Solicitor's fees

[eagle]

Having been out of the country for a while, have not only come back to a huge increase in property prices -my solicitor's fees have risen over 60% in the last 2 years.
Before I go complaining to him would be interested in some feedback as to whether the below is felt to be a fair price or not.

He has sent a cost estimate of over $1,300 (including GST) for settlement of our buying a (low value) property in an already set up Trust - he has all the documentation for this. There is a 6 week settlement date, so no urgency involved, our mortgage is approved, and there is no LIM for him to cast his eyes over.
In today's market is this a fair price??

[revdev]

Hi Eagle,

Over the past couple of years I have had solicitors fee's ranging from $900 - $1400 depending on the work involved. Of most importance is that I am happy with the work and advice received by my solicitor.

However in saying that he hasn't increased his fee's by 60% during this time. That would also indicate that you were getting some very cheap advice prior to this purchase - not always a good thing!

You could ask for a breakdown of expected costs and compare with previous purchases. If increases are valid, fine - if not, negotiate.

All the best

G

[drelly]

My conveyancing is normally $800-900 inc GST

[essence]

Solicitor's Fees

On a recent purchase, my bank put $750 towards legal fees. I did not ask for this.

Legal fees (for this deal) was $812.

My costs - $812 - 750 = $62.

Not bad, eh?!!

[JohnL]

My last purchase $462 (including GST). Most lawyers are $800 to $1000, but a few range up to $1600 or more.

John

[Cliffy]

My conveyancing when purchasing is usually around $800

[eagle]

Wow! What a range of fees for doing (more or less) the same job - from $462 to $1400!
Revdev - "Of most importance is that I am happy with the work and advice received by my solicitor."

Would I recommend this firm to anyone? Are they worth the fees. As the answer is no it is obviously time to shop around.
Thanks for replies.
Great site

[Cliffy]

Saw an ad in this week's Auckland Property Press for the "Home Transfer Centre"

Costs:

Purchase $699, Sale $599, Refinance $599

incl. GST and disbursements.

https://www.hometransfer.co.nz

[4thecat]

If you don’t need Mortgage, you can do your own conveyancing / settlements.
Will take about 20min of your time, and a old fashioned typewriter.
Cost : about $ 150, or a lot less, depends on if you are selling or buying.
We done about 15-18 of them over the years, But you will get a lot of " lip" from solicitors because they don’t like it very much if you do your own settlements. Because they charge you $800+ for not a lot of work !
This works fine , as long as you have strait forward " Breed and Butter " deals . If things get or look complicated, do use a Lawyer, it’s more to put the vendors/purchasers lawyer into his place . ( they respect an actual Layers " threats" more then yours . ( just in case you have to do this )
But then again, I only had to use a Lawyer 1 over the last 15 deals I did, but only because I got the run around from the Purchaser’s solicitor, so I did hand it over to my solicitor to do the settlement for me.

[payjisan]

Can anyone tell me if one normally has to pay any solicitors fees if a property has not gone unconditional?

thanks~

[RentMaster]

Can anyone tell me if one normally has to pay any solicitors fees if a property has not gone unconditional?

thanks~

I think that depends on whether or not the lawyer has done any work yet. If they have, then you can expect to pay something. If the lawyer has done a title search for example, then you can expect to pay for that, and that should be done prior to going unconditional.

[payjisan]

Thanks for your reply. Thats makes me wonder about the property finders out there - are you instructing your solicitors to not do any work in case a willing assignee can not be found before the unconditional date? (Given that you do not intend to settle yourself.)

I have noticed on some of RM's property deals that they put solicitors details as TBC on the S&P agreements.

I guess this would get around this type of problem...

Any property finders out there wish to share their process?

thanks~

[Don and Liz]

Thats makes me wonder about the property finders out there - are you instructing your solicitors to not do any work in case a willing assignee can not be found before the unconditional date?

To answer that part - this has never happened.

[rustica]

Andrew Stokes Law, in Milford charges up to $800 depending if you need a mortgage or not, a lot of Nth Shore investors I know use him. He is aserbic but effitient, no BS. Really it seems (again) to be about relationships. He does not charge for deals that do not go U/C. In fact he would rather see them than not.

[payjisan]

Thanks for your replies Don and Liz. Rustica thanks also, he sounds like a good solicitor. btw I received an auto reply from an email I sent to your website - congratulations on your latest arrival~