hi dario, morning, can help me to check above price for snp and loan agreement? is the reasonable?

Hi all, in need of some legal advice.

I purchase a property back in 2010 where 3 names being inserted into the S&P agreement. I would like to know what are the cost incurred and any legal hurdles should i remove 1 party from the S&P?

Appreciate any guide/steps/process in doing so.

Thanks

does it mean that i need 2 lawyers ? one is for SPA and another is for bank loan?

Please compare with the samples in v1 of the thread. There's plenty there. Cheers.

Remove? You mean transfer? Is there a charge/assignment over the property in favour of a bank?

Let me put it this way - there are 2 legal paperwork - one for SPA and one for loan doc. For both you need a lawyer to do it. Then you decide whether you engage one lawyer to do both or one to do each. Read this post together with my last post.

ok, thnaks

thanks dario, which is a better practice? will it be better to appoint only one lawyer to do all the stuffs? in terms of charges and fees is it the same?

Logically, it would be faster if one lawyer does both for you, as you eliminate one paper trail. In terms of charges and fees it's the same.

KL leasehold - some require consent, some does not. Like Taman Bandaraya in OKR is leasehold but does not require consent. Have you got a copy of the geran? It'll be stated there. Eventually a search would need to be done so it'll be stated there.

This post has been edited by dariofoo: Feb 27 2012, 12:10 PM

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This post has been edited by LightEnchanter: Feb 27 2012, 02:09 PM

Hi Dario,

My loan solicitor is waiting for the documents from my SPA lawyer before the bank releases the 2nd payment

Would like to check with you:

Can i terminate them as soon as they have furnished all the documents to my loan solicitor?

Terminate them? Like Terminator?

Why? It's almost done. 90%, I'd say. You want to appoint another one and pay full scaled fees to do 10% of the balance work.

I believe u can still recall my story right?

The reasons behind why i want to terminate them are bcoz:
1) They hv been dragging & dragging. I signed the SPA on May 2011, bank paid the 1st payment on early of Jan 2012, until today they still cant send the docs like original strata title & etc to my loan solicitor.
2) Main reason - my marked up in the SPA. It was agreed between the Vendor & myself (letter drafted by the SPA lawyer). Now i m worried that i couldnt get back my marked-up money bcoz the SPA lawyer do not have a physical office. They only hv a virture office. So if they run away with my money, i am gone.

So my intention is to terminate them (i am very sorry to use this word but if they really can act professionally, i won't be so fed up already ) as soon as they handed over all the docs to my Loan Solicitor. So that the bank will pay directly to my new SPA lawyer instead of them.

Or can i seek for your advice?

HI Dariofoo,

Not transfer. I wish to remove 1 of party name.
Not sure what you mean by charge/assignment over the property.

I just would like to know how to initiate such legal mean in removing the party name from the S&P doc.

Thanks

Hi Dariofoo,

My current status of purchasing property from owner are on my S&P lawyer sent out redemption letter to seller's bank.. My loan lawyer stated pending for the letter to proceed further..

May i know how many days/weeks it is usually takes before seller bank reply with the redemption letter ? and from this stage onwards.. how long it does takes before the title are changed to me.. or how long will it take more to complete the overall task..approx. thanks

Hi,

Thanks for the reply. Will check once i obtained the grant.

Sifu help!

I already calculated my loan agreement legal fees but is there other fees like power of attorney bla bla? Somehow the amount from my calculation is a thousand ringgit something more than what it should be

Have you paid their fees? If you terminate them at such late stage, you would still have to pay them full legal fees as invoiced. Are you prepared to do that?

Vendor not represented?

Even if they have a virtual office what's the big deal? There's a law firm in Brickfields who shares his firm with a tailor, side-by-side, and he's a decent fellow.

You can sue the partners in their personal capacity. No need to worry about money as all firms have professional indemnity insurance, so the insurance company will pay you. How much is the marked-up amount?

The marked up value is only RM25k. The current market value of the said property has exceeded the marked-up value oledi though.

Will the insurance company pay for the 'illegal' marked-up value?


I really dunno how to deal with them oledi. Call them, no answer, never return call.

They sent email to my loan solicitor (c.c. to me) on 24/02 (but backdated the letter to 22/02) to send some of the docs to my loan solicitor but my loan solicitor has not received anything yet until today (27/02/12).

My loan solicitor sent 3 letters (1 letter & 2 reminders) to them to ask for such documents including the original strata title but they (the SPA lawyer )didnt even mention it in their letter/email.

They have been giving excuses and lies throughout the whole period oledi.

May i know what shld i do?

This post has been edited by irise.ufall: Feb 27 2012, 06:34 PM