How Much Do You pay for Conveyancing

Discussion in 'Legal Issues' started by Terry_w, 2nd Mar, 2014.

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How much do you pay for resi conveyancing for purchase excluding disbursements/GST

Poll closed 2nd Mar, 2015.
  1. $800 or less

    29.3%
  2. $900

    13.8%
  3. $1000

    25.2%
  4. $1200 or more

    33.3%
Multiple votes are allowed.
  1. Fleur De Lis

    Fleur De Lis Member

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    As a NSW Conveyancer I charge $700 for sale which includes preparation of contract for marketing - only extra to pay is the expenses for certificates to be included in the contract.

    For a purchase I charge $800 - expenses you will pay are cost of searches, inspections e.g. strata, building/pest.

    My professional fee of $700 and $800 includes disbursements (postage, copying etc) and liaising with your mortgagee bank and attending to exchange and settlement.
     
  2. Truly Exotic

    Truly Exotic Property Deal Finder

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    Have bought multiple in the past, however, the prices were based on the fact that I would buy a few per year through them so got a small discount
     
  3. Fleur De Lis

    Fleur De Lis Member

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    Costs

    If you don't mind me saying so looks to me like you did get a "small" discount for NSW in considering you are buying frequently in comparison to other States.
     
  4. DaveM

    DaveM KFC Buyers Agent

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    I have struggled in the past to see how that sort of pricing is workable in a business... not a criticism I would be genuinely interested in how your price structure breaks down?

    I worked backwards a while ago, $700 becomes $636 before GST, less disbursements say $30 all up, less settlement agency fee of $75 ex GST, so $531 per settlement in revenue.

    I guess it would come down to how busy you are? Eg 2 settlements a week vs 10 a week?
     
  5. Terry_w

    Terry_w Member

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    Dave, don't forget insurance. For solicitor it is around 10% of turn over that is paid - another 80% in this case, memberships of law society, annual practicing certificate about $800 and then you have rent.
     
  6. DaveM

    DaveM KFC Buyers Agent

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    Hey Terry, I wasnt even taking into account business costs like insurance, rent, workcover, power etc etc. If gross revenue per settlement is $531 its going to take a fair few settlements a week to make a decent income I would have thought?

    Also as a side note... Lawcover are one of my client :)
     
  7. Aaron_C

    Aaron_C Finance Broker

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    Add to the fact that most settlements occur on a Friday - and there are so many hours in a day!
     
  8. Fleur De Lis

    Fleur De Lis Member

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    How much do you pay for resi conveyancing for purchase excluding disbursements/GST

    I would think that a solicitor's insurance costs would exceed that of a conveyancers in so far as they would probably need to be covered for other areas of law not just conveyancing as conveyancers do.

    As well it is not mandatory to send an agent to settlement, if time permits some conveyancers like to attend themselves in the event that if there is a problem a course of action could be taken immediately to prevent a failed settlement.

    With regard to overheads such as wages and rent, some conveyancers have a home office therefore don't pay rent and do the work themselves to save the cost of paying wages which incorporate paying super etc. and in this regard know that the work is done to their own standards without having to check everything which is time consuming in itself.

    These are a few issues which contribute to pricing and having said the above some conveyancers do have the overheads and charge accordingly.

    A conveyance who does not have the overheads will more than likely pass some savings on to clients.
     
  9. LoneWolf

    LoneWolf Winter is coming....

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    Please recommend someone from vic, prefer solicitor, budget of 700 or less on house/land purchase
     
  10. RPI

    RPI Member

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    It obviously depends very much on volume.

    But to give you an insight on my thinking and why we went to a flat all inclusive packages state wide. We tracked time spent on common tasks and averaged it per client. We compared it to time taken under current model and below are approximate time savings

    1. Time explaining pricing 10 mins
    2. Time explaining searches andwhich ones to choose 20 mins.
    3. Accountimg time 30 mins.
    4. Time entering search option requests 5 mins.

    So allowing for an hour per conveyance at 100 conveyances a month is about is 2.5 weeks of labour per month saved. That allows for an extra 20 ish conveyances to be completed for the same labour cost.
     
  11. Fleur De Lis

    Fleur De Lis Member

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    How much do you pay for resi conveyancing for purchase excluding disbursements/GST

    With regard to so many hours in a day what's the difference in staying back at the rented office or, going in on a Saturday to finish something at the rented office to continue to finish working on a subject matter at the home office. In both cases we cannot charge over time.

    As well settlement agents may attend a dozen settlements a day a conveyance/solicitor can arrange settlement times to suite themselves. That's not to say that sometimes a settlement agent does not have to be engaged its a choice.
     
  12. Fleur De Lis

    Fleur De Lis Member

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    How much do you pay for conveyancing etc.

    On a humorous note and without prejudice to all suburban coffee makers or barista's I call settlement days in the city of Sydney "good coffee" days. (coffee between settlements).

    Personally I found in the suburbs cafe's just don't get it. How hard is it to make a long black with the cr?me on top.

    Unfortunately good coffee days will be over soon. You probably all know that electronic settlements will be introduced in NSW in September this year.

    Shortly settlement agents will be extinct. The question is what should we call the fee to click a button on our computer to effect settlement. MMMMM how about "electronic settlement fee"?
     
  13. Aaron_C

    Aaron_C Finance Broker

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    They won't go extinct. They said the same thing about mortgage brokers with online stuff like UBank.
     
  14. Tash_85

    Tash_85 Member

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    Which one do you use?? The good one. I was paying around 1200 for a solicitor who is pretty good. Only problem is shes getting too many clients and works on her own so i feel shes got too much work to give me the full attention when i need it
     
  15. Redwood

    Redwood Member

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    In melbourne I use a solicitor and pay $585 plus disbursements....for a commercial recently that cost me $764 all up.....

    Cheers, Ivan
     
  16. Fleur De Lis

    Fleur De Lis Member

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    How much do you pay for resi conveyancing for purchase excluding disbursements/GST

    Good one Redwood or Ivan, Lone Wolf was looking for a solicitor in Melbourne.

    I am assuming it was a sale but just out of interest (re fee) was it?

    Fleur
     
  17. Redwood

    Redwood Member

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    Hey Fleur,

    I have used the same conveyancer for over 15 years, now she has messed up one time too many - even spilt coffee on a contract and asked me to resend a new contract!

    I have a strong relationship with Mr Raoul Vernon from Vernons Solicitors (http://www.vernonsolicitors.com.au/) who reviews all legal docs for La Trobe SMSF Product.

    He has a practice called Metropolitan Solicitors who I engaged as a purchaser on a commercial property purchase (new Redwood office settles tomorrow!!!!). Obviously I got a great price, but would be very happy to pay $1500 for commercial with Raoul's review as well. This was SMSF with a related party loan so no cutting corners.

    Give Marcia a call and let her know Ivan sent you. I've now engaged them for 3 property sales in the last week.

    Hope that helps.

    Cheers Ivan
     
  18. Fleur De Lis

    Fleur De Lis Member

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    Hi Ivan,

    Will keep contact details. Many thanks

    Regards,

    Fleur
     
  19. Fleur De Lis

    Fleur De Lis Member

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    LoneWolf, have a look at Redwood's post.

    Fleur
     
  20. Redwood

    Redwood Member

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    Hi LW - $700 for a purchase with a reasonable conveyancer is cheap I reckon - I usually pay around $800 inc disbursements. Look at Metropolitan and go from there.