1964_SOLICITORS_(GENERAL)_COSTS_RULES — Page 3

1983 Ed.]

Solicitors (General) Costs Rules

[CAP. 159

G3

[Subsidiary]

(b) mortgages and agreements for mortgage of leasehold property or interests therein;

(c) debentures and agreements for debenture of any kind incorporating a charge on leasehold property or interests therein; and

(d) further charges incorporating leasehold property or interests therein to the extent of the additional amount secured.

2.

(a) In all deeds of exchange of leasehold property the costs shall be based on the value of whichever property or set of properties exchanged has the higher value, as assessed by the Collector of Stamp Revenue, provided that, where properties or sets of properties exchanged are assessed as of equal value, then the costs shall be based on the value of either property or set of properties as so assessed.

(b) For the purpose of ascertaining the costs payable on assignments by a liquidator distributing in specie leasehold property or interests therein to a shareholder, the value, as assessed by the Collector of Stamp Revenue, of the leasehold property or interests therein assigned shall be taken as the consideration for the assignment.

(c) For the purpose of ascertaining the costs payable on mortgages and agreements for mortgage of leasehold property or interests therein for an unspecified amount, the maximum amount to be advanced as advised by the mortgagee on or before the execution of the mortgage or agreement for mortgage shall be taken as the consideration therefor.

3. In all mortgages, agreements for mortgage, debentures, or agreements for debenture, by way of collateral security incorporating leasehold property or interests therein, the costs shall be-

(a) where the consideration stated in the principal security exceeds $100,000.00, one half of the costs set out in this Part on the consideration so stated but nothing in this sub-paragraph shall be construed as to require a solicitor to charge more than $3,000.00; and

(b) where the consideration stated in the principal security does not exceed $100,000.00, a discretionary amount not exceeding $900.00.

4.

(a) In the case of replacement securities the costs shall be-

(i) where the consideration stated in the original security exceeds $100,000.00, one half of the costs set out in this Part on the consideration so stated but nothing in this sub-paragraph shall be construed as to require a solicitor to charge more than $3,000.00; and

(ii) where the consideration stated in the original security does not exceed $100,000.00, a discretionary amount not exceeding $900.00.

(b) "Replacement securities" means mortgages prepared by solicitors solely to meet the requirements of the Land Office consequent upon the grant of a new Crown lease or conditions of exchange, renewal or regrant where immediately prior to such grant owners of leasehold properties have to clear all encumbrances.

5. The scale of costs in this Part shall not apply to the following non-contentious business, which shall be chargeable under rule 5-

(a) a legal mortgage or debenture incorporating leasehold property or interests therein, executed pursuant to an agreement for a mortgage or debenture already charged for under this Part;

(b) the approval of the form of a second or subsequent mortgage or debenture incorporating leasehold property or interests therein on behalf of a mortgagee or debenture holder having priority;

(c) all deeds or agreements for an extension of time for repayment of a mortgage or debenture unless such extension is contained in or is incidental to a further charge;

(d) all deeds and assignments by way of gift;

L.N. 356 of 80.

L.N. 343 of 83.

L.N. 341 of 83.