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  • Solicitor's bill

    Seems to be my week for getting large bills!

    My bank screwed me around, so I had to quickly find finance elsewhere. This led to a late settlement by about three weeks. While I realise there was some added solicitor time getting new instructions/liaising with two banks, the final bill is double what a normal conveyancing would run to. It came in at over $2800. Is this in the right ballpark?
    My blog. From personal experience.
    http://statehousinginnz.wordpress.com/

  • #2
    Legal costs escalate pretty quickly when non-standard work starts to be added in. An extra $1,500 may be 6 hours at $250/hr - seems a bit high but not at all unheard of.

    It's a shame, since you'll probably also be hit by penalty interest on the contract too!
    AAT Accounting Services - Property Specialist - [email protected]
    Fixed price fees and quick knowledgeable service for property investors & traders!

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    • #3
      Originally posted by Anthonyacat View Post

      It's a shame, since you'll probably also be hit by penalty interest on the contract too!
      Actually I caught a break there - they only charged me for two days. $70-80.
      My blog. From personal experience.
      http://statehousinginnz.wordpress.com/

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      • #4
        Is this all for the same property in Rotorua? Lawyers, bank, tradies, plumber, cleaners... sounds like a rough one!

        (ps: stick with it, it gets better!)
        Free online Property Investment Course from iFindProperty, a residential investment property agency.

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        • #5
          Originally posted by Nick G View Post
          Is this all for the same property in Rotorua? Lawyers, bank, tradies, plumber, cleaners... sounds like a rough one!

          (ps: stick with it, it gets better!)
          It has been a very rough ride. It had better be worth it! Have finally started renting it as a Bookabach this month (hence the problems with cleaners) so money is finally coming in and I'm quite pleased with the level of bookings for this first month. Onwards and upwards!

          Will be looking to relocate another dwelling onto it in due course.
          My blog. From personal experience.
          http://statehousinginnz.wordpress.com/

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          • #6
            Originally posted by sidinz View Post
            Seems to be my week for getting large bills!

            My bank screwed me around, so I had to quickly find finance elsewhere. This led to a late settlement by about three weeks. While I realise there was some added solicitor time getting new instructions/liaising with two banks, the final bill is double what a normal conveyancing would run to. It came in at over $2800. Is this in the right ballpark?
            Hard to tell without seeing time sheets Sidinz. I presume the final settlement would have been conducted as quickly as humanly possible once the final loan instructions came in, and haste is usually not time efficient, so that fee is not obviously unreasonable.

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            • #7
              Originally posted by sidinz View Post
              Have finally started renting it as a Bookabach this month so money is finally coming in and I'm quite pleased with the level of bookings for this first month. Onwards and upwards!
              Don't read this story, then!

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              • #8
                I know, right? Just when you thought that short-term rentals were safer from cooks than long-term ones.
                My blog. From personal experience.
                http://statehousinginnz.wordpress.com/

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