Developer charged late payment interest
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 Feb 11 2019, 12:32 PM
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#21
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Junior Member
283 posts Joined: Sep 2009  
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QUOTE(azhan82 @ Feb 11 2019, 11:49 AM) lawyer taking 15 days just to stamp.. LEL 15 days to stamp is quite normal, depends on lhdn because lhdn need to assess the amount.anyway.. you need to pay laa.. and then sue your lawyer to recover the cost..  |
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Feb 11 2019, 12:36 PM
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Junior Member
290 posts Joined: Nov 2014
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Request from lawyer for chronology report, said u need to submit to bank to void interest from bank. It will have time frame when u sign the agreement with lawyer till doc release.
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Feb 11 2019, 12:38 PM
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#23
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Senior Member
4,884 posts Joined: Jan 2003 From: Petaling Jaya 
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QUOTE(255247 @ Feb 11 2019, 11:53 AM) but the lawyer is developer side..i didnt pay any $ lawyer fees.. Lol, now you know why it's free |
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Feb 11 2019, 12:38 PM
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Senior Member
758 posts Joined: Aug 2008
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bank ahhhh salah slowpoke
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Feb 11 2019, 12:39 PM
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Senior Member
5,363 posts Joined: Apr 2005 From: กรุงเทพมหานคร BKK
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Lawyer is bank panel one usually
U straight shoot a letter to bank negara cc your bank They will whack the panel lawyer for you. |
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Feb 11 2019, 12:41 PM
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Senior Member
1,037 posts Joined: Jul 2009
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if the amount is huge, can engage other lawyer to fight back
https://www.freemalaysiatoday.com/category/...ty-court-rules/ This post has been edited by mroys@lyn: Feb 11 2019, 12:42 PM |
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Feb 11 2019, 12:59 PM
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Junior Member
61 posts Joined: Jan 2019
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QUOTE(255247 @ Feb 11 2019, 11:42 AM) Hi guys, Have you already received the key to the property? I saw you mentioned drawdown payment, usually during this stage any transactions is between your bank and developer. If developer never receive drawdown payment then they need to contact the bank not the buyer.Wanna seek your advice/opinion about my case. I made booking to new condo at end of Oct. then apply loan and sign letter offer in December also sign the loan agreement and S&P document with lawyer on 23 December 2018. Then first progress billing letter issued was 28 Dec that request stage 2 payment need to be paid before 2 Feb 2019. so i keep calling and chasing lawyer firm and banker to fast fast executed my document before Feb.. 8 Jan- Lawyer firm sent all documents to bank for execution. 18 Jan - Bank returned all documents to lawyer firm for stamping. 31- Lawyer firm finished stamping and sent letter of advice to bank for drawndown payment. mid of Feb - developer saying that bank hasnt release payment. so i will be charge on late payment interest. im so confusing with the progress.. what should i do now and how can i waive the interest as this is not my fault.. and seems lawyer firm and bank also wont admit is their fault too... |
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Feb 11 2019, 01:08 PM
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Senior Member
1,288 posts Joined: Sep 2012
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QUOTE(255247 @ Feb 11 2019, 11:53 AM) but the lawyer is developer side..i didnt pay any $ lawyer fees.. make a report to bar council..suspend their practicing licensemake a report to all the banks which the lawyer is a panel..get them delisted in short fuck up their rice bowl make them beg. or absorb the LPI. ensure its in writing |
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Feb 11 2019, 01:56 PM
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Junior Member
218 posts Joined: Aug 2012
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actually you have two options:
1) ask developers for waivers. most of the friendly developer will quite lenient specially if this is the first drawdown. 2) just pay the late interest charge, i guess the amount is not too big vs your house purchase price. sometimes, it is just not worth the hassle of being taichi here and there. |
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Feb 11 2019, 04:20 PM
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Newbie
5 posts Joined: Dec 2017
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QUOTE(noobz4ever @ Feb 11 2019, 12:36 PM) Request from lawyer for chronology report, said u need to submit to bank to void interest from bank. It will have time frame when u sign the agreement with lawyer till doc release. but the interest is charged from developer to me coz my bank didnt make payment to developer on time..  |
