I heard from some bank agent, that we can request for loan legal fee up to 50% discount. Please advise.

Currently my lawyer quoted be as below for loan amount RM352,673.00 (include mrta)

Legal fees (RM):
Facility agreement - 2918.70
Charge anexture - 291.97
Private Caveat - 350.00
Statutory declaration -200
5% Service tax 188.03
TOTAL 3948.60

Disbursement:
Stamp duty -
Facility agreement - 1795.00
Charge anexture - 40.00
Letter of Offer - 10.00
Statutory declaration - 20.00

Affirmation fees
Statutory declaration- 40.00
Statutory declaration(caveat) - 10.00

Reg fees
Charge of anexture - 160.00
Entry of Private Caveat - 360.00
Withdrawal of Private Caveat - 100.00

Search fees OA (x4) - 80.00
Title - 90.00

Travelling Charges
Putrajaya & Stamp office- 80.00
Shah Alam Land Office - 90.00
Bank and others - 120.00

Doc fee to bank - 120.00
Printing and photocopy - 75.00
Tel, fax, courier - 50.00
Misc (include postage)- 50.00

TOTAL: 3290.00

GRAND TOTAL: 7238.00

Please advise what is the possible discount to this amount or it is a fair one. I'm quite confuse by the caveat charges as it also appears in my SnP fee which amounted to 12K+.

Not so sure about all the caveat charges listed there and by looking at it I assume you're buying 2nd hand property since involving caveats.
Anyway am impressed that this lawyer firm basically quoted out quite detail.

Guess the only thing you can negotiate is the item below,
Travelling Charges
Putrajaya & Stamp office- 80.00
Shah Alam Land Office - 90.00
Bank and others - 120.00

Doc fee to bank - 120.00
Printing and photocopy - 75.00
Tel, fax, courier - 50.00
Misc (include postage)- 50.00


The rest are quite standard.

Statutory declaration -200

i have never been charged for this, and i doubt they can charge you for this. get them to remove this.

also, is the same lawyer doing your s&p and loan? if yes, ask them to remove the charges for private caveat.

how many borrowers are there? find out the charges for the affirmation of the statutory declaration. if i am not mistaken, the commissioner charges rm10 or less per signature. ask why yours is rm40.

Charge of annexure - 160.00
looking at one of my invoices here, i was only charged rm120 for this. you could call the land office to confirm, or just confirm with another lawyer.

Entry of Private Caveat - 360.00
Withdrawal of Private Caveat - 100.00

i think this is 340 and 80. at least that is what it says on one of my invoices from my lawyer.

Search fees OA (x4) - 80.00
one OA search is rm12. you can check for yourself at www.myeg.com.my. that is where all lawyers do their searches.

travelling charges will depend on where your lawyer's office is, so i cannot help you there.

a note of advise, don't always go for the firm that offers the higher discount. they will somehow make the money back from you without you knowing.

also, don't go to the firm recommended by your bank officer. it is better to go to a firm recommended by a friend who you are sure is not collecting any commission.

So much headache ...... better go for Zero Entry Cost and let the banks worry about it lah ..........

Hi,

Thanks for the advice.

My bank requested me to use the panel lawyer as my snp lawyer not their panel. Somemore must be from their preferred list.

Anyway, the lawyer quote (diff from above) refuse to give me discount on the disbursement saying that it's standard for all the clients.

Izit true that we can get 50% discount on the loan legal fee and also snp legal fee?

Please advise.

Thank you.

The banks get special rates which they don't give you

if you dont wanna pay the legal fees, the only way is to get ZEC loan, and buy houses from those developers who pay the S&P legal fees

My loan lawyer charge me something called :
ELDS fees to MBB RM150.00. They said this is the bank documentation fee. Is there such fee charges?

Somemore they said it's fix, no discount.

Please advise.

for a 350k+ loan, a legal fee of RM7k is pretty fair

Don't expect bullshit 50% discount. Lawyers are 'not supposed' to give discount for the professional fee from what i know.

Banks get cheaper legal fee as there are certain fees that the banks does not pay the lawyer... Stuff like transportation/photocopy/telephone charges could be waived but why would they do that to a walk in customer?

And also, every firm charge differently when i compared various firms quotation.

My SNP cost me almost 11K, and my loan legal fee cost me around RM5.4K
my loan amount at 353K and property value at 380K.

So total it cost about RM16.4K.

I personally find that a little high.

The loan lawyer is my bank preferred list panel. She would not even care to discount any at the disbursement. Told me it's standard for all customers. But when another fren requested quote from her, the disbursement fees are different from mine too. So what is called standard?

wah, can afford to buy RM380K property but cry to pay legal charges of RM7.

your instalment pun lebih kurang RM2k plus a month so you must be earning lots income already.

dont be so cheapskate lah.

tak malu ke?

lprincess, dont go to the preferred panel. they are not giving you a discount because they have to give the loan officer who recommended the case a cut of the fees. why dont you do your own research, call up a few firms and find out of they are on the panel for the bank - if they are, ask for a quote.

that is the best advice i can give you.

there is no standard
btw, your fren requested for the exact same quote?
every little thing actually affect the legal fees

MYTH?
Why don't i freaking get a cut from my bank panels' .....
Only if i personally refer the customer over, i get a little token of appreciation ... otherwise, i don't think i am getting anything.

lprincess, yup the ELDS fee is applicable..

discount or no discount, its just a myth to consumers.. only if your in the industry... only then you'll know the truth...

hey its just like life... we dont even understand what those politicians are doing until one day.. we become one of them

Have you finalize everything? S&P & Loan Agreement & Stuff?

if not yet just pm me n i'l get one of my friend lawyer to quote for your case.. see whether same charge onot

belliejellie..if you don't have anything constructive to say, then keep your opinion to your self please.
Your civilized attitude is much appreciated

I recently bought a 400K property and the legal fee is around RM6K. I'm not sure about the breakdown and have since took a zero entry cost housing loan package. My stamp duty would be RM7K+ so I believe the amount you're quoted for is pretty accurate. You can reduce loan agreement up to 50% but that doesn't mean the overall fee minus 50% because the discountable part is just a small portion of the overall amount

This post has been edited by clawhammer: Sep 26 2008, 11:09 PM

I just found this.
It's a long read but you guys can compare the prices listed to this.
http://www.hba.org.my/faq/solicitor/Solici...onOrder2006.pdf

Also, a site to calculate stamp duty:
http://www.jpph.gov.my/V1/kira_dutisetem.php?versi=1

For property less or equal to RM250k, after keying the amount...divide it by 2 as it's 50% waiver as tailored in Budget 2007.

This post has been edited by b00n: Oct 1 2008, 11:01 AM