All Topics / Legal & Accounting / Cheap Vs Expensive Conveyancers

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  • Profile photo of not_so_luckynot_so_lucky
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    @not_so_lucky
    Join Date: 2008
    Post Count: 121

    What exactly are the benefits of using expensive conveyancers? 

    I've received a number of quotes and the fees range between $385 inc GST and $770 inc GST.

    The only additional fee on top of the $385 one is a $25 search and the $700 doesn't include the search or $143 worth of disbursements.

    The transfer is pretty simple. There is no motgage and no money will be exchanged.

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213

    Why would you use a conveyancer? Use a lawyer as it sounds like you need legal advice.

    Why is no money being exchanged? What are the various legal implications of this – bankruptcy clawbacks, estate planning. eg. if you die within 3 years the transfer could be voided in some circumstances. If the transferor goes bankrupt the transaction could be undone – possibly indefinitely.

    Tax implications….

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of not_so_luckynot_so_lucky
    Member
    @not_so_lucky
    Join Date: 2008
    Post Count: 121

    What an eye opener. Thank you! Had no idea about any of that!!!

    by the way, the property is being gifted by parent to the child.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213
    not_so_lucky wrote:
    What an eye opener. Thank you! Had no idea about any of that!!!

    by the way, the property is being gifted by parent to the child.

    Consider this:
    1. What if the child were to later get divorced
    or
    2. What if the child were to go bankrupt?

    3. child died – would pass via child’s will or intestacy laws

    If the parent kept the property but let the child use it as their own it may work out much better. The parent could leave the property to the child in the will.

    But, what if the parent
    1. Went bankrupt
    2. divorced/separated
    3. had their will challenged.

    Sounds simple but many things to think about.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of not_so_luckynot_so_lucky
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    @not_so_lucky
    Join Date: 2008
    Post Count: 121

    Thank you Terry

    Unfortunately, there is no other choice but to transfer the property, for various reasons.

    Are you able to tell me more about the transfer being voided, or where I can read more about this, and if it will apply to us?

    Profile photo of not_so_luckynot_so_lucky
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    @not_so_lucky
    Join Date: 2008
    Post Count: 121

    If anyone has any feedback on the benefits of using expensive over cheaper conveyancers it would be greatly appreciated.

    Profile photo of TheFinanceShopTheFinanceShop
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    @thefinanceshop
    Join Date: 2012
    Post Count: 1,271

    There is a reason why the services of certain professionals (any professional) is cheap.

    Regards

    Shahin

    TheFinanceShop | Elite Property Finance
    http://www.elitepropertyfinance.com
    Email Me | Phone Me

    Residential and Commercial Brokerage

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    I know of conveyancers that do an excellent job and their fees would be considered cheaper than others.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of Edwin65Edwin65
    Member
    @edwin65
    Join Date: 2013
    Post Count: 5

    Lawyer can give you better advice instead of conveyance because conveyance is a process and many people have some skills but a lawyer is thinking all about the ups and downs so I prefer Lawyer.

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    Geeze Edwin – you need to do something with your avatar. I almost had a seizure!

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of TerrywTerryw
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    @terryw
    Join Date: 2001
    Post Count: 16,213
    not_so_lucky wrote:
    Thank you Terry

    Unfortunately, there is no other choice but to transfer the property, for various reasons.

    Are you able to tell me more about the transfer being voided, or where I can read more about this, and if it will apply to us?

    It will apply to you, but the laws are different depending on why and how you are transferring. You should look at the bankruptcy act s120, 121 and 121A and also conveyancing act for the state the property is in – can’t remember which section off the top of my head.

    If you had just went to a conveyancer you wouldn’t have found this out.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

    Profile photo of CatalystCatalyst
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    @catalyst
    Join Date: 2008
    Post Count: 1,404

    If it's a simple transaction a conveyancer can be fine. But if something goes wrong you need to get a lawyer involved.

    In your case I would get a lawyer to ensure it was done correctly.

    Profile photo of not_so_luckynot_so_lucky
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    @not_so_lucky
    Join Date: 2008
    Post Count: 121

    Thank you so much for that!!!

    Profile photo of NHGNHG
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    @nhg
    Join Date: 2010
    Post Count: 198

    Conveyancers are great for the 'straight forward' transactions.

    I personally always use a solicitor, who charges me about $900 (mate's rates, he usually charges more). However he has on more than 1 occasion, proved himself worth the money.

    Also his background as a developer means I receive the occasional gold nuggets of wisdom free of charge.

    Profile photo of not_so_luckynot_so_lucky
    Member
    @not_so_lucky
    Join Date: 2008
    Post Count: 121

    Thanks everyone!!!

    Profile photo of ChrisA1ChrisA1
    Participant
    @chrisa1
    Join Date: 2011
    Post Count: 172

    There are some solicitors who have 'in-house' conveyancers. The conveyancer does all the footwork and you are charged the conveyancer rates. If anything gets sticky or further advice is required, the solicitor comes in to provide that specific advice and you are only charged the solicitor rates for that specific advice

    ChrisA1

    Persistence is 'to keep on keeping on, no matter how hard the going may be'

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