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Feb 11 2019, 04:20 PM
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Newbie
5 posts Joined: Dec 2017
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QUOTE(noobz4ever @ Feb 11 2019, 12:36 PM) Request from lawyer for chronology report, said u need to submit to bank to void interest from bank. It will have time frame when u sign the agreement with lawyer till doc release. but the interest is charged from developer to me coz my bank didnt make payment to developer on time.. |
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Feb 11 2019, 04:23 PM
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Newbie
5 posts Joined: Dec 2017
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QUOTE(aidris87 @ Feb 11 2019, 12:59 PM) Have you already received the key to the property? I saw you mentioned drawdown payment, usually during this stage any transactions is between your bank and developer. If developer never receive drawdown payment then they need to contact the bank not the buyer. yes. i just signed off the S&P last 2 months and the condo is under construction yet. next year only can get the key. i called the developer and they said they didnt received the first payment from bank. if past due then purchaser will need to bear for the late payment interest which is 10% of first billing.. few thousands ringgit.. it's first payment from bank to developer |
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Feb 11 2019, 04:24 PM
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Newbie
5 posts Joined: Dec 2017
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QUOTE(tifosi @ Feb 11 2019, 12:19 PM) I had a similar case, delay was at the lawyer's end and they can come out with 1000000000 excuses why they are not liable. So negotiated with the developer and pay some part of the interest. you experienced this problem too? how you settled it at the end? property still have to pay ?The hassle of suing the lawyer to ask them for negligible sum, forget about that. Lesson learn, for next property, chase the lawyer everyday and escalate to the BAR council of things are not moving. |
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Feb 11 2019, 04:26 PM
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Junior Member
438 posts Joined: Oct 2009
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macam my brother punya case
bank lambat release fund, so owner kena bear the late payment interest really stupid. it was bank harimau kuning. |
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Feb 11 2019, 04:28 PM
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#35
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Senior Member
7,356 posts Joined: Aug 2015 
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I am in the same predicament as well. Calling the developer first thing tomorrow morning to settle this. Wish me luck.
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Feb 11 2019, 04:31 PM
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Newbie
5 posts Joined: Dec 2017
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QUOTE(coolguy99 @ Feb 11 2019, 04:28 PM) I am in the same predicament as well. Calling the developer first thing tomorrow morning to settle this. Wish me luck. developer dy sent you the letter informing to charge u late payment interest? |
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Feb 11 2019, 04:32 PM
Show posts by this member only | IPv6 | Post
#37
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Senior Member
7,356 posts Joined: Aug 2015
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QUOTE(255247 @ Feb 11 2019, 04:31 PM) developer dy sent you the letter informing to charge u late payment interest? Yes they call it interest notice. |
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Feb 11 2019, 04:33 PM
Show posts by this member only | IPv6 | Post
#38
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Newbie
4 posts Joined: Jan 2019
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Write to developer to waive the penalty. State the chronology. Developer might waive the penalty
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Feb 11 2019, 04:38 PM
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Senior Member
1,644 posts Joined: May 2007 From: Penang
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QUOTE(255247 @ Feb 11 2019, 11:53 AM) usually stamp these loan document need how many days? You sort of agreed to the timeline in the S&P?.... aiks reply to wrong post, but yeah since you agreed to the timeline, you bear all the delays that resulted in the late paymentThis post has been edited by duHwaN: Feb 11 2019, 04:39 PM |
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Feb 11 2019, 04:39 PM
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Senior Member
4,361 posts Joined: Oct 2010 From: KL
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QUOTE(ycs @ Feb 11 2019, 11:56 AM) you using developer lawyer, habis la when i bought my property, the lawyer is from developer, and clearly tell us, they are from developer side. and they will act on behalf of developer. if i'm uncomfortable with it, i can get my own lawyers.  how you know lawyer not acting for developer benefit first? he mentioned this in a polite way |
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