Cost of Conveyancer

[Crystal]

Gday everyone,
I have a friend who has just exchanged contracts on a unit, off the plan, in NSW.
Her conveyancer has informed her that his cost, so far, is $2400.
Eight hours at $300 per hour.
This sounds expensive to me as my solicitor charges me around $700 for a property purchase.
I thought conveyancers were cheaper than solicitors.
What do others pay in NSW?
Thanks,
Crystal

 

[Peter 14.7]

That seems very high and considering it is so far , I think the converyancer is taking advatage of your friend.

Should be arouns $1k plus disbursement of around $250 to $500 max.

I suggest your friend ask for a full breakdown of what has been done, and seek the assistance of the Fair Trading Department in NSW.

However being a conveyancer your rules may be toothless.
Was she introduced to conveyancer by the seller? If so I fear a setup.

Peter 147

 

[Crystal]

Hi Peter,

Thanks for your reply.

Her brother had used the conveyancer for a recent property purchase and paid approx $1500.
How much have others paid for the services of a conveyancer?

Cheers,
Crystal

 

[Rolf Latham]

Hiya Crystal

I recommend Tracie Smith of

www.eliteconveyancing.com.au


a lot because she gets its done, and is very cost effective. Certainly MUCH less than what yiu are talking here. Id be horrified to pay more than 1200 inlc basic disbursements.

ta

rolf

 

[Macca]

Too dear from my experience.

If this conveyancer was intro'd buy the developer I smell a rort

If not, they won't be in business very long when things go quiet

Repeat after me, one thousand times, always shop around.....always shop around

 

[beech]

I think hes trying to keep turnover ticking along as in the recent boom.

He just cant let go.

 

[Crystal]

Thanks for your replies,
Can she speak to her conveyancer and state that either...
she knows he has overcharged her and she will pay him $150/hr eg $1200 OR
that it has taken him too long and that she will pay him for 4 hours eg $1200.
Or is she stuck with a very expensive lesson?
Thanks,
Crystal

 

[lizzie]

i live in newcastle but use a conveyancer (not a solicitor) located at old bar on the north coast. i have never met him but we enjoy a good working relationship over the phone and post the old bottle of wine to each other around christmas time. he is brilliant at his job, because property settlement, and all the fiddly bits that go with it, is all that he does.

he basic fee is only $685 (inc gst) plus disbursements like search fees, settlement fees, surveys etc so his total cost for a property i settled on last week was $1694 ($400 of which was a survey because i am going to knockdown and rebuild this ip).

what i am getting at is that the conveyencer doesn't need to be where the property is, just in the same state, and when you find a good one in that state they can do all properties for you - a great member of your team.

by the way - my conveyencer is garry masters ph 02 65 537888 or [email protected]

tell him liz sent you.

lizzie

 

[Crystal]

Update

GDay all,

My "first home buyer" friends settled yesterday so we arranged to see their conveyancer today.
The conveyancer had asked for $4000 but out of the kindness of his heart had brought the price down to $2200.
Among other things he'd charged them for NINE hours to read the contract at $300/hr!
I'd researched and printed information from many sources which included the following gems....

Lawyersearch website:
Conveyancing fees can range from $600 to $1,500 depending on the complexity and location of the job.

Office of Fair Trading website:
Important: Before the conveyancer or solicitor starts the work it's important for you to have a realistic idea of how much it will cost. By law, this information must be provided by a conveyancer or a solicitor to a client.

We then informed him that we were not willing to pay more than $1500 and proceeded to write a cheque.
He said "that's very well researched" and photocopied the cheque and signed it "paid in full" (as there was no invoice!)

Cheers,
Crystal

 

[lizzie]

no invoice! very dodgy, how can you claim the tax? i would demand an invoice - and to drop for $4000 down to accepting $1500? this guy probably needs to be reported.

 

[Crystal]

Hi Lizzie,

The more I think about it, the worse it sounds.
I think I'll report him even though it wasn't my transaction.
My friends would've paid him if I hadn't told them his charges were outrageous.
You wonder how many other first home buyers just naively pay the bill.
When I asked him "where's the invoice" he said "I only want to deal with my clients!"
When he accepted the cheque, we were thinking he may have been worried I was from TodayTonight. I can imagine the headline...
Shonky Conveyancer Ripping off First Home Buyers!

Cheers,
Crystal

 

[DavidMc]

Just for comparision, in Victoria, I usually use suburban guys who run their shop from home. I've paid anywhere from $440 to $660 in total. I thought their service was great. One of them who ran from his home had a lawyer wife who he could bounce questions off but had to close shop due to high insurance costs... My advice is to look in your local newspapers and use whoever you want, not who your developer or salesperson recommends. In my experience, these guys are fine. Conveying titles isn't rocket surgery.

 

[Crystal]

Hi domcc1,

I know, my solicitor only charges $650!
He's fantastic, gives me free advice on all manner of things including how to deal with my friend's dodgy conveyancer, legal ramifications etc.
My friend's brother had recommended this guy - he'd only paid $1200.
The scary thing is that when they asked him how much it would cost, he said "Don't worry, I'll look after you"
A couple of weeks before settlement was the first time he mentioned a price, which was $4000!!!!!!!!

Cheers,
Crystal

 

[alexlee]

It's always a good idea to get a written quote before engaging any professional. Applies for accountants, lawyers, tradespeople, etc. Including conveyancers.
Alex

 

[Crystal]

I agree totally.
But how do we get that message to first home buyers who don't read the forum!
Perhaps on expose on A Current Affair is the only way.

Cheers,
Crystal

 

[Twitch]

Wow, I'm amazed at some of the prices mentioned. I used a very good solicitor from a medium sized law firm for my last purchase. Their price was $950 all up, and that included them giving me written advice on the Section 32 before I signed, and then responding to a couple of my questions during settlement, then dealing with the vendors solicitor to talk them out of their request to stay an extra week after settlement.

 

[DavidMc]

I agree totally.
But how do we get that message to first home buyers who don't read the forum!
Perhaps on expose on A Current Affair is the only way.

Cheers,
Crystal

What can you do? It's like everything in life I guess. I guess when it comes to the purchase of a home it's such a huge daunting task you don't think to look around that first time, or you just accept it as the 'going rate'. Very frustrating for you I would imagine! Here's me thinking my friends get ripped at around the $1.5k mark...

 

[willair]

Among other things he'd charged them for NINE hours to read the contract at $300/hr!

Crystal,
9 hours to read the contract,at $300.00 a hour ,i would report this person
and the company she or he works for, this is a joke even at the discount
price of $1500.00 I still think your friends payed too much,if it was me
i would have said ,im only prepared to pay $750 up front or i find the next door to open..
good luck
willair...

 

[cloclo]

Gday everyone,
I have a friend who has just exchanged contracts on a unit, off the plan, in NSW.
Her conveyancer has informed her that his cost, so far, is $2400.
Eight hours at $300 per hour.
This sounds expensive to me as my solicitor charges me around $700 for a property purchase.
I thought conveyancers were cheaper than solicitors.
What do others pay in NSW?
Thanks,
Crystal

Hi crystal,
My opinion is "dont use conveyancers when matter is not a straightforward one like buying a unit off the plan, because when a problem arises, they wont know what to do." I have been on the other side a couple of times, and my solicitor told me I was lucky because the other party only had a conveyancer, and he didn't know what he was doing. Find a solocitor who does not charge too much, ask for a quote and let him sort things out!