The grant is still in your late mother's name and she would be the first named driver in the policy schedule. Are you one of the named drivers in the insurance policy? If not, you're at risk as your vehicle would not be covered in the event of a collision, whether it is a first party or third party claim. It doesn't matter if you're paying the monthly installments every month. Do check up on that.

A will is not good enough. You would still need a grant of probate by the Court,. With the grant of probate, the executor of your late mother's estate would then approach the bank to see how to resolve the issue of beneficial ownership of the vehicle as there is still an outstanding hire-purchase sum due to the bank. Refinancing would most likely be the answer - whereby you as the beneficiary would have to be the borrower.

Tq, I'm reading thru the post.

Today the document gal in lawyer firm told me that Land Office had upgraded their system might as well as their efficiency. Consent can be settled in 2weeks time. Is that true? If.. There is a clause in SPA stated that as below.



Is it standard that vendor have to allow for 6months long for this process?

This post has been edited by feizaiII: Oct 29 2011, 02:02 AM

System may be the best but what if system is down, as it always happens in the govt service sector? Applications can go missing, officers can go on leave/kursus. Talk to anyone who has dealt with the land offices over the years and they will tell you how poor the system is there.

6 months is quite standard. Sometimes it can be 6+3 months.

This post has been edited by dariofoo: Oct 29 2011, 02:28 PM

You are obsulutely right. We in Boleh land, of cos if thy really improved, thanks God.

Thanks Dariofoo.

Hi DarioFoo,

I have some legal question and hope that you can help me:

Me and my gf will be buying our first property for 730k. We plan to buy this house and renovate before we get married.

My gf is a bank staff and we would like to take staff loan. However, since I'm not her spouse yet (just bf), so the S&P can't have my name (bank policy) for staff loan.


Option 1:

-Our plan is we will jointly apply for ordinary loan from the same bank, with both our names on SnP, then when we get married later, we will transfer the ordinary loan to staff loan.


Option 2:

- She will apply for staff loan now, and SnP will only bear her name. Then when we get married later, I will add my name to the SnP.


My question is:
1. For option 1, I heard there is also legal fees involved when changing from ordinary loan to staff loan. Is it true?

2. For option 2, how much will the legal fees be, if I were to add my name to the SnP (for the house to be under both of us).

We are having headaches now, and don't know how to decide. Hope you can help us.

Thanks.

Have query on this. Is there any clause that purchaser lawyer had to apply consent within hw many days after signing S&P? Or normally immediately lawyer will apply consent after signing?

thank you for ur reply.
do i need a lawyer if i wan to ask the developer to pay back the money or i just need to complain at tribunal again?

Thanks dariofoo for the advice.

Will try to get the letter from developer.
Anyway, what is the chances that the bank will reimburse, and how long will that take?

Thanks!

Yeaps..my name is in the insurance policy.
Hmm....do i need a lawyer to get the grant of probate for me? Or can i get it myself from the court?

Btw do you happen to know if i can refinance the house (only me take loan) if the house title is under 3 names?

Thanks so much for your help!!

help-needed:


1. Am not entirely sure about this as this concept of "changing from ordinary laon to staff loan" would best be answered by the mortgage consultant advising you in this matter as I am not aware of the mechanism of it. If it is the same as refinancing, then you're looking at legal fees plus stamp duty as well. The legal fees will be scaled according to the loan sum.

2. You can't add your name to the SNP. Ownership depends on the title, not the SNP.

Two scenarios:
a) If there property is with title, then your gf can transfer half share in the property to you. This is called subject to charge - and this can only be done with the consent of the bank. If they do not allow same, you have to refinance it. Fees and costs for refinancing will be the same as above.

b) If the property is without title, the only document to show beneficial interest is the deed of assignment (DOA). As she is the sole person in the SNP, the property is wholly assigned to her (assuming it is a subsale as you did not mention). She will then assign it to the bank in exchange for a loan. At this stage, there is no change of name that can be done, as she is not the registered proprietor of the property, but is merely the beneficial owner. To include you as a person who has a right by way of assignment, she would have to refinance it, assign half of her beneficial right over the property, and both of you would be the borrowers for the new loan. Fees and costs for refinancing will be the same as above.

