Hi Sifu here, seek some advice on the cost of refinancing.

I am doing refinance at RM330K. Below are the quotation. I saw someone doing 500K loan but the fees only little bit higher???

Legal Fees
1. Facility Agreement RM2,750
2. 1st Charge RM275
3. Purchase Undertaking RM275
4. Deed of Promise/Deed of Trust RM0
5. Power of Attorney RM275
6. Entry & Withdrawal of Private Caveat RM350
7. Discharge of Charge RM300
8. Consent to Charge RM0

Legal Fees before tax RM4,436.25
Add : 5% Service Tax RM211.25
Total Legal Fees RM4,436.25



Disbursements
1. Stamp Duty on Facility Agreement (less 20% waiver)+2copies RM1336

2.Stamp Duty :
a) 1st Charge RM40
b)Power of Attorney RM40
c) Purchase Undertaking RM30
d) Deed of Promise/Deed of Trust RM0
e) Power of Attorney RM40
f) Discharge of Charge Rm10
g)Letter of Offer RM10
h) Statutory Declaration - Occupation & Bankruptcy RM20

3. Registration Fees :
a) 1st Charge RM120
b) Power of Attorney RM80
c) Entry & Withdrawal of Private Caveat RM420
d) Discharge of Charge RM70
e) Consent, CTC Title & Application Consent to Charge RM0

4. Search Fees :
a) Land Title RM120
b) Bankruptcy Search Fees RM80
c) Winding Up Search RM0

5. Admin Fees RM20
6. Miscellaneous RM50
7. Finance of Fees RM100
8. Photostating/Fax/Tel/Courier, etc RM80
9. Transport, postage, etc RM250
10. Others Rm250

Total Disbursements Rm2916


Total Legal Fees + Disbursements RM7352.25


Thanks for your time.

Wah...sifu memang sifu... yes. Why?

Hi Dario,

Thanks for reply. I see. They charge 3 x Power some more . Any reason why they do so?

So you think the quote is ok?

And one more question on strata title. I have done MOT from developer already. So will this refinancing will cause me another MOT process later? I know there will be 1 when I fully settled my loan right?

Regards;

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Added on June 15, 2011, 1:31 pmPosted another message before noticed your reply here

Ok, got some updates from my banker. The total fees is for legal firm to charge to bank as a draft (not final yet. I put the legal fees and MRTA on loan amount. Its a Amanah Loan). Got some discount on fees from above quotation. Thanks for your advice.

This post has been edited by kmf165: Jun 15 2011, 03:16 PM

Hi Seremban_2

10 firms? They told me have to get their panel firm and they have only 50 in Malaysia. Not sure true not. But I am ok with the quotation already as they give discount.

Anyway, I will still check with them on what Dario mentioned. Especially bankruptcy search, kenapa banyak kali? tak pecaya aku belum bankrupt kah?

>>Even the bank panel lawyer over charge the client, the law firm cann't by pass the HSBC HQ as the person in charge who release the legal fees knows the correct billing and will erase the unrelated or unwanted charges.

If they are brothers?

No worry. I wont follow that suggestion. I stick to the current one and fight for fair quotation, thats all.

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Added on June 21, 2011, 9:47 amHonestly I didnt go and ask from other firm. I just study around forum here with those prices.

And yes, the service which more concerned. They willing to travel to my place for drafted copy and explain, guide me to the statements in the agreement whenever the Q I asked, so I feel satisfy on that. Also, this is my second time with law firm, their process are very fast. 2 days after I confirmed the offer letter they managed to get ready all docd for me to sign.

Got the final quotation, below are some of the charges which Dario highlighted.

- Purchase Undertaking -> Told me that diff bank needs diff item. And HSCB required that.
- Bankruptcy Search --> from 80 to 20 now.
- Admin Fee --> Wrong/typo by me after get the final original copy. Should be Affirming Fees.
- Land Title --> Still RM120. But they giving good % discount on Facility Agreement. So I one eye close la.
- Others --> Removed.


Many thanks

This post has been edited by kmf165: Jun 21 2011, 09:47 AM

Hi dario,

How's day?

I am in the middle of refinance. Possible if you can drafty tell how is the process flow in between banks and lawyer from after signing the offer letter till the end?

I called the lawyer can told that they waiting release of money from current bank to ex-loan bank. What next actually?

From what I can find out.
1. Sign letter offer and legal doc
2. Ex-bank issue confirmation letter on how much my is balance
3. Current bank pay my balance in ex-bank
4. ....
5. ....
10. I got $$$ from refinancing in bank.


Thanks for your time.

Hi bro, its also call a BBB mode hor? haha.

Hmmm, didnt realized that it have more steps to process. So from your listed, 6 - 12, tentatively how long it goes? It was a month since I signed.

Thanks for your helps.

Orite taikor, thanks a lot!