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Legal issues/questions - Anything to do with lawyers and banks
- Thread starter wuqi256
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Re: SG Loan of Msian Loan Better ? Hidden Costs ?
Property cooling measures affecting entire Malaysia. Effective 1 May 2014, foreigners can only purchase properties above RM1 million* in Malaysia.However, projects that had already received its development order (DO) approval will be exempted. This means foreigners can still buy below the minimum purchase price for projects that have already been launched even after 1 May 2014.
Property cooling measures affecting entire Malaysia. Effective 1 May 2014, foreigners can only purchase properties above RM1 million* in Malaysia.However, projects that had already received its development order (DO) approval will be exempted. This means foreigners can still buy below the minimum purchase price for projects that have already been launched even after 1 May 2014.
Re: SG Loan of Msian Loan Better ? Hidden Costs ?
I am the cash buyer for the property in Seri Austin (<RM600K) and managed to get the state of consent approved last year in April. However, the validity of the consent from the State Authority is only for one (1) year of which the property needs to be registered to the Purchaser’s name within that period and before that can be done you need to pay the full amount of the purchase price to the Developer.
As of today, I have already paid 35% purchase price to developer and I was told by my solicitor today that I have to settle a full amount of the purchase price to the developer before the state of consent expire in 30th April 2014. No extension is allowed even the property purchased in early 2013. The reason is the new regulation of RM1 million for foreigner is going to take effective on 1st May 2014.
Any of the cash buyers here been affected and having options from their solicitor to settle this? Any of the experts here can advise?
I am the cash buyer for the property in Seri Austin (<RM600K) and managed to get the state of consent approved last year in April. However, the validity of the consent from the State Authority is only for one (1) year of which the property needs to be registered to the Purchaser’s name within that period and before that can be done you need to pay the full amount of the purchase price to the Developer.
As of today, I have already paid 35% purchase price to developer and I was told by my solicitor today that I have to settle a full amount of the purchase price to the developer before the state of consent expire in 30th April 2014. No extension is allowed even the property purchased in early 2013. The reason is the new regulation of RM1 million for foreigner is going to take effective on 1st May 2014.
Any of the cash buyers here been affected and having options from their solicitor to settle this? Any of the experts here can advise?
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Re: SG Loan of Msian Loan Better ? Hidden Costs ?
There should be a payment term in your S&P agreement.
The payment request normally come from the developer not from the lawyer.
Even new rule kick in on 1st May, there is no such thing that payment has to made full before 30 Apr 2014.
My condo only complete end of Dec 2014, no request from developer to make full payment before 30 Apr 2014.
May i know how long it takes for your state consent to approve from application submitted ?
There should be a payment term in your S&P agreement.
The payment request normally come from the developer not from the lawyer.
Even new rule kick in on 1st May, there is no such thing that payment has to made full before 30 Apr 2014.
My condo only complete end of Dec 2014, no request from developer to make full payment before 30 Apr 2014.
May i know how long it takes for your state consent to approve from application submitted ?
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Re: SG Loan of Msian Loan Better ? Hidden Costs ?
Please check the expiry date of your state consent, is it 30 Apr 2014 ?
How long it takes your state consent to approve from the day of application submission last year ?
Please check the expiry date of your state consent, is it 30 Apr 2014 ?
How long it takes your state consent to approve from the day of application submission last year ?
Re: SG Loan of Msian Loan Better ? Hidden Costs ?
A lot of policy changes will have an impact on foreign buyers. At least after 01May2014, most of the uncertainties will be cleared. Meanwhile, those caught negatively, good luck!
A lot of policy changes will have an impact on foreign buyers. At least after 01May2014, most of the uncertainties will be cleared. Meanwhile, those caught negatively, good luck!
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Re: SG Loan of Msian Loan Better ? Hidden Costs ?
Have you paid the state consent fee?If yes there is no reason it has got expired date
Have you paid the state consent fee?If yes there is no reason it has got expired date
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Re: SG Loan of Msian Loan Better ? Hidden Costs ?
regarding the one year expiry for state consent, someone said in this forum before it can be renewed by lawyer, need to pay a fee of few hundred ringgit though...
regarding the one year expiry for state consent, someone said in this forum before it can be renewed by lawyer, need to pay a fee of few hundred ringgit though...
Re: SG Loan of Msian Loan Better ? Hidden Costs ?
