MORTGAGE ACT.

Ashburton Guardian, Volume 57, Issue 64, 24 December 1936, Page 5

MORTGAGE ACT.

SCALE OF SOLICITORS’ FEES. ADJUSTMENT APPLICATIONS. WELLINGTON, December 23. Thousands of applications for the adjustment of mortgages, under the Mortgagors and! Lessees Rehabilitation Act have already been received by the adjustment commissions throughout New Zealapd. Many more are Anticipated, but these must he made. not later than January 31. The Minister for Justice (the Hon. HL G. R. Mason) to-day again emphasised the •necessity for noting the closing date for applications. ’

Mr Mason said a tremepdoiis amount of detail work had been involved in making preparation for mortgage adjustment under the new Act. The Government Printing Department, fo,r instance, had printed and distributed 600,000 application and instruction forms.

An order-in-council was approved today fixing the scale of solicitors’ fees for the' administration of the Mortgagors and Lessees Rehabilitation Act. The scale of fees was fixed after, discussions between the Minister for Justice (the Hon. H. G. R- Mason) and the Law Society. Two sets of fees were approved, one covering applications and the ailing in of forms and attendances outside actual hearings before Adjustment Commissions or tlie Court of Review, and the other set covering the heaving itself. Each set is graduated according to the value of the property involved. Referring to tlie new lower scale, the Minister strongly advised every mortgagor who would be affected in any way by the Act to consult a. solicitor. A very moderate scale of fees had been devised to. bring this technical service within the reach oi all concerned. The new scale of fees was as follow: — For mortgages not exceeding -61000, it is arranged that £2 12s 6d will covoi all the work of preparation of the application forms and incidental work. A fee of two guineas will cover the appearance before the Court of Review of an Adjustment Commission up io four hours, with one guinea an hour thereafter. These rates increase ivith the increase in the amount involved, but even then the higher charges will remain moderate.