{"id":57032,"date":"2023-07-13T14:35:30","date_gmt":"2023-07-13T06:35:30","guid":{"rendered":"http:\/\/wordpress-my-161844363.ap-southeast-1.elb.amazonaws.com\/articles\/?p=57032"},"modified":"2023-07-13T15:08:57","modified_gmt":"2023-07-13T07:08:57","slug":"property-legal-fees-increase","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/property-legal-fees-increase","title":{"rendered":"Expect An Increase In Legal Fees For Property Purchases"},"content":{"rendered":"

From 15 July 2023 onwards, expect to pay more in legal fees for certain conveyancing transactions in Peninsular Malaysia.\u00a0 This is due to the fees being raised as a result of a revision in the law to allow lawyers to cope with hikes in operating costs.<\/span><\/p>\n

For the most part, changes to the legal fees will affect transactions involving non-contentious matters. These can include things such as the purchase of movable and immovable properties, tenancies, and financing, according to the Solicitors\u2019 Remuneration Order (SRO 2023)<\/a> that was gazetted on 11 July 2023.<\/span><\/p>\n

Fortunately, there is some good news to come out of this change. Property transactions from licensed housing developers will see an automatic reduction in legal fees by up to 50%, depending on the value.<\/span><\/p>\n

\u201cThe sale and transfer of property valued at RM500,000 and below will now be subject to a conveyancing fee of 1.25 per cent (previously 1 per cent). <\/span><\/p>\n

“For properties valued between RM500,000 and RM7.5 million, the conveyancing fee is now 1 percent,\u201d said senior lawyer Datuk Roger Tan, who represented the Malaysian Bar in the Solicitors Costs Committee (SCC).<\/span><\/p>\n

The new conveyancing fees are as follows:<\/span><\/p>\n