Mine took around 2 months for approval. It's mentioned in the consent letter, 1 year from the date of approval (30th April 2013). My property is below 1 mils. Thus, not allow to renew.
Mine took around 2 months for approval. It's mentioned in the consent letter, 1 year from the date of approval (30th April 2013). My property is below 1 mils. Thus, not allow to renew.
Re: SG Loan of Msian Loan Better ? Hidden Costs ?
Yes, you are right. I was told that I have to pay RM500 to nenew my state of consent. However, the new regulation does not allow me to renew due to my property purchase price was below 1 mils.
Yes, you are right. I was told that I have to pay RM500 to nenew my state of consent. However, the new regulation does not allow me to renew due to my property purchase price was below 1 mils.
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Re: SG Loan of Msian Loan Better ? Hidden Costs ?
Why cannot renew ? What new regulation ? the new rule not even regulated and confirmed. Only clearer picture and confirmation on 1st May 2014. If cannot renew means you cannot own the property you just bought after 1st May 2014 ?
Why cannot renew ? What new regulation ? the new rule not even regulated and confirmed. Only clearer picture and confirmation on 1st May 2014. If cannot renew means you cannot own the property you just bought after 1st May 2014 ?
Re: SG Loan of Msian Loan Better ? Hidden Costs ?
I asked the same questions too. Anyway, asking the developer to check with other lawyers as well. The only option from my lawyer is to settle the full payment before my consent expired on 31st April.
I asked the same questions too. Anyway, asking the developer to check with other lawyers as well. The only option from my lawyer is to settle the full payment before my consent expired on 31st April.
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Faizul Hilmy & Chew have hidden fees not according to SRO
My BIL is using the legal services of Tan & Lee appointed by HH.
Very good customer service, responsive, and professional. Fees are charged according to SRO.
But his another unit which is assigned to Faizul Hilmy & Chew is terrible.
Very poor customer service, unresponsive, fees are very expensive and not charged according to SRO.
My BIL is using the legal services of Tan & Lee appointed by HH.
Very good customer service, responsive, and professional. Fees are charged according to SRO.
But his another unit which is assigned to Faizul Hilmy & Chew is terrible.
Very poor customer service, unresponsive, fees are very expensive and not charged according to SRO.
Re: Faizul Hilmy & Chew have hidden fees not according to SRO
Sure hope that Tan & Lee is fast and responsive as I need my seller's bumi release letter from them. Have until June this year to get my state consent according to SPA if not seller can just refund my deposit and terminate sale.
My BIL is using the legal services of Tan & Lee appointed by HH.
Very good customer service, responsive, and professional. Fees are charged according to SRO.
But his another unit which is assigned to Faizul Hilmy & Chew is terrible.
Very poor customer service, unresponsive, fees are very expensive and not charged according to SRO.
Sure hope that Tan & Lee is fast and responsive as I need my seller's bumi release letter from them. Have until June this year to get my state consent according to SPA if not seller can just refund my deposit and terminate sale.
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Re: Faizul Hilmy & Chew have hidden fees not according to SRO
Whu say you have until June this year ? My agent told me only until 30 Apr 2014.
Whu say you have until June this year ? My agent told me only until 30 Apr 2014.
Re: Faizul Hilmy & Chew have hidden fees not according to SRO
My SPA conditions says 6 +3 months to get state consent and it was dated sept 2013.
My SPA conditions says 6 +3 months to get state consent and it was dated sept 2013.
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Re: Faizul Hilmy & Chew have hidden fees not according to SRO
http://business.asiaone.com/news/387000-cap-foreign-house-buyers-johor-may-1
GELANG PATAH, Malaysia - The new ceiling price of RM1mil (S$387,000) for foreigners buying properties in Johor will only be effective from May 1.
Mentri Besar Datuk Mohamed Khaled Nordin said that the new ruling would also not affect developers who had received planning approval for their projects before the date.
Related LinksMalaysia to charge foreigners 4-5% fee for Johor property
Johor to raise taxes on properties owned by thousands of foreigners
D-Day for foreigners eyeing Johor property
This, he said, would give developers more time to sell their residential properties, which had been offered to foreign buyers at the previous minimum ceiling price of RM500,000 per unit.
"If we don't give them more time, they (developers) will have problems selling the properties at the old price.
"Hence, there will be a property glut," Mohamed Khaled told reporters at the pre-launch of 351 units of affordable houses that were priced between RM80,000 and RM150,000 by UEM Sunrise Bhd here yesterday.
