I have been in the process of getting some land transferred to create a large block suitable for development.
I own two neighbouring properties.
I am getting land transferred from one of the properties to the other and also buying some land off my neighbour. So three titles are being changed with two of them being in my name.Here is a breakdown of the costs according to my conveyancer.
Conveyancer fee $990
Plan deposit fee $140
Application fee $340 (what is this for)
New title fees $250
Bank production fees $770 (this seems like a lot for a few copies of titles)
(I have not included stamp duty and payment to neighbour)Are these normal conveyancing costs for handling 3 titles.
Thanks for any input.State and area your in?
Regards
MichaelMick C | Shape Home Loans
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Thats sounds rich, my clients pay between $500 and $700 at the most
The conveyancer is only getting $990. The rest are fees.
I am a solicitor and wouldn't do any conveyancing for this price as it is very high risk for little rewards.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Agree with Terry.
The $600-700 fee you see advertised is for standard purchases – You pay for what you get,
Regards
MichaelMick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone MeSame Banks. Better Rates. Served With a Passion.
One solicitor I heard of did the conveyancing and got the GST wrong on a $2mil property. Client had to pay an extra $200,000 or so unexpectedly and so had to sue the solicitor.
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Sorry I am in rural SA
The $990 seems ok.
Just wasn't sure about the other fees if they actually cost this much normally. like $770 bank production fees, and the application fee.
Not much risk for this job for the conveyancer. No money changing hands for my properties and about 25k to the neighbourHey John
Im not exactly sure on the other fees but the $770 in bank production fees is definitely on the money. I recently paid $350 for a hammerhead subdivision.
Im impressed with the fact ur buying land of ur neighbour and would love to know how you went about making this happen and the costs involved?
My email is [email protected] should you wish to contact me privately
Look forward to hearing from you.
Amir
Hi John,
Sounds like a fair price to me. $990 for 3 transactions is quite cheap.
Not the fact that money doesn't change hands, but how much the properties are worth is where the risk lies.
I do notice that QLD conveyancing is cheaper than NSW. Not sure about SA.yep definite rip off. You should see if you can shop it around to save yourself $10.
cls wrote:Hey John Im not exactly sure on the other fees but the $770 in bank production fees is definitely on the money. I recently paid $350 for a hammerhead subdivision. Im impressed with the fact ur buying land of ur neighbour and would love to know how you went about making this happen and the costs involved? My email is [email protected] should you wish to contact me privately Look forward to hearing from you. AmirSounds like the fees are normal so cheers. As for negotiating with neighbour it was pretty easy. We get along well and i had just purchased to house/block adjacent to develop so i offered him the same price per sqm as i paid for the larger block. I could have tried to offer less as the only way he could ever sell the land would be to me, but at the same time his 300sqm created necessary access to unlock the 700sqm that i could transfer off my other block so he could have screwed me for more money there if he wanted.
I think because we kept it all civil it worked out for the best in the end. We didnt worry about and contracts between us other then a bit of paper with our scribble of the plan and agreed price signed by us. I just got straight onto the surveyors and all has gone well, although it has taken a long time. I gave my plans to the surveyors last August.Agreed Scott. Probably even better if he can find some bum to do the documents for free.
omegapartners wrote:Agreed Scott. Probably even better if he can find some bum to do the documents for free.What about your mate Lenny? The one that gives tax advice!
Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
terry
sorry Terry he is so busy giving out tax advice don’t know if he can take on any legal work at the moment.
Rrrreoww ! No cat fights please…
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