Legal issues/questions - Anything to do with lawyers and banks

[1nottiboy]

Insurance rates are usually better in SG. So for pure coverage, just go thru a few agents in SG to compare rates. some will ask you for proof of loan. some wont. also, you may want to consider buying a type of insurance called Universal Life. It's a little more expensive than the regular mortgage insurance but it is good for legacy planning. approach your private banker or agent for details.

having said that, I am still getting the minimum mortgage insurance (RM50k coverage) from my MY banker. Cos the bank will loan me 85% of valuation with insurance versus 80% without.

Not sure if this has been asked before regarding MRTA and MLTA.

Bank loan is about RM600000 for 25 years

Let's say I don't want both MRTA or MLTA. Can I buy a 25-35 years term insurance in Singapore for say $500000 which covers the bank loan and will still leave money also for dependents if the unfortunate happens? I am being offered MLTA but annual premium is between RM6000 and RM10000. MRTA depends on number of years bought but is between RM10000 and RM40000 lump sum.

I feel term insurance is better, somewhere in between in terms of premiums paid but sum assured much much higher. Any good advice?

 

[1nottiboy]

Met a lawyer yesterday to ask her how much she charges for SPA and loan legal fees for a RM1 million property. She quoted RM10K. can anyone share their experience on legal fees costs or if 10k is reasonable?

thanks in advance.

 

[Frodo]

Insurance rates are usually better in SG. So for pure coverage, just go thru a few agents in SG to compare rates. some will ask you for proof of loan. some wont. also, you may want to consider buying a type of insurance called Universal Life. It's a little more expensive than the regular mortgage insurance but it is good for legacy planning. approach your private banker or agent for details.

having said that, I am still getting the minimum mortgage insurance (RM50k coverage) from my MY banker. Cos the bank will loan me 85% of valuation with insurance versus 80% without.

Fortunately for me Stanchart in MY offered 90% without requiring MRTA. Now I am just wondering if a term insurance would suffice as a better hedge than MLTA or MRTA, what are your views?

 

[Chocolate]

I went with Mr Kee of Mak, Ng, Shao & Kee located at City Square. Not sure of their charges as it is absorbed by the developer. Mr Kee is a nice honest chap who's quite efficient, but then again, I am not sure of his charges as it's all absorbed....

Thanks for the recommendation. He is indeed honest. My friend spoke to him and was told that the transfer can't be done as she is a Singaporean and the property is worth only 250K RM.Her dad is also Singaporean but bought it before the 500K RM criteria was imposed.I am posting this for info of any others who may in future need this info. She was almost cheated by a lawyer in Kota Tinggi who told her he could do the transfer for 7K. Mr Kee has advised her to ask her dad to make a will instead, leaving the property to her.

 

[westman]

Re: Knowing your rights in Malaysia

Typically.. which bank offer 80% loan to property purchase in Malaysia?

Out of 5 banks.. 2 offer came in with 70% approval becos they took the nett purchase price after discount from developer...still waiting for the other ...

Got lobang for 80% loan?

 

[1nottiboy]

And you are Singaporean?

Fortunately for me Stanchart in MY offered 90% without requiring MRTA. Now I am just wondering if a term insurance would suffice as a better hedge than MLTA or MRTA, what are your views?

 

[Frodo]

And you are Singaporean?

Yes. Born and bred in Singapore.

 

[westman]

Yes. Born and bred in Singapore.

Bro.. does it make any dif?

 

[Frodo]

Bro.. does it make any dif?

No. Malaysians can get 90%, Singaporeans also can get 90% loan.

 

[westman]

Really? How to? You got banker to intro?

 

[RedsYNWA]

Thanks for the recommendation. He is indeed honest. My friend spoke to him and was told that the transfer can't be done as she is a Singaporean and the property is worth only 250K RM.Her dad is also Singaporean but bought it before the 500K RM criteria was imposed.I am posting this for info of any others who may in future need this info. She was almost cheated by a lawyer in Kota Tinggi who told her he could do the transfer for 7K. Mr Kee has advised her to ask her dad to make a will instead, leaving the property to her.

Haha I see I see.....i think his charges are not the cheapest, though I dont mind paying a few $k more for peace of mind..... For a case with another lawyer, I still cannot get the title deed for more than 1 year despite that the property was fully paid in cash at the onset. No replies to calls or emails.

P.S. it's for my co, and not me hor......me not so rich to pay in cash....lol

 

[Daydreamer]

Met a lawyer yesterday to ask her how much she charges for SPA and loan legal fees for a RM1 million property. She quoted RM10K. can anyone share their experience on legal fees costs or if 10k is reasonable?

thanks in advance.

Ours only 6k for RM800k.

 

[Daydreamer]

No. Malaysians can get 90%, Singaporeans also can get 90% loan.

I thought foreigners only get max 80% margin.

 

[Frodo]

I thought foreigners only get max 80% margin.

I used a loan consultant who used her network of bankers to get the ideal loan. I was offered 78% - 90% by different banks, but high margin can be offset by lower valuation. It's like a game played by banks.

 

[1nottiboy]

Wow! dunno how you do it. just to share that Public Bank offered me 85%. The rest 80%.

Yes. Born and bred in Singapore.

 

[1nottiboy]

noted with thanks.

Ours only 6k for RM800k.

 

[potter]

In BI sales office building (opp tesco), a few lawyer firms already setup there. Just a heads up.

 

[cass888]

Fucking loser. You think lawyers so free to go down with you to developer's office to sign? You pick a lawyer, follow their rules of engagement, go down their office to sign documents etc, you pay $2,500.00 all in. You want them go your house, your office etc you jolly well pay extra.

Ask for discount? After agreeing on a fee? Good luck.

Also be aware of lawyers trying to fleece you by charging you for visits to the developer to sign S&P, once you pay this charge, more charges will normally come your way. Be not afraid to go to the Bar council to complain ifyou find any dodgy characters. Go for reputable law firms where possible. Getting the cheapest lawyer may notalways work out well. That being said, always do remember to ask for a discount even after conclusion of a successful deal. Though not in practice officially, it is still a norm to ask for and get a discount.

 

[macbookair]

Fucking loser. You think lawyers so free to go down with you to developer's office to sign? You pick a lawyer, follow their rules of engagement, go down their office to sign documents etc, you pay $2,500.00 all in. You want them go your house, your office etc you jolly well pay extra.

Ask for discount? After agreeing on a fee? Good luck.

why the need for expletives? are you a lawyer? $2500- where in malaysia /johor can get such rates?

Are you being in tune with the discussion here? Were you talking about Sg lawyers?

Lawyer so what ? they are providing a service and if service not good, then they will not see repeat biz and no referrals.

It is a norm to ask for discount in legals fees in Johor. if you dont you are being fleeced.

I just wonder what makes you so confident/arrogant in your language used....

 

[cass888]

why the need for expletives? are you a lawyer? $2500- where in malaysia /johor can get such rates?

Are you being in tune with the discussion here? Were you talking about Sg lawyers?

Lawyer so what ? they are providing a service and if service not good, then they will not see repeat biz and no referrals.

It is a norm to ask for discount in legals fees in Johor. if you dont you are being fleeced.

I just wonder what makes you so confident/arrogant in your language used....

Any banker can arrange a $2,500 a conveyancing transaction lawyer for you.