Effective yesterday, the ceiling price of foreigners buying properties in Kuala Lumpur, Labuan and Putrajaya was RM1mil per unit, up from RM500,000 previously.
The Economic Planning Unit had on Friday said that for other states, the actual enforcement date was subject to the respective state authorities.
Asked if the presence of international property developers in Iskandar Malaysia, especially those from China, would create a glut in Johor, Mohamed Khaled said this was unlikely to happen.
Admitting that there were concerns about large-scale projects by international property developers that offered thousands of units of residential properties, he said that they had a strong financial background.
"You must understand that they are big players with a strong financial background.
"We believe they are able to sustain their projects and sell off their products," he added.
On another matter, Mohamed Khaled said that action would be taken against developers who failed to build affordable houses despite having received approval from the authorities.
The state government, he said, had identified a total of 100 developers, who had built other residential properties instead of constructing some 160,000 units of affordable homes.
The project by UEM Sunrise would also see the company pledging to build 10,000 units of affordable homes in Gerbang Nusajaya, which will be launched in phases starting this year.
http://business.asiaone.com/news/387000-cap-foreign-house-buyers-johor-may-1
GELANG PATAH, Malaysia - The new ceiling price of RM1mil (S$387,000) for foreigners buying properties in Johor will only be effective from May 1.
Mentri Besar Datuk Mohamed Khaled Nordin said that the new ruling would also not affect developers who had received planning approval for their projects before the date.
Related LinksMalaysia to charge foreigners 4-5% fee for Johor property
Johor to raise taxes on properties owned by thousands of foreigners
D-Day for foreigners eyeing Johor property
This, he said, would give developers more time to sell their residential properties, which had been offered to foreign buyers at the previous minimum ceiling price of RM500,000 per unit.
"If we don't give them more time, they (developers) will have problems selling the properties at the old price.
"Hence, there will be a property glut," Mohamed Khaled told reporters at the pre-launch of 351 units of affordable houses that were priced between RM80,000 and RM150,000 by UEM Sunrise Bhd here yesterday.
Effective yesterday, the ceiling price of foreigners buying properties in Kuala Lumpur, Labuan and Putrajaya was RM1mil per unit, up from RM500,000 previously.
The Economic Planning Unit had on Friday said that for other states, the actual enforcement date was subject to the respective state authorities.
Asked if the presence of international property developers in Iskandar Malaysia, especially those from China, would create a glut in Johor, Mohamed Khaled said this was unlikely to happen.
Admitting that there were concerns about large-scale projects by international property developers that offered thousands of units of residential properties, he said that they had a strong financial background.
"You must understand that they are big players with a strong financial background.
"We believe they are able to sustain their projects and sell off their products," he added.
On another matter, Mohamed Khaled said that action would be taken against developers who failed to build affordable houses despite having received approval from the authorities.
The state government, he said, had identified a total of 100 developers, who had built other residential properties instead of constructing some 160,000 units of affordable homes.
The project by UEM Sunrise would also see the company pledging to build 10,000 units of affordable homes in Gerbang Nusajaya, which will be launched in phases starting this year.
Re: Faizul Hilmy & Chew have hidden fees not according to SRO
Tan & Lee is good. Sent them the request on monday and on friday the same week, they gave us the bumi release letter. Keeping my fingers crossed that I can get the state consent soon...
Tan & Lee is good. Sent them the request on monday and on friday the same week, they gave us the bumi release letter. Keeping my fingers crossed that I can get the state consent soon...
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Re: Faizul Hilmy & Chew have hidden fees not according to SRO
When did you submit your state consent ?
When did you submit your state consent ?
Re: Faizul Hilmy & Chew have hidden fees not according to SRO
SPA dated sept 2013. My lawyer submitted for state consent in oct 2013 as seller took time to pay her outstanding bills on the house. Land office asked for bumi release letter in mid jan 2014 and it took time as seller did not help insisting it is our responsibility. We dug through the forms and finally found out who was her previous lawyer 2 weeks ago.
SPA dated sept 2013. My lawyer submitted for state consent in oct 2013 as seller took time to pay her outstanding bills on the house. Land office asked for bumi release letter in mid jan 2014 and it took time as seller did not help insisting it is our responsibility. We dug through the forms and finally found out who was her previous lawyer 2 weeks ago.
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