Legal Fees for Property Transactions - Discharge of Charge and Deed of Reassignment
We are now in the fifth installment in my series on Legal Fees for Property Transactions. Today, I will share with you the scale legal fees applicable for Discharge of Charge and Deed of Reassignment. If you have finished paying your loan and wish to redeem your immovable property pledged as security, you will need to go through a procedure known as the Discharge of Charge (if your property comes with individual document of title or strata title) or the signing of a Deed of Reassignment.
As always, it would be beneficial if you read the introduction to the Legal Fees before continuing reading here if you have not done so earlier. A reading of that introductory article would give you an idea of what this article is all about.
The scale fees chargeable by a solicitor in respect of Discharge of Charge and Deed of Reassignment are prescribed in the Fourth Schedule of the Solicitors’ Remuneration Order 2005:- Read more
Legal Fees for Property Transactions - Charges, Debentures and other Security or Financing Documents
Our fourth installment in my series on Legal Fees for Property Transactions is the scale legal fees for Charges, Debentures and other Security or Financing Documents. In case you may be wondering, Charges are also known as Mortgages in some other countries, especially in the UK. As always, it would be beneficial if you read the introduction to the Legal Fees before continuing reading here if you have not done so earlier. A reading of that introductory article would give you an idea of what this article is all about.
The scale fees chargeable by a solicitor in respect of Charges, Debentures and other Security or Financing Documents are prescribed in the Third Schedule of the Solicitors’ Remuneration Order 2005:-
| Amount secured or financed | Scale of Fees |
| For the first RM150,000 | 1.0% subject to a minimum fee of RM300 |
| For the next RM850,000 | 0.7% |
| For the next RM2,000,000 | 0.6% |
| For the next RM2,000,000 | 0.5% |
| For the next RM2,500,000 | 0.4% |
| Where the amount secured or financed is in excess of RM7,500,000 | Negotiable on the excess but shall not exceed 0.4% of such excess |
| For the principal instrument | Full scale fee |
| For each subsidiary instrument within the meaning of subsection 4(3) of the Stamp Act 1949 | 10% of scale fee (subject to minimum fee of RM200 and a maximum fee of RM1,000) |