How much does it cost?
Everyone likes surprises.
Except when it is a legal bill.
Our firm therefore works hard to ensure that when the invoice turns up, it is for the amount that you expected. We don’t want you to get an unpleasant surprise.
Every legal situation is different, and they are seldom easy. If it was, you would do it yourself! So it is not possible to prepare a price list. However below you will find a range of examples so that you can get a guide of how much it is likely to cost for us to do your legal work.
Our promise to you is that, once we understand the scope of the work you want us to complete, we will provide you with an estimate for completing the task. If you are not happy with the estimate, then there is no charge for the time we have spent with you up until that point. That means that you will not be charged for initial phone calls, emails and meetings unless you approve the estimate and agree to engage us.
- Please note that the prices do not include GST (which is taxed at $15%). We also pass through any disbursements at cost. These are charges we incur from third party providers. For example, registering the change of ownership at Land Information New Zealand or a filing fee charged by the Court.
Buying and selling a house
If you are buying or selling your house, then the bill will be in two parts.
The first invoice is for helping you to do the due diligence checks before you complete an offer. This includes reviewing the ownership title and checking there are no problems, obtaining and reading the LIM report (a property report from the council) to identify issues of concern, checking the building inspection report and checking the agreement before you sign it. You should allow $1,200 for this first part for each property we assist with.
The part that comes after you sign an agreement is called conveyancing. This is where we transfer the property either out of (if you are a seller) or into (if you are a buyer) your name. You can expect that the cost of doing this will be around $2,500. The price is higher if you buy off the plans, have a family trust or are buying an apartment in a multi-story complex. You should allow a further $250 for title searches and the change of ownership fee at Land Information New Zealand (the government department that stores the electronic records of the title).
This is not the cheapest in town. If you are looking for the lowest price, then there are many firms offering cut priced services. For example, the Property Law Centre (propertylawauckland.co.nz) will complete an all-inclusive purchase for $1,690.
We have 25 years of property experience, and aim to do a thorough job. We are able to provide you with reassurance that your job will be completed properly, and all of your questions will be answered along the way. And just as importantly, we have the experience to fix problems when they arise (because no property transaction is ever straightforward).
Preparing a will
It costs approximately $700 to prepare a Will, or $1200 for a couple. If you have a complicated life with three children by three different partners, or assets in other countries, then expect the price to be a bit higher.
Drafting Enduring Powers of Attorney
It costs round $1,200 per person to prepare and complete enduring powers of attorney.
This price increases if it is necessary to obtain a doctor’s report confirming that the Donor (person appointing the Attorney) has capacity to sign the documents.
Making a claim against a will
If you think that you have been hard done by, then we can assist. Where a parent has made insufficient provision, this will be a claim under the Family Protection Act. Most of these settle at mediation. Expect legal costs to be between $20,000 to $40,000. More often than not these are reimbursed from the estate of the deceased, so that you will not have to pay costs.
If you were promised something in a Will, and were let down, then the claim is under the Law (Reform) Testamentary Promises Act. You could expect the costs to be around $10,000 to $20,000.
Challenging a will under the Wills Act
The Wills Act allows the Court to approve documents as a final Will, even though they may not strictly comply with the law. For example, a handwritten note left by the deceased.
We have considerable experience in this area. There is often no fee to pay, as legal costs are usually met from the deceased’s estate. The costs of an application to the court is somewhere in the vicinity of $15,000.
Family Trust
The cost of forming a family trust is broken down into two parts.
The first step costs around $3,000 - $4,000. This covers drafting the trust deed, preparing resolutions, and registering the trust with the IRD. When you form a trust, you also need to prepare new Wills, and a memorandum of guidance setting out your intentions for the Trust’s assets when you die. This is all included in the price.
You then need to transfer assets to the trust; a house, shares, beach property, investments etc. It costs around $1,500 to complete a house transfer, and $1,000 to transfer other types of investments.
There are ongoing costs for maintaining a trust each year, and compliance costs. This depends on the number of assets in the trust. You might reasonably expect to spend $500 - $1,000 with your accountant, and a similar amount for legal fees.
Buying and Selling a Business
There are two ways you can buy a business; you buy the assets (stock, website, customer list etc.) or you buy the shares in the operating company and take over the management.
Buying the assets is simpler from a legal perspective. The range in legal fees can be quite wide, but for a small business you could expect the costs to be around $7,000 - $10,000 plus GST.
Buying the shares in a company is much more complex. It is generally only recommended for experienced commercial operators. You could reasonably expect legal fees to be $20,000 or more.
Insolvency Litigation
We are recognized as experts in helping directors and advising liquidators on their rights and obligations in the event a company gets into financial trouble.This is admittedly one area that is difficult to assess without having all the details. However, we are happy to work in with you to understand the situation and then estimate the likely fee.
Mediating Disputes
A dispute between shareholders
We have extensive experience in this area. A dispute between two parties who work together and no longer agree can be extremely challenging work. You could realistically expect to spend $20,000 negotiating a resolution. Costs escalate further if court proceedings
are required.
Mediating a family dispute
We have assisted parties with many difficult and complex situations. Thankfully, we have been able to resolve most of these through a formal mediation process. Fees are likely to be between $10,000 - $20,000. You should also expect to pay a share of the costs of hiring a mediator (allow a further $5,000). Costs will be higher if there are a number of parties involved, or if court proceedings are needed.