With regard to legal fees for transfer - as the subsequent transfer will be for love and affection, the SRO provides that the legal fees for transfer shall be a reasonable sum, but in any event shall not exceed the scaled fees in accordance to the market value of the property.

For option 2, you would need another document to secure your interest in the half-share, and that is a deed of trust. This will confirm that your gf is holding half-share of the property in trust on your favour. Your lawyer would have to prepare this document to secure your interest, as there is nothing on paper [looking at the SNP and the loan docs] to suggest that you have a right over the property.

Option 1 is more viable and is less complicated than Option 2.

Good luck

You can insist on a timeframe to be given to the lawyer if you want to. Any clauses in the SPA is subject to negotiations and approval from both parties. If you think that the purchaser's solicitors would be slacking up to buy more time for the purchaser (like in a scenario where the purchaser is still shopping around for the best loan and needs to buy time), then you can insist for such a clause.

I repeat the last line of my earlier reply, as you may have missed it:

At this stage, you would need to seek legal advice and your lawyer can advise you as to the best method to get your money.



This post has been edited by dariofoo: Oct 31 2011, 04:37 PM

Sorry boss, don't have a crystal ball to get that answer for you.

Humble apologies

You can of course do it yourself if you know how to prepare the cause papers to be filed in Court. I must warn you in advance that it is not a form which you can go to line up at the counter, pick up, pay and collect. It is basically a Court case which will culminate in a hearing before a Deputy Registrar who will make sure that all papers are in order before allowing the executor to obtain the GoP.

Yes, you can, provided that your financial standing is good enough. That is ultimately up to the bank to decide based on their guidelines.



This post has been edited by dariofoo: Oct 31 2011, 04:34 PM

TQVM dariofoo.

I repeat the last line of my earlier reply, as you may have missed it:

At this stage, you would need to seek legal advice and your lawyer can advise you as to the best method to get your money.

-edited-

This post has been edited by ashiezai: Oct 31 2011, 04:39 PM

Thank you Dariofoo,

That is a very informative answer. I will study again the pros/cons and also the cost involved.

Thanks again!!

Hi dariofoo, i have a problem with my new house and hope you can give me some advise.

I signed the S&P on 2/9/2009. And in the S&P stated that the house will be completed within 24months(2year). Expected on 1/9/2011 I can get the key. In the S&P also stated that if any delay, developer with pay purchase penalty for 10% per annual. Start from the agreed completion date.

So I went to the developer office for 1st round clarification. They admitted they delayed 48days.(my house value:313000. so the penalty per month is (31300/365)x48days=4100++). But tat person incharge saying that, there are 2 options for me.

option 1, sign a document that agreed that they only pay back 60% of the actual penalty, then the MISC fee will be waived.

option 2, the penalty total cost - MISC cost = remains then pay back to me which she said roughly RM1.8k++

And she said this is decided by mgmt. I not sure what MISC fees she is talking about, but my wife will bring back the document to me tonight for more details. So far, my wife mentioned to me that 1 of the MISC fees is "garbage fee". I haven't receive the key and this so call "garbage fee" is charge on the purchase or developer?

I'm very unsatisfied with what the developer told my wife today. How I can get back the full amount of the penalty fee?

Please help T_T

During handover of keys there would be several outgoings to be paid to the developer by the purchaser. It could be, among others, deposits for maintenance and utilities. Probably that was what was meant by Misc Fees. By now you would have the said letter and have read the full details of the outgoings.

Do note that you can't delay to accept the keys. Normally a certain number of days is given to the purchaser to collect the keys, failing which it will be deemed to be collected.

As to option 1 or 2, it is all down to dollars and cents. There's nothing legal about it. Calculate and select the option would get you a bigger paycheque from the dev.

Good luck