ADJUSTMENT OF MORTGAGES

Press, Volume LXXII, Issue 21974, 24 December 1936, Page 10

ADJUSTMENT OF MORTGAGES

SCALE OF SOLICITORS' FEES ANNOUNCED THOUSANDS OF APPLICATIONS ALREADY RECEIVED (TKESS ASSOCIATION TELEGBAM.) 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 Zealand. Many more are anticipated, but these must be made not later than January 31. The Minister for Justice (the Hon. H. G. R. Mason) to-day again emphasised the necessity for noting the closing date for applications. Mr Mason said a tremendous amount of detail work had been involved in making preparation for mortgage adjustment under the new act. t The Government Printing Department, for instance, had printed and distributed 600,000 application and instruction forms. Referring to a new lower scale of solicitors' fees, 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 of all concerned. The new scale of fees was as follows:—For mortgages not exceeding £IOOO, it is arranged that £ 212 s6d will cover 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 or an Adjustment Commission up to four hours, with one guinea an hour thereafter. These rates increase with the increase In the amount involved, but even then the higfcer charges will remain moderate.