If you purchased a property using an AmBank housing loan or property financing facility before the individual or strata title was issued, you may subsequently need to complete the Perfection of Transfer (POT) and Perfection of Charge (POC) once the separate title becomes available.
This often takes place several years after the original purchase.
Where the property remains subject to AmBank financing, the perfection process generally involves registering the property into the purchaser’s name and registering the bank’s security interest over the newly issued title.
What Is Perfection of Charge?
Perfection of Charge is the process of formally registering the financier’s charge over the individual or strata title after the title has been issued.
When the property was originally purchased, the individual or strata title may not yet have existed.
Once the title is issued:
- Perfection of Transfer (POT) registers the purchaser as the registered proprietor.
- Perfection of Charge (POC) registers the financier’s security interest over the property.
Where an outstanding housing loan remains, both processes are commonly coordinated as part of the same perfection exercise.
Further reading: Perfection of Transfer & Perfection of Charge in Malaysia
I Have an AmBank Housing Loan. Do I Need Perfection of Charge?
If your property remains subject to AmBank financing when the individual or strata title is issued, Perfection of Charge may be required so that the bank’s security can be formally registered against the title.
The precise requirements will depend on your financing facility, property title and the bank’s applicable procedures.
Are Perfection of Transfer and Charge Usually Handled Together?
Where the property remains subject to an outstanding housing loan, Perfection of Transfer and Perfection of Charge are commonly coordinated together.
The process may generally involve:
- Reviewing the newly issued individual or strata title;
- Preparing the transfer documents;
- Coordinating the relevant bank documentation;
- Arranging execution and stamping;
- Registering the transfer into the purchaser’s name; and
- Registering the bank’s charge over the property.
Upon completion, the purchaser will be reflected as the registered proprietor and the financier’s charge will be registered against the title.
Can TEH & YU Assist With AmBank Perfection of Charge?
If your property is financed by AmBank and your individual or strata title has been issued, you may contact TEH & YU for assistance with the perfection process.
We can review the relevant property and financing documents and advise on the steps required for Perfection of Transfer and, where applicable, Perfection of Charge.
Any work relating to the bank’s charge remains subject to the financier’s applicable requirements and appointment procedures.
What If Another Lawyer Handled My Original SPA?
You may still contact us even if another solicitor handled your original Sale and Purchase Agreement or housing loan documentation.
Individual and strata titles are sometimes issued many years after the original purchase.
You may provide us with the documents currently available so that we can review the status of the matter and advise on the next steps.
What Documents Should I Prepare?
Common documents may include:
- Developer’s letter informing you that the title has been issued;
- Copy of the individual or strata title, if available;
- Sale and Purchase Agreement;
- AmBank Loan Agreement or financing documents;
- Letter of Offer, if available;
- NRIC or passport;
- Correspondence relating to the financing; and
- Previous correspondence relating to Perfection of Transfer or Charge.
If you do not have every document available, you may first provide the documents in your possession for review.
How Long Does Perfection of Transfer and Charge Take?
As a general guide, the process may take approximately 3 to 6 months, depending on the circumstances of the transaction.
The actual timeframe may be affected by:
- execution of documents;
- bank processing requirements;
- stamping;
- developer documentation;
- Land Office or Land Registry processing; and
- any issue affecting the property or title.
The timeframe should therefore be treated as a general estimate.
What If My AmBank Housing Loan Has Already Been Fully Settled?
If the housing loan has already been fully settled, Perfection of Transfer may still be required because ownership of the property may still need to be registered into your name.
Whether Perfection of Charge remains necessary will depend on the financing status and the existing documentation.
You should inform your solicitor that the loan has been settled and provide any available redemption or settlement documents.
Read more: You’ve Settled Your Housing Loan. What Happens Next?
Need Assistance With AmBank Perfection of Transfer & Charge?
If your property is financed by AmBank and the individual or strata title has been issued, you may contact TEH & YU for assistance.
To help us review the matter and provide a quotation, you may provide:
- SPA purchase price;
- loan or financing amount;
- name of the property or development;
- confirmation that AmBank is the financier;
- whether the individual or strata title has been issued; and
- any letter received regarding the issuance of the title.
TEH & YU assists with Perfection of Transfer, Perfection of Charge and related conveyancing matters in Kuala Lumpur and Selangor in Malaysia.
Frequently Asked Questions
What is AmBank Perfection of Charge?
Where the property remains subject to AmBank financing, Perfection of Charge refers to the registration of the financier’s security interest over the individual or strata title after the title has been issued.
Does AmBank require a charge over the property?
AmBank’s current property-loan information states that the property is provided as security for the financing, and its published charges include fees relating to registration of charge.
Are Perfection of Transfer and Perfection of Charge usually handled together?
Where financing remains outstanding, both processes are commonly coordinated as part of the same perfection exercise.
Can TEH & YU assist if another lawyer handled my original SPA?
Yes. You may contact us even if another solicitor handled the original property purchase or financing documentation. We can review the available documents and advise on the next steps.
My title was issued some time ago but I have not completed POT or POC. What should I do?
You should have the available documents and present title position reviewed to determine what remains outstanding.
Need Assistance With a Perfection of Charge?
If the individual or strata title has been issued and your bank requires the charge to be perfected, contact us to discuss the documentation and next steps.