Reasonable price for Solicitors cert. for Guarantor (WA)

B

BruceW

All,

Is there anyone can point me in the direction of a friendly solicitor who can provide the Solicitors certificate to satisfy WBC in our recent finance application.

As I'm borrowing in my own name, but relying on joint incomes to service my wife has to act as guarantor.

Not only does WBC feel ok with charging me $200 to press the print button twice. I've has quotes of $250 and $330 so far for the certificate (which seems pretty steep).

I know its small change in the scheme of things, I've just got a bee in my bonnet about it now :D

Cheers,

Bruce
 
Hi there
I know it seems like a lot to pay but what you are paying for is for a solicitor to read through the mortgage documents and any other guarantee documents, then explain them to you, and then put their professional indemnity insurance on the line if you later turn around and say you didn't understand the documents and default on the loan.
There was a stage that the law society was actually recommending people not sign them due to the liability issues.
As a costs consultant and lawyer myself - I think you will find you are being charged for about an hour of the solicitor's time which is not unreasonable given what is required from the bank.
thanks
 
Bruce,

We've come up against this one a couple of times.

First time also with WBC where we had it signed by a solicitor after he explained to my wife not to sign it.

Second time we got 2 forms. One form to get signed by a solicitor again, and 2nd form for us to sign if we waived the right to take the 1st form to a solicitor to get signed - wtf, so we signed the 2nd form. Go figure that one out. haha

Take your docs to Legal Aid or Citizens Advice Bureau for a misers consultation - just as effective.

Hope this helps.
 
Rixter said:
Bruce,

We've come up against this one a couple of times.

First time also with WBC where we had it signed by a solicitor after he explained to my wife not to sign it.

Second time we got 2 forms. One form to get signed by a solicitor again, and 2nd form for us to sign if we waived the right to take the 1st form to a solicitor to get signed - wtf, so we signed the 2nd form. Go figure that one out. haha

Take your docs to Legal Aid or Citizens Advice Bureau for a misers consultation - just as effective.

Hope this helps.
Click to expand...


Bruce,
My wife and I came upon this situation a short while ago. We simply sent a letter to the bank informing them that we have both read and fully understand the implications of me being a guarantor for her loan. We also stated that this was not the first time that I had been guarantor for my wife.
The bank then waived the requirement of having the doc signed off by a solicitor, however, they did call both me and my wife and sort of quizzed us to see if we really understood the agreement. This saved us about $300:)
May be worth a try.

Boods
 
Last edited:
My clients run into this alot. As suggested they usually charge 1hr, or 2hrs for 2 loans at $350/hr - which really adds up.

I tried to get a solicitor here in Sydney to come up with a competitive price for this and his answer was that the liability was not worth the risk and he through $350/hr for this was reasonable. Regardless of the fact that the first 30mins is usually the cleint telling the solicitor what is going on and what the structure is etc etc.

Jane
 
Thanks for all the replies guys,

All done and dusted @ $250.

Rixter,

I did call the CAB, but they said they wouldn't/couldn't do it.

Regards,

Bruce
 
I too came across this with ANZ. I simply said that I understand and wanted it waived and that was that.

Regards

Regrow
 
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