn't agree more when you said that lawyers are unprofessional.....buying second hand property is not the problem; most of the cases, lawyers are the problem....imho

i just bought a 2nd hand house recently... according to my lawyer.. she said the "3+1" terms (interest charges) only calculate after consent obtained (for leasehold house) ... may be for my case only?? im not so sure too.. but this is what my lawyer told me... coz i just got my consent from land office this early of month, so the "3+1" only impose started by this month...

I agreed with you

yes, your lawyer is correct

I agree. It happened to me, as my SnP signed on Sept 2009, and only got the redemption voucher last week.
It really took me long time to wait for the process.
The owner start to remind me on 3+1, may I know when is it start counting for the 3+1?

I am not sure about what's behind it, but the lawyer firm should have responsible for that. Now, I got to call up every week to check for status.

is your property freehold or leasehold?

my case, i called up almost everyday....just glad tat the transaction has finally ended

yeap as leongal said... urs is lease hold or free hold?

u should refer to ur lawyer coz u pay for their service... and u can actually nego with ur seller for the interest charge if problem occur due to redemption issue (if problem fall on seller side)... however as mentioned should get advice from ur lawyer... coz u already paid... let them do something for u

it's freehold. somehow it takes such a long time...
just come to know that, the redemption voucher is not released yet.

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Added on March 29, 2010, 4:48 pmyaya... I think I should call up everyday. I am sick of it.

This post has been edited by sweetnovember: Mar 29 2010, 04:48 PM

freehold, usually 3+1 starts from the date get confirmation from the developer or the date of s&p, whichever later....

but, check your s&p to see the clause.....

emmmm normally freehold does not need to take such long period... ur lawyer got problem? coz my previous experience (or can said is my hubby) also due to lawyer problem... the lawyer license got problem, he busy with his renewal... and put all cases aside... that why our process was pending until bout 1 year... we get penalty (few thousand) due to this irresponsible lawyer... try to report him... but not enough data... so we gave up to report him in local lawyer society...

however the lawyer u refer above is ur S&P lawyer or loan lawyer? or they are the same one (mean one lawyer appointed for loan and s&p)? sometimes loan lawyer really problematic...

'


if that's the case, then so my 3+1 ored over for quite a while already then.
but if that is due to owner's bank not releasing the redemption voucher, is the case valid? or I need to check the SnP to find out this?
the owner did say about the 3+1 penalty, as he said he is still paying the interest .

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Added on March 30, 2010, 9:23 amhow you found out that your lawyer got problem? I not sure whether my lawyer got problem or not. I think their service is not good, as always dun keep their promise of replying the call to update me.

The same lawyer for both SnP and loan. Usually I will check with the clerk not the lawyer, should I just directly reach lawyer instead?

This post has been edited by sweetnovember: Mar 30 2010, 09:23 AM