Non-Standard Conveyancing Transactions
We want to be up front with you about fees and charges. We are able to do this more easily for transactions that are common, or “Standard”. We stick to those fees but it would not be fair on us if a transaction becomes unexpectedly complicated and extra conditions or extra work arise that we did not know about when we commenced your transaction. The transaction then becomes Non-Standard.
If this happens in your case, we will contact you and discuss how (and why) this could affect costs for you. We aim to ensure there are no surprises for you when you receive our invoice at the completion of the matter.
We provide details of the standard costs in the Letter of Engagement we send you at the beginning. It is an estimate and not a quote, because we may have to review it if unforeseen matters complicate your transaction. We may even need to ask you for further instructions before we can proceed.
If attendances are required which fall outside of the scope of a standard transaction additional charges may apply.
Some common examples of extra work creating a Non-Standard Conveyancing Transaction
- The property is leasehold, cross lease or a unit title (this requires liaising with the body corporate, a management company and the lessors lawyers and arranging for additional documentation).
- The property is owned by a company or trust and resolutions are required.
- There are guarantees to the bank from another person apart from you.
- The dates in the agreement, such as settlement date, are changed for any reason. This requires negotiating with the other lawyer.
- More than one mortgage is to be registered/removed on the title.
- The transaction involves Kiwisaver deposit subsidies and contribution withdrawals.
- There is a caveat or interest (other than a standard mortgage) to be registered on or removed from the title.
- Issues arise from builders report, LIM or other conditions that require additional investigations and/or negotiations with council, other lawyers or a third party.
While we do not watch the clock and will go some way to keep your costs down if significant extra work/time is required for whatever reason, we will let you know and explain the extra work and cost involved if and when this happens during your conveyance.