How Legal Fees Increased Affects Homeowners?

How Legal Fees Increased Affects Homeowners?

Everything you need to know about the new Legal Fees scale and how it’s affected homeowners. 

The revision of the fee structure in the Solicitors’ Remuneration Order by the Bar Council is effective from 15th March 2017.

The revision, which was approved by the Solicitors Cost Committee on Feb 28, is reasonable as the order was last revised over a decade ago, says the National House Buyers Association (HBA).

By now the news of Legal Fees or Conveyancing Fees increased has been well spread and it’s received a mixed reaction from the public.

So, let see what are the changes in the Legal Fees/ Conveyancing Fees when buying a new house or refinancing.

 

For Financing Documents: –

Each subsidiary instrument within the meaning of subsection 4(3) of the Stamp Act 1949 (Act 378), 10% (subject to a minimum fee of RM300 and a maximum fee of RM1200) will be charged.

For buyers of second-hand homes and commercial units, which do not fall under the Housing Development (Control and Licensing) Act, can receive up to 25% discount on conveyancing fees according to their lawyers’ discretion.

Under Construction Property that fall under the Housing Development (Control and Licensing) Act will remain the following discount.

With the increase in legal fees, house buyer has to pay more to own a house. While lots of things were increased in recent months, property price in Malaysia still considerable cheap compare to the neighboring country, Singapore.

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