Understanding Your Options: Conveyancer or Solicitor?

Conveyancing is one of the most important parts of purchasing a property. It’s where all the complicated legal stuff happens, and the process ensures that the property you’re buying is not only legally yours but that any potential complications have been considered and resolved.

It’s understandable, then, that choosing the right conveyancing expert is vital if you want your purchase to go smoothly.

The choices a borrower has regarding who they will hire can be narrowed down into two categories: a licenced conveyancer or a solicitor qualified in property law. On