Dear all,

As per title, when to pay the legal fee and stamping fee for both S&P and loan agreement?

1. Pay 2% earnest deposit (during signing of purchase form)
2. Pay 8% of the D/P balance (during signing of S&P)
3.
4.

Then when I have to pay all the legal fee and stamping fee?

As long as within the 90 days after the S&P date? Or pay altogether during signing the S&P?

Appreciate for the quick advice as it does determine my decision to purchase a property within these 2 days. Thanks all.

snp / loan legal fees payable upon signing. stamping fees payable before stamping. usually lawyer will ask you to pay together upon signing.

The legal fees and disbursements due to the solicitors should be paid when you sign the agreements (ie the time when you paid the 8%). Solicitors need the money to help you proceed with your matter because bear in mind, they are not in the business of advancing so if they stop proceeding with your matter if you didn't pay them then don't go chasing after their tail.

The 90 days period is for you to settle the balance 90% of the purchase price which could come from your loan (if you managed to secure 90% margin). If you obtained less than 90% (say, 70%) then you need to pay to your solicitors the difference of 20% so that they or the vendor's solicitors can release the confirmation to enable your financier disburse your facility.

Take note, without settling the legal fees/disbursements and the differential sum, your financier may not want to disburse the loan which will result in your delay in settling the balance purchase price which then results in late payment interest.

I know this may come out crude but bear this in mind and for all prospective purchasers, if you are having difficulties in coughing out the monies necessary for purchasing properties or is waiting for monies to come from somewhere to settle the current one then you are not likely in the position to invest at all.

This post has been edited by shaniandras2787: Jan 9 2017, 02:57 PM