Legislation Update – Amendments to the Solicitor’s Remuneration Order

 

The Solicitors’ Remuneration (Amendment) Order 2017 (“SRAO”) has been gazetted and came into effect on 15th March 2017. The SRAO increases the rate of the scale of fees to the First Schedule (fees for sales and transfers) and the Third Schedule (fees for charges, debentures, and other security or financing documents) of Solicitors’ Remuneration Order 2005 (“SRO”), which sets out the scale of fees payable in property transactions, including sale and purchase transactions (subsale and developer transactions) and charges, debentures, and other security or financing documents.

A)   First Schedule (fees for sales and transfers)

The SRO is amended by substituting for the First Schedule the following Schedule:

salentransfer

B) Third Schedule (fees for charges, debentures, and other security or financing documents

The SRO is amended by substituting for the Third Schedule the following Schedule

chargrs

C) Discount

SRAO would permit lawyers to grant a discount of up to 25% on the fees for specified non-contentious business. The SRAO replaces the old paragraph 6 of SRO with the following:

“6. Discount

 (1)  A solicitor may give a discount of up to 25% on fees specified in the First and Third Schedules, except for any transaction governed by the Housing Development (Control and Licensing) Act 1966 [Act 118] or any subsidiary legislation made under the Act.

 (2)  No discount may be given on fees specified in the Second, Fourth, Fifth and Sixth Schedules.