Legal fees on commercial lease agreement: Help pls

jh_aw

HI,

i am trying a to rent commercial unit for 15 years lease, as it's long period.
the landlord solicitors sent to me the draft lease. and i wasn't sure about what's written inside.
So i decided to have legal advice to be sure about the lease. i gone to my solicitor to have a look on the lease few days ago. and he said that there are some legal inquires that he will discuss with the other party solicitors.

so he sent to me today an email for the fee:

My fee for acting in this matter will be €1,950 plus €50 miscellanous fees together with any outlays incurred and VAT. :eek:

i found it very high fees for a review of lease agreement.

is anyone have any idea about what it's supposed to be?

any help will be much appreciated,

thanks

Delancey

Asking how high the fee for reviewing a Commercial Lease is akin to asking how long a piece of string is.
If it is a complex or unusual lease then it may well require a good deal of research by your Solicitor plus whatever time has been spent in dealing with the other Solicitors.
It does seem a lot to pay and it's probably money you had not budgeted.
Perhaps ask your Solicitor for details of how he arrived at this fee ?

Milk & Honey

If something goes wrong you will be suing him for a lot more!

dats_right

Your solicitor will be required to do more than just review the Lease. He/she will raise extensive pre-lease enquiries into matters of title, planning, rates, insurance, services, etc. Based on the replies he/she will advise what additional documentation or steps are required to fully protect your interests. Many people don't appreciate that the legal work involved in taking a Lease is much the same as if you were purchasing the property outright.

Anyway, the fee you have been quoted seems reasonable.

jh_aw

thx Delancey,
yes i never budgeted 2k for the lease agreement, i will try to speak to him , hopfully i'll know by then how much i should say to him.

jh_aw

dats_right wrote: »

Your solicitor will be required to do more than just review the Lease. He/she will raise extensive pre-lease enquiries into matters of title, planning, rates, insurance, services, etc. Based on the replies he/she will advise what additional documentation or steps are required to fully protect your interests. Many people don't appreciate that the legal work involved in taking a Lease is much the same as if you were purchasing the property outright.

Anyway, the fee you have been quoted seems reasonable.

it's not that i don't appreciate that legal work involved, but it's my second time in life to deal with a solicitor, and i have no idea how much is supposed to be, i am trying to fight against the unemployment disease running here by startup a business and hire people. and a 2k seems massive against all cost i need to go through to run a profitable business from the beginning.
thx anyway for the post

Avatargh

jh_aw wrote: »

it's not that i don't appreciate that legal work involved, but it's my second time in life to deal with a solicitor, and i have no idea how much is supposed to be, i am trying to fight against the unemployment disease running here by startup a business and hire people. and a 2k seems massive against all cost i need to go through to run a profitable business from the beginning.
thx anyway for the post

Well, how much do you think it should cost?

Further, you may be "trying to fight against the unemployment disease running here by startup a business and hire people" but how has that got anything to do with legal fees?

Do mean to say that because you are "trying to fight against the unemployment disease running here by startup a business and hire people" then a solicitor should take that on board and charge you less because of your ultimate purpose? Maybe that's a reason as to why, say, the State should give you tax reliefs on legal advice needed or maybe special allowances as regards staff-hires, but how does it bear, in any way, on what a private person in private business charges you for work?

jh_aw

Do mean to say that because you are "trying to fight against the unemployment disease running here by startup a business and hire people" then a solicitor should take that on board and charge you less because of your ultimate purpose? Maybe that's a reason as to why, say, the State should give you tax reliefs on legal advice needed or maybe special allowances as regards staff-hires, but how does it bear, in any way, on what a private person in private business charges you for work?[/QUOTE]

i dont want to go out of the main point of the thread,

BUT yes, this is exactly what i meant, everyone need to help in this times what we r passing through. and not any profession needs to still be living in the times before the recession. and charge us mad money. what will be have a great impact on our future spending to survive.

Anyway thx for the post.

McCrack

jh_aw wrote: »

Do mean to say that because you are "trying to fight against the unemployment disease running here by startup a business and hire people" then a solicitor should take that on board and charge you less because of your ultimate purpose? Maybe that's a reason as to why, say, the State should give you tax reliefs on legal advice needed or maybe special allowances as regards staff-hires, but how does it bear, in any way, on what a private person in private business charges you for work?

i dont want to go out of the main point of the thread,

BUT yes, this is exactly what i meant, everyone need to help in this times what we r passing through. and not any profession needs to still be living in the times before the recession. and charge us mad money. what will be have a great impact on our future spending to survive.

Anyway thx for the post.[/QUOTE]

Well you have seemed to have made up your mind that you are being over-charged despite saying you have zilch legal experience and haven't a clue what you should be charged.

The reality is nobody can judge here if you are being over-charged or under-charged as the case may be. Nobody knows the work involved except the solicitor you have instructed.

And your argument about being a start-up doesn't wash either. Unfortunately there are many many costs starting and running a business and if you didn't or cant budget for those there is a problem somewhere.

I wish you well with your business.

Avatargh

jh_aw wrote: »

BUT yes, this is exactly what i meant, everyone need to help in this times what we r passing through. and not any profession needs to still be living in the times before the recession. and charge us mad money. what will be have a great impact on our future spending to survive.

