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Legal Matters - March 2020

New prescribed conveyancing fees implemented


New prescribed conveyancing fees implemented

As from 31 January this year, conveyancing fees for the registration of properties and mortgage bonds have increased.

This announcement was published in Government Gazette No. 7085 of 30 December 2019 by the Ministry of Land Reform and the instruction became operative as from 31 January 2020.

These increased conveyancing tariffs concern the registration of two activities, namely the transfer of any immovable property (erven and agricultural land) as well as the registration of any mortgage bond pledged towards the buying of such property.

However, this increase does not apply to sectional title transfers or the registration of any sectional mortgage bonds.

The current conveyancing tariffs of sectional titles remain unaltered and will continue to apply as in the past.

The new prescribed conveyancing tariffs concern the purchase price of the immovable property or, in the case of a donation transfer, the amount of the sworn valuation accepted for the immovable property.

In the case of mortgage bonds, the new tariffs are applied on the capital amount applicable.

These tariffs are then determined as follows:
Where the value of the property or the amount of the bond is less than N$ 500 000, the fees are as agreed between the parties, but shall not be more than N$ 5 000. Similarly, if the value lies between N$ 500 000 and N$ 600 000, the fees shall not be more than N$ 6800. Where the value lies between N$ 600 000 and N$ 1000 000, the fees shall be N$ 11 160 plus N$ 1 540 per N$ 100 000 or part thereof above N$ 600 000. Where the value lies between 1 and 5 million Namibian Dollars, the fees shall be N$ 18 860 plus N$ 1 540 per N$ 200 000 or part thereof above up to and including N$ 5 million. Lastly, should the value be more than N$ 5 million, the fee shall be N$ 49 660 plus N$ 1 925 per N$ 500 000 or part thereof above N$ 5 million.

Administrative fees payable to the Deeds Registry for each transaction have been increased from N$ 300 to N$ 345. Nevertheless, taxes payable to the Receiver of Revenue in respect of transfer duty and stamp duty have remained unchanged.

Kindly use the cost calculator at www.wkh-law.com, which will give options based on the services required and the nature of the parties involved. A distinction is made between sectional title registrations and free-standing erven and others; and whether natural persons or legal entities are paying the duties.

Enquiries may be forwarded to the conveyancing office of Dr Weder, Kauta and Hoveka at 061 275 550.


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