Increase In Conveyancing Fees From 1 May 2021
An increase in the recommended tariff for conveyancing fees has just been published. This is in line with the annual increase in inflation as reflected in the Consumer Price Index. The increase will be effective and applicable to all transfer and bond instructions received as from 1 May 2021.
The increase affects all conveyancing fees, but the most important part relates to the registration of bonds and transfers, where the increase is just short of 4,5%. The best way to assess the change is to look at 3 examples.
For a bond or a transfer with a value of R1 000 000, the attorneys fee component of the costs will now increase from R19 600 to R20 580.
For a bond or a transfer with a value of R3 000 000, the increase will be from R35 600 to R37 180.
For a bond or a transfer with a value of R5 000 000, the increase will be from R51 600 to R53 780.
These figures exclude VAT at the current rate of 15%.