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Thread: Unlock CPF, needs to engage and pay lawyer fees?

  1. #1
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    Default Unlock CPF, needs to engage and pay lawyer fees?

    I called my bank yesterday with regards to using my excess cpf to pay off some bits of my existing home loan.

    Banker says need to check cpf board as well as to engage a lawyer to process this.

    I am puzzled cos I tot I already long time ago activated the cpf to tie in with my property. Now the lawyer quoted $1.2-$1.5k fee to do the necessary paperwork.

    Is this fee reasonable? The lawyer was the same firm that helped us settled the purchase of the same ppty.


  2. #2
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    Quote Originally Posted by pod View Post
    I called my bank yesterday with regards to using my excess cpf to pay off some bits of my existing home loan.

    Banker says need to check cpf board as well as to engage a lawyer to process this.

    I am puzzled cos I tot I already long time ago activated the cpf to tie in with my property. Now the lawyer quoted $1.2-$1.5k fee to do the necessary paperwork.

    Is this fee reasonable? The lawyer was the same firm that helped us settled the purchase of the same ppty.

    If you are already using CPF to service your house mortgage and wish to reduce the mortgage by using excess funds, then no need to engage lawyer. You can go to CPF website and print out the appropriate form and submit it to your bank. They will do the necessary.

  3. #3
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    Quote Originally Posted by pod View Post
    I called my bank yesterday with regards to using my excess cpf to pay off some bits of my existing home loan.

    Banker says need to check cpf board as well as to engage a lawyer to process this.

    I am puzzled cos I tot I already long time ago activated the cpf to tie in with my property. Now the lawyer quoted $1.2-$1.5k fee to do the necessary paperwork.

    Is this fee reasonable? The lawyer was the same firm that helped us settled the purchase of the same ppty.

    I heard from someone it is about $500 but I don't know if it is because his is small PC.

    You can refer to this website as a reference.
    For DBSS flats , it is already $320.

    http://mycpf.cpf.gov.sg/Members/Gen-...CPFHSG_CPL.htm


    For private properties, members often obtain recommendations from the financial institutions providing their housing loan. You may enjoy cost savings if the same law firm acts for both the Board and the financial institutions.

  4. #4
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    RSG,

    Cannot le, CPF says must go thru lawyers. Bo pian..

    Princess,

    Ya, for HDB around $200++

    PC is cowboy town pricing it seems.


    Feel very sian to pay such 'fees' for your own cpf... weird right.. need lawyer to clear the paperwork that the house belongs to u la.. blah blah blah.. when the house already belongs to us... caveat like done many years ago... wah piang.. why make it so costly and 'difficult' for home owners..

    Not like we take extra loan to buy new house.. we using our own cpf money le...

    Now seems to suck thumb pay lawyers...

  5. #5
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    if already linked monthly instalment through cpf should be able to pay lump sum for capital repayment. need to give bank notice usually one month by filling up their form. but still need to payment request through cpf website just as you will do for any revision in instalment amount. this is provided there is no penalty involved.

  6. #6
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    Quote Originally Posted by Komo View Post
    if already linked monthly instalment through cpf should be able to pay lump sum for capital repayment. need to give bank notice usually one month by filling up their form. but still need to payment request through cpf website just as you will do for any revision in instalment amount. this is provided there is no penalty involved.
    Problem is many years ago.. cpf not enuff money although i did give instructions to activate cpf. So now after 6mths, cpf deemed it as new application. Need to pay lawyer again.

    Paying $1k is mad just to activate our own CPF. Somethg is wrong somewhere. House is still sitting there. Bank still the same. We are just paying via CPF, not borrowing new loan or wat? This is just a opportunity by some administrators in between this application to earn seriously 'easy' money from their respective desks.

    Also we are not revising any amount, basically just wana use our excess cpf to pay our own house at the same rate and same conditions.

  7. #7
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    Find one that is also in the panel of lawyer of CPF board if you really need a lawyer to process it. Usually cheaper.
    Quote Originally Posted by pod View Post
    I called my bank yesterday with regards to using my excess cpf to pay off some bits of my existing home loan.

