late penalty, please help
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 Mar 25 2010, 09:47 PM
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#1
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Senior Member
3,188 posts Joined: Jul 2007 From: A place called "home"  
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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 |
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Mar 25 2010, 10:25 PM
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#2
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Senior Member
3,188 posts Joined: Jul 2007 From: A place called "home"
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QUOTE(pewfy @ Mar 25 2010, 09:55 PM) Dear Leongal, understand your frustration....as i have just went through it and finally OVER...it is a reliefThank 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.  usually banks will take 14 (working) days to get the redemption statement out.... |
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Mar 26 2010, 04:08 PM
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#3
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Senior Member
3,188 posts Joined: Jul 2007 From: A place called "home"
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pewfy, do contact merce, he is really helpful
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Mar 27 2010, 08:15 AM
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#4
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Senior Member
3,188 posts Joined: Jul 2007 From: A place called "home"
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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
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Mar 29 2010, 09:59 AM
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#5
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Senior Member
3,188 posts Joined: Jul 2007 From: A place called "home"
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QUOTE(joey85 @ Mar 27 2010, 09:58 AM) 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... yes, your lawyer is correct  |
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Mar 29 2010, 02:01 PM
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#6
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Senior Member
3,188 posts Joined: Jul 2007 From: A place called "home"
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QUOTE(sweetnovember @ Mar 29 2010, 01:19 PM) I agree. It happened to me, as my SnP signed on Sept 2009, and only got the redemption voucher last week. is your property freehold or leasehold?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.   my case, i called up almost everyday....just glad tat the transaction has finally ended |
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Mar 29 2010, 05:20 PM
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#7
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Senior Member
3,188 posts Joined: Jul 2007 From: A place called "home"
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QUOTE(sweetnovember @ Mar 29 2010, 04:47 PM) it's freehold. somehow it takes such a long time... freehold, usually 3+1 starts from the date get confirmation from the developer or the date of s&p, whichever later....just come to know that, the redemption voucher is not released yet.   Added on March 29, 2010, 4:48 pm yaya... I think I should call up everyday. I am sick of it. but, check your s&p to see the clause..... |
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Mar 30 2010, 09:45 AM
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#8
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Senior Member
3,188 posts Joined: Jul 2007 From: A place called "home"
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QUOTE(sweetnovember @ Mar 30 2010, 09:21 AM) ' i think if it is due to owner's bank not releasing the redemption voucher, the delay is caused by the owner and not you, and therefore, the delay days should be excluded from the 3+1....(maybe should find out why the owner's bank not releasing it)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 .  Added on March 30, 2010, 9:23 am how 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? in my case, my bank/lawyer has ensured that the redemption voucher is issued before they proceed to asking further documets.... |
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