A RESTRICTED form of competition for property conveyancing was yesterday proposed by the Law Society, which said astute property buyers might be able to halve their conveyancing fees.
Law Society president Roderick Woo Bun said he thought the new system was fair to both the public and lawyers.
After a lengthy meeting, the body's council proposed setting base fees for property sales in five bands based on the price of the property.
As long as solicitors quoted figures higher than this, the amount paid would be subject to negotiation.
For properties between $2 million and $5 million, the base fee would be $16,000, covering agreement for sale and assignment.
The scale fees at present run from $16,750 for a $2 million flat up to $32,000 for a $5 million flat.