    Banker says need to check cpf board as well as to engage a lawyer to process this.

    I am puzzled cos I tot I already long time ago activated the cpf to tie in with my property. Now the lawyer quoted $1.2-$1.5k fee to do the necessary paperwork.

    Is this fee reasonable? The lawyer was the same firm that helped us settled the purchase of the same ppty.


  8. #8
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    Quote Originally Posted by DC33_2008 View Post
    Find one that is also in the panel of lawyer of CPF board if you really need a lawyer to process it. Usually cheaper.
    Ya... we did... Apparently our lawyers already sits there in the panel.

  9. #9
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    Quote Originally Posted by pod View Post
    Ya... we did... Apparently our lawyers already sits there in the panel.
    If I understand correctly you are not currently using CPF for your property and want to now tap on your CPF money. In that case lawyer's services is required because by using CPF, you are subjected to CPF regulations and in the event of a sale of the property, the amount taken out from CPF must be returned to CPF from the sale proceeds. There are legal formalities to be fulfilled that has to be done by a conveyancing lawyer. Too bad.

  10. #10
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    that's why when u buy new properties, always activate CPF (lawyer is free in the beginning) ... even pay $1 also is good
    Ride at your own risk !!!

  11. #11
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    Anyway it does not cost any money to do it then.
    Quote Originally Posted by phantom_opera View Post
    that's why when u buy new properties, always activate CPF (lawyer is free in the beginning) ... even pay $1 also is good

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    Quote Originally Posted by phantom_opera View Post
    that's why when u buy new properties, always activate CPF (lawyer is free in the beginning) ... even pay $1 also is good
    but ST said he has already activated the CPF when purchasing the property

  13. #13
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    Quote Originally Posted by pod View Post
    Problem is many years ago.. cpf not enuff money although i did give instructions to activate cpf. So now after 6mths, cpf deemed it as new application. Need to pay lawyer again.
    Did CPF grant approval in your initial request even though you have yet to trigger any payment? Is this property linked to your CPF account? If not, then your instructions apparently wasn't processed in the first place.

  14. #14
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    Quote Originally Posted by Cupcakes View Post
    but ST said he has already activated the CPF when purchasing the property
    Yes, TS mentioned that he activated it but did not use it initially and 6 months later, it expired, so he has to get a lawyer to put in a new application.
    Got liddat meh?

    I thought once approval gotten at the beginning, then you can just request for it to be withdrawn whenever you want?

    Cos I remember last time my lawyer (at the first meeting) asked us to put in an application for approval to use our cpf funds even though one of us didn't have enough funds at that time. He said this is so that in future if we wanna use it, we could send in a request.

  15. #15
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    Singaporeans like to use cpf to clear as much debt as possible. Why have to pay all via cpf? can earn more returns by not doing so.

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    and when they retire with no saving. then blame there are no social network look after them?

    Why should other people pay for the mis planning of those individuals???
    “Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
    ― Martin Luther King, Jr.

    OUT WITH THE SHIT TRASH

    https://www.facebook.com/shutdowntrs

  17. #17
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    Quote Originally Posted by pod View Post
    RSG,

    Cannot le, CPF says must go thru lawyers. Bo pian..

    Princess,

    Ya, for HDB around $200++

    PC is cowboy town pricing it seems.


    Feel very sian to pay such 'fees' for your own cpf... weird right.. need lawyer to clear the paperwork that the house belongs to u la.. blah blah blah.. when the house already belongs to us... caveat like done many years ago... wah piang.. why make it so costly and 'difficult' for home owners..

    Not like we take extra loan to buy new house.. we using our own cpf money le...

    Now seems to suck thumb pay lawyers...

    someone have to do the searches. and make sure u are not a bankrupt , any mortgage with banks etc... basic stuff that have to be done.
    “Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
    ― Martin Luther King, Jr.

