The hidden costs of fixed rate conveyancing

Rose Lawyers on 24 July 2017

  • If you are purchasing your first home, buying or selling an investment property or subdividing, then you should consider a conveyancer
  • Paying a flat fee for your conveyancing may sound like an ingenious idea, but a retainer agreement can be more advantageous to you
  • At Rose Lawyers, we take into account every detail before quoting, including time, out-of-pocket expenses, and any other legislative fees

As if the quest to find the perfect home isn’t stressful enough, you have to then sort out all the mountains of paperwork that goes with it. Amidst all the legal jargon and contracts, it can be quite daunting not knowing where to sign and how to transfer the ownership titles.

In some instances, you may be able to do the legwork yourself. However, buying or selling property can be the biggest transaction you’ll ever undertake, so it is important to seek professional advice. Avoid severe potential penalties by hiring a conveyancer to do it all for you.

What does a conveyancer do?

During the transfer of property, hiring a conveyancer isn’t a legal obligation but their expertise in purchasing, selling, transferring and subdividing real estate is an asset to you. Additionally, a conveyancer may:

Conveyencer Paperwork Main Support2

  • Clarify, draft and lodge all relevant legal documents, including preparing a Section 32
  • Research the title of the property and see if there any issues that the buyer should know
  • Liaise with your bank and lawyers
  • Calculate all taxes and rates
  • Act on your behalf when settling the property
  • Represent your interests when you deal with the vendor and agent

At Rose Lawyers, we have over five decades of experience in conveyancing and real estate. We can help you navigate the property transfer process with ease and swiftness. Most importantly, we don’t charge a flat fee. Here’s why:

The problem with flat fee conveyancing

As the name suggests, flat fee conveyancing is when all or most conveyancing work is performed for a set figure - this includes the pre-contract, the pre-completion, and the post completion steps.

Some businesses promote a flat fee for conveyancing, and at first glance, it admittedly does look appealing – you pay just one price for the job at hand. However, what happens when extra time is needed, or potential out-of-pocket expenses arise, and the flat fee won’t cover those additional hours or the cost of rectifying the situation? Worse still, with a flat fee, your conveyancer may be less inclined to put all their energy into fixing the issue if they know they're being charged for just the standard rate.

The last thing you want when your invoice arrives is to read through it and discover that you are being charged for work that you didn’t agree with in the first place.

A flexible and transparent approach to conveyancing

Conveyencer Lawyer Main Support2When determining the cost of your conveyancing, we consider the following:

  1. The professional time that is likely to be spent on your matter
  2. The out-of-pocket expenses that may be necessary to undertake
  3. Any Title Office or any other legislative fees.
  4. If an issue arises on your topic that needs to be received, then we will work quickly and diligently to resolve the issue. However, on some occasions this may result in an increased cost to you.

Again, the risk of flat fee conveyancing is if a task does not fall within the normal scope of work, the flat fee will not cover the cost of rectifying the issue. In many cases, it may even become a financial burden, as the original quote did not take into account the potentially unforeseen issue.

The main benefit to you is that if more work is required than initially agreed upon, our office is more than willing and ready to undertake it – and we’ll be transparent every step of the way.

The law is complicated – the team at Rose Lawyers are not

Whether you are looking to purchase your first home, buying or selling an investment property, subdividing, or transferring a title, Rose Lawyers has the knowledge and expertise to help you. We can provide you with a no-obligation conveyancing quote and will be happy to answer any questions you may have regarding the legal processes.

Contact us today on 03 9878 5222 for more information about our conveyancing services.