The Law Society has proposed new fees for property transactions and will submit them this week for approval, hoping they will become effective as early as January. The new package is intended to reduce pressure for an abolition of fixed conveyancing fees which the society says will lead to more fraud cases and a decrease in quality of services. The society also suggested buyers of new flats need not pay an extra fee if they engaged their own solicitor rather than the developer's solicitor. 'We are acting in the interest of the consumers as it may take a year for legislators to consider the relevant amendment of legislation. The Costs Committee should protect consumers' interests and should not refuse to call a meeting again,' said society president, Christopher Chan Cheuk. The Costs Committee, which decides the level of non-contentious legal fees, refused to call a meeting in mid-July, because the Legislative Council was considering whether to abolish fixed fees. The society's council approved the new proposal on Tuesday. It differs from the previous suggestion by introducing a cap on legal fees and a finer classification of property prices to which the fees are pegged. Under the new proposal, properties are classified into different groups with prices in multiples of $500,000. The legal fees are pegged to the property prices but are 30 per cent less than the present level. The fees for different groups will also be capped. For a flat worth about $2 million, the present legal fees are about $28,000. Under the new proposal, they would be $8,000 less. The council meeting also agreed lawyers' firms would return interest incurred on the deposit, above a certain limit.