    OUT WITH THE SHIT TRASH

    https://www.facebook.com/shutdowntrs

  18. #18
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    Quote Originally Posted by phantom_opera View Post
    that's why when u buy new properties, always activate CPF (lawyer is free in the beginning) ... even pay $1 also is good


    yes active it. don't use also can. just get lawyer to write in to apply while they are doing the searches.
    “Nothing in the world is more dangerous than sincere ignorance and conscientious stupidity.”
    ― Martin Luther King, Jr.

    OUT WITH THE SHIT TRASH

    https://www.facebook.com/shutdowntrs

  19. #19
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    Keep enough to earn good returns.
    Quote Originally Posted by Royston8H View Post
    Singaporeans like to use cpf to clear as much debt as possible. Why have to pay all via cpf? can earn more returns by not doing so.

  20. #20
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    Quote Originally Posted by princess_morbucks View Post
    Yes, TS mentioned that he activated it but did not use it initially and 6 months later, it expired, so he has to get a lawyer to put in a new application.
    Got liddat meh?

    I thought once approval gotten at the beginning, then you can just request for it to be withdrawn whenever you want?

    Cos I remember last time my lawyer (at the first meeting) asked us to put in an application for approval to use our cpf funds even though one of us didn't have enough funds at that time. He said this is so that in future if we wanna use it, we could send in a request.

    CPF board says cannot. 6mths no use = bye bye = fresh application.

    Our current intention was to use our 'excess' cpf to pay ppty loan so that could free up our cash installments for current outstanding ppty loan so that we have more disposable income for other bulk expenses, eg cash savings for family tour or kids expenditure etc etc.

    Anyway decided not to pay unnecessary legal fees again. Will hold this idea for 3mths and see how things goes. eg. Bank interests rates, economic inflation etc etc

    I guess by now, everyone would have known that cpf gives better interests rates over banks etc etc. But everyone's needs and risk appetite changes as we age. A 25yr fresh grads needs r different from a 50+yr old whose stress level is highly co-related with the amount of outstanding loan he/she has as well as the health level to continue to work till retire.

    So yes, everyone has their valid points in this discussion. For me, my dream is to retire early and read the papers wo heart attack

    *my intention is just to pay installments, Not clear all my cpf la ok? steady

  21. #21
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    It is always good to have more cash. Look at the contagion EM currency now. US QE tapering may slow down again. Opportunities are coming again.
    Quote Originally Posted by pod View Post
    CPF board says cannot. 6mths no use = bye bye = fresh application.

    Our current intention was to use our 'excess' cpf to pay ppty loan so that could free up our cash installments for current outstanding ppty loan so that we have more disposable income for other bulk expenses, eg cash savings for family tour or kids expenditure etc etc.

    Anyway decided not to pay unnecessary legal fees again. Will hold this idea for 3mths and see how things goes. eg. Bank interests rates, economic inflation etc etc

    I guess by now, everyone would have known that cpf gives better interests rates over banks etc etc. But everyone's needs and risk appetite changes as we age. A 25yr fresh grads needs r different from a 50+yr old whose stress level is highly co-related with the amount of outstanding loan he/she has as well as the health level to continue to work till retire.

    So yes, everyone has their valid points in this discussion. For me, my dream is to retire early and read the papers wo heart attack

    *my intention is just to pay installments, Not clear all my cpf la ok? steady

  22. #22
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    Quote Originally Posted by pod View Post
    CPF board says cannot. 6mths no use = bye bye = fresh application.
    OMG!
    Liddat i will also kena !
    So maybe as you say, just leave the money in the CPF and earn the better interest.

  23. #23
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    Quote Originally Posted by princess_morbucks View Post
    OMG!
    Liddat i will also kena !
    So maybe as you say, just leave the money in the CPF and earn the better interest.
    It is best to have CPF to deduct minimum $10 every mth to pay home mortagage. The rest u can use cash.

  24. #24
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    Quote Originally Posted by star View Post
    It is best to have CPF to deduct minimum $10 every mth to pay home mortagage. The rest u can use cash.
    How come the law firm never advise us on this??
    Last time my lawyer said just apply to CPF for approval so that in future we can ask to withdraw the cash from cpf whenever we want.

  25. #25
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    What do you mean by 6months no use? Can you please elaborate? I thought just activate the account with $1 is good enough.
    Quote Originally Posted by pod View Post
    CPF board says cannot. 6mths no use = bye bye = fresh application.

