Budget for legal charges in WA

Hello fellow Forum members,

Would you please share any insights from your personal experience in how do you budget legal costs when buying IP in WA? What are the compulsory charges, i.e. Title search? What is the range of hourly rates for solicitor? What amount should I put aside to allow for legal matters to be handled?


Thank you very much!
 
Just as a rough idea, below are what I paid recently on a 600k property in perth. This was using just a regular conveyancer (nothing fancy).

Conveyancing fee & Landgate miscellaneous fees - $1601
Stamp Duty - the online calculators will help you out here (I paid ~22k)
Water Rates / Council Rates - I paid $2200 between the two for the first year
Loan Fees (your milage may vary) - Approx $2300 (stamp duty & registration of mortage).

Hopefully this helps

Edit: Just ran that as a percentage and for my purchase Blacky's estimate of 5% is pretty much dead on.
 
Today I have received my loan documents from the banks lawyers

Prepare Mortgage Documentation $132
Interstate Settlement Fee (WA) $82.50
Registration fee on Mortgage $160
Property Search Fee $140.70
ASIC COmpany Search Fee $18

Total from the bank $533.20

Then I have the fees of my settlement agent/conveyancer. Most people don't use lawyers for that here in WA. Her fees I will have to add tomorrow as they are on my work computer but it was less than $1000

Edit: $1436 for Settlement Agent this time. It was less than $1000 last time.
 
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As always fantastic and straight to the point answers! Especially valuable two true case studies described above.

Westminster, special thanks for your reply here and to my other thread!
 
Today I have received my loan documents from the banks lawyers

Prepare Mortgage Documentation $132
Interstate Settlement Fee (WA) $82.50
Registration fee on Mortgage $160
Property Search Fee $140.70
ASIC COmpany Search Fee $18

Total from the bank $533.20

Then I have the fees of my settlement agent/conveyancer. Most people don't use lawyers for that here in WA. Her fees I will have to add tomorrow as they are on my work computer but it was less than $1000

Edit: $1436 for Settlement Agent this time. It was less than $1000 last time.

Westminster - If you add in Rates and stamp duty and calculate as a % of purchase price will it be close to 5%.

A lot of these charges you wont know until settlement.

So for budget purposes 5% should cover you - I would be surprised if you are a long way from this mark :)

As Archer and Westminster said - there is no longer stamp duty on the mortgage but there is on the purchase.

Cheers

Blacky
 
Yup 5% of my purchase price would be $46k and I think stamp duty is $37k plus a couple of thousand in loan/settlement fees.
So yes 5% would cover it.
 
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