If you purchased a property using a Maybank housing loan or 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 commonly happens several years after the original purchase. You may receive a notice from the developer or its solicitor informing you that the individual or strata title has been issued and that further documentation is required.
Where the property remains financed by Maybank, the perfection process generally involves registering the property into your name and, where applicable, registering the bank’s charge over the newly issued title.
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What Is Perfection of Charge?
Perfection of Charge is the process of registering the financier’s security interest over an individual or strata title after the title has been issued.
When the property was originally purchased, the separate title may not yet have existed. Once the title is issued, Perfection of Transfer is carried out to register the purchaser as the registered proprietor.
Where the housing loan remains outstanding, Perfection of Charge is then required to register the financier’s charge over the property.
In simple terms:
Perfection of Transfer (POT) registers the property ownership in the purchaser’s name.
Perfection of Charge (POC) registers the bank’s security interest over the property.
Where financing remains outstanding, POT and POC are commonly coordinated as part of the same perfection exercise.
Further reading: Perfection of Transfer & Perfection of Charge in Malaysia
I Have a Maybank Housing Loan. Do I Need Perfection of Charge?
If your property remains subject to Maybank 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 exact requirements will depend on your financing facility, the status of the title, the existing financing documents and the bank’s applicable requirements.
If you receive a letter informing you that the title has been issued, it is therefore advisable to have the matter reviewed rather than leaving the perfection process outstanding.
Are Perfection of Transfer and Charge Usually Done Together?
Yes. Where the property remains subject to an outstanding housing loan, Perfection of Transfer and Perfection of Charge are commonly handled together.
The process generally involves reviewing the newly issued title, preparing the transfer and charge documents, arranging for execution and stamping, and submitting the relevant documents for registration.
Once completed, 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 Maybank Perfection of Charge?
If your property is financed by Maybank 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 required steps for Perfection of Transfer and, where applicable, Perfection of Charge.
Our ability to act in relation to the bank’s charge will remain 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 or strata titles are sometimes issued many years after the original purchase. By that time, you may no longer be dealing with the original solicitor.
We can review the available documents and advise on the next steps, subject to the requirements of the relevant financier.
What Documents Should I Prepare?
Common documents may include:
- the developer’s letter informing you that the individual or strata title has been issued;
- copy of the individual or strata title, if available;
- Sale and Purchase Agreement;
- Loan Agreement or financing documents;
- correspondence from Maybank relating to the property or financing;
- NRIC or passport; and
- any previous correspondence relating to Perfection of Transfer or Perfection of 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 matter.
The actual timeline may be affected by document execution, stamping, bank processing requirements, developer documentation and the processing time of the relevant Land Office or Land Registry.
What If My Maybank Housing Loan Has Already Been Fully Settled?
If the housing loan has already been fully settled, Perfection of Transfer may still be required because the property ownership still needs to be registered in your name.
Whether Perfection of Charge remains necessary will depend on the financing status and the relevant 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?
How Much Does Perfection of Transfer and Charge Cost?
The total cost will depend on the property, financing and documents required.
The amount payable may include legal fees, stamp duty, registration fees, land searches and other necessary disbursements.
A quotation can be prepared after the relevant property and financing information has been provided.
Need Assistance With Maybank Perfection of Transfer & Charge?
If your property is financed by Maybank and the individual or strata title has been issued, you may contact TEH & YU for assistance with the perfection process.
To help us review the matter, you may provide your SPA purchase price, loan amount, property or development name, details of your financier 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, Malaysia.
Frequently Asked Questions
What is Maybank Perfection of Charge?
It refers to the registration of the financier’s security interest over the individual or strata title where the property remains subject to Maybank financing.
Are Perfection of Transfer and Perfection of Charge usually done together?
Where an outstanding housing loan remains, both processes are commonly coordinated as part of the same perfection exercise.
Can TEH & YU assist if another lawyer handled my original purchase?
Yes. You may contact us for a review even if another solicitor handled your original SPA or housing loan documentation. Any Perfection of Charge work remains subject to the financier’s applicable requirements.
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 current 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.