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Property News

MyCC raises concern over rise in conveyancing fees

MyCC chairman Hishamudin Yunus said talks with the Bar Council to dismantle the fixed conveyancing prices since 2015 had failed.

PETALING JAYA: The Malaysia Competition Commission (MyCC) has expressed concern over the increase in conveyancing fees by the Solicitors’ Costs Committee under the newly enacted Solicitors’ Remuneration Order (SRO) 2023.

MyCC chairman Hishamudin Yunus said the increase “goes against the spirit of competition” despite the fact that the Competition Act 2010 technically excludes the SRO from its scope.

“This increase is not the first as the Bar Council increased conveyancing fees in 2017,” he said in a statement today.

On Thursday, it was reported that property legal fees were expected to rise following amendments to the SRO.

The new SRO was approved by the Solicitors’ Costs Committee on July 4.

Chief Judge of Malaya Zabidin Diah chairs the committee, which also includes Suzana Atan, who represents the attorney-general, chief registrar Azhaniz Teh Azman Teh and four advocates and solicitors.

The adjustments in legal fees will impact transactions involving non-contentious matters, such as the sale and purchase of movable and immovable properties, financing and tenancies.

Hishamudin said MyCC has engaged the Bar Council since 2015, seeking to establish a precedent by encouraging the dismantling of fixed conveyancing fees.

“We acknowledge that our earlier efforts to persuade the Bar Council were unsuccessful. Be that as it may, we respectfully urge the Bar Council to reconsider, or at the very least, delay the implementation and continue discussions with us,” he said.

He also said the Bar Council could set a positive example by promoting competition within the market.

“If the Bar Council agrees to dismantle its fixed conveyancing fees, other professional bodies would also adopt a similar approach,” he said.

Hishamudin also said the action taken by the Bar Council contradicts the government’s efforts to enhance housing affordability and mitigate the impact of the rising cost of living.

Source: FMT News

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