The Solicitors’ Remuneration Order 2023 was gazetted on 12 July 2023 and will take effect on 15 July 2023.
The Solicitors’ Remuneration Order 2005 will be repealed as of 15 July 2023.
The Solicitors’ Costs Committee, chaired by the Chief Judge of Malaya under Section 113 of the Legal Profession Act 1976 approved the Solicitors’ Remuneration Order 2023 on 4 July 2023.
Considering the higher cost of operations for law firms, the order provides for increased rates of the scale fees for conveyancing matters in Peninsular Malaysia.
Conveyancing covers non-litigation (non-court) work that includes sale and purchase agreements, tenancy agreements, lease agreements, transfers, loans, assignments, and so on and so forth. Under the Order, a solicitor may discount up to 25% on the fee specified in Table A of the First Schedule and Table A of the Third Schedule.
No discount may be given on the fee specified in Table B of the First Schedule, the Second Schedule, Table B of the Third Schedule, the Fourth Schedule, the Fifth Schedule and the Sixth Schedule.
The sale and transfer of property valued at RM500,000 and below will now be subject to a conveyancing fee of 1.25%, subject to a minimum of RM500 (previously 1%).
For properties valued between RM500,000 and RM7.5 million, the conveyancing fee is now 1%,
For properties valued exceeding RM7,500,000, subject to negotiation on the excess but shall not exceed 1% of such excess.
However, senior lawyer Datuk Roger Tan, who represented the Malaysian Bar in the Solicitors Costs Committee, assures that those who buy properties from developers who fall under the Housing Development (Control and Licensing) Act will automatically get up to a 50% discount on conveyancing fees.
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