    Our current intention was to use our 'excess' cpf to pay ppty loan so that could free up our cash installments for current outstanding ppty loan so that we have more disposable income for other bulk expenses, eg cash savings for family tour or kids expenditure etc etc.

    Anyway decided not to pay unnecessary legal fees again. Will hold this idea for 3mths and see how things goes. eg. Bank interests rates, economic inflation etc etc

    I guess by now, everyone would have known that cpf gives better interests rates over banks etc etc. But everyone's needs and risk appetite changes as we age. A 25yr fresh grads needs r different from a 50+yr old whose stress level is highly co-related with the amount of outstanding loan he/she has as well as the health level to continue to work till retire.

    So yes, everyone has their valid points in this discussion. For me, my dream is to retire early and read the papers wo heart attack

    *my intention is just to pay installments, Not clear all my cpf la ok? steady

  26. #26
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    Quote Originally Posted by DC33_2008 View Post
    What do you mean by 6months no use? Can you please elaborate? I thought just activate the account with $1 is good enough.
    I think what he means is that he applied to use CPF initially, then maybe withdrew a lumpsum, but then subsequently did not use it, then later wanna take out a lumpsum for payment but already more than 6 month ago since he withdrew from CPF , so must reapply again.

  27. #27
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    My lawyer has told me to just activate my CPF with an initial $1 and I can use my CPF in future. Do you think if it is still valid?
    Quote Originally Posted by princess_morbucks View Post
    I think what he means is that he applied to use CPF initially, then maybe withdrew a lumpsum, but then subsequently did not use it, then later wanna take out a lumpsum for payment but already more than 6 month ago since he withdrew from CPF , so must reapply again.

  28. #28
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    Quote Originally Posted by DC33_2008 View Post
    My lawyer has told me to just activate my CPF with an initial $1 and I can use my CPF in future. Do you think if it is still valid?
    That was what I was told too, ie just activate it for future use.
    In fact one of us did not have enough funds at that time, but the lawyer said to apply for approval just in case in future he decides to use it.

  29. #29
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    Quote Originally Posted by princess_morbucks View Post
    I think what he means is that he applied to use CPF initially, then maybe withdrew a lumpsum, but then subsequently did not use it, then later wanna take out a lumpsum for payment but already more than 6 month ago since he withdrew from CPF , so must reapply again.

    U r so cute. U knw me so well.. lol

    Yep... thats wat happened. So more then 6mths... dust settled.. cpf insists on new application. Must engage lawyer to do all the bla h blah bla blah again... even thou, we didnt do refinance, ppty the same.. our TDSR didnt get any worse... cpf growing... blah bla blah...

    So yes, need to engage Panel lawyer recommended by CPF board to apply again.

    Its just like HDB season parking, If u stop using the season carpark for more then 3-6mths ( I cant remember?) then they will assume u dun qualify to renew. U need to do fresh application again at the branch office, bring ur ic, documents blah blah blah.. only thing is this application no need pay admin fees

  30. #30
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    Quote Originally Posted by pod View Post
    U r so cute. U knw me so well.. lol

    Yep... thats wat happened. So more then 6mths... dust settled.. cpf insists on new application. Must engage lawyer to do all the bla h blah bla blah again... even thou, we didnt do refinance, ppty the same.. our TDSR didnt get any worse... cpf growing... blah bla blah...

    So yes, need to engage Panel lawyer recommended by CPF board to apply again.

    Its just like HDB season parking, If u stop using the season carpark for more then 3-6mths ( I cant remember?) then they will assume u dun qualify to renew. U need to do fresh application again at the branch office, bring ur ic, documents blah blah blah.. only thing is this application no need pay admin fees
    OMG...so it is really true !
    Haiz......
    Yours is already TOP , I presume, and you are living in it?

    Anyone knows whether it applies to BUC?
    If the loan is disbursed > 6 months later, ie you apply for CPF usage at the beginning but only get to use it > 6 months later, will the lawyer's fee apply as well?

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