Anyway thx for the post.

Why is it mad money? You just seem to think that because you want to do something other people should give you a dig out? Again, how much would be reasonable in your mind?

How about this - if you brought your business to a solicitor who was just starting up, maybe having been made redundant from a large firm, would you be happy to pay the reverse premium and give him more than is reasonable, because he is trying to "fight" the unemployment? If your solicitor should "help" you out, would you accept that you should "help out" a start-up solicitor if he had the where-with-all to give you the advice you needed?

You're going to a professional for advice and work on a FIFTEEN year commericial lease. What time do you expect him to put in? If you are concerned with matters in it - how much do you value your concerns?

How, in any way at all, on objective grounds, is €1,950 "mad". If you think that is "mad" you must be able to say what you don't think is "mad" - so what would it be?

Also, have you even bothered to shop-around for quotes on the work?

jh_aw

would you accept that you should "help out" a start-up solicitor if he had the where-with-all to give you the advice you needed?

You're going to a professional for advice and work on a FIFTEEN year commericial lease. What time do you expect him to put in? If you are concerned with matters in it - how much do you value your concerns?

How, in any way at all, on objective grounds, is €1,950 "mad". If you think that is "mad" you must be able to say what you don't think is "mad" - so what would it be?
[/QUOTE]

Of course i don't mind give anyone help needed if i can, because i know how difficult out there from my own experience.

i think it's mad because he gave a flat rate, and didn't bother to explain that the fees could come down depend on how much work will be involved.but he chose to give the maximum whether maybe will involved minimum.

Absolutely i will shop around from Monday, because as you see i received the quote originally Friday evening. but i assure you i will be completely honest to share with everyone here my experience after shopping around.

Avatargh

jh_aw wrote: »

Of course i don't mind give anyone help needed if i can, because i know how difficult out there from my own experience.

i think it's mad because he gave a flat rate, and didn't bother to explain that the fees could come down depend on how much work will be involved.but he chose to give the maximum whether maybe will involved minimum.

Absolutely i will shop around from Monday, because as you see i received the quote originally Friday evening. but i assure you i will be completely honest to share with everyone here my experience after shopping around.

Again, you're making no sense.

"He didn't bother to explain that the fees could come down". Maybe they can't? Maybe that's the fee?

"He chose to give the maxiumum". Again, since you are on here asking if its a good price, how do you know its the maximum? If you know its the maxiumum what was the point in your original post?

So why don't you put up here and find a young, start-up solicitor and pay him the €1,950 on your own logic?

Again, how much do you think it should cost? Just answer that.

How much per hour do you think you should pay a legal professional?

jh_aw

Avatargh wrote: »

Again, you're making no sense.

"He didn't bother to explain that the fees could come down". Maybe they can't? Maybe that's the fee?

"He chose to give the maxiumum". Again, since you are on here asking if its a good price, how do you know its the maximum? If you know its the maxiumum what was the point in your original post?

So why don't you put up here and find a young, start-up solicitor and pay him the €1,950 on your own logic?

Again, how much do you think it should cost? Just answer that.

How much per hour do you think you should pay a legal professional?

Hi there,
it seem that you are taking the thread very personal ,this is my opinion and i meant no disgrace for the legal profession. i know its maximum because nobody will ask for a minimum if he can get away with the maximum.

Anyway i spoke to my solicitor, and he took the fees down to 1050, which i am happy with and also in the same time prove my point.
by the way, i even didn't shop around, he just called and asked that we discuss the fees that i am not happy with. and for this i salute him that he understood the situation and wanted the business.

thanks everyone for the contribution in this thread:)

Avatargh

jh_aw wrote: »

Hi there,
it seem that you are taking the thread very personal ,this is my opinion and i meant no disgrace for the legal profession. i know its maximum because nobody will ask for a minimum if he can get away with the maximum.

As to taking things personally, no, I just think you have an absurd belief system whereby everyone should "help you out". It wasn't simply that the money was too much - you felt he should "dig you out" because you're "fighting the unemployment". Good luck with that kind of thinkining in the future.

And again - why don't you actually follow through on what you said earlier - why don't you help someone out and pay what you think is too much for another person starting up and help them?

jh_aw

Avatargh wrote: »

As to taking things personally, no, I just think you have an absurd belief system whereby everyone should "help you out". It wasn't simply that the money was too much - you felt he should "dig you out" because you're "fighting the unemployment". Good luck with that kind of thinkining in the future.

And again - why don't you actually follow through on what you said earlier - why don't you help someone out and pay what you think is too much for another person starting up and help them?

No, i still think that u taking it very personally at this stage,because u still didn't admit that i was right regarding the fees and if this will make you happy, yes i have an absurd belief that everyone can, he should HELP "everyone who needs help" and Not only Me.

Secondly the money saved on the legal fees, i will spend it else where in investment which will help someone out there that i don't know and never will "TO NOT LOST HIS JOB" ..i wish for u all the best in future.

Victor

jh_aw wrote: »

thx Delancey,
yes i never budgeted 2k for the lease agreement, i will try to speak to him , hopfully i'll know by then how much i should say to him.

Then can you afford a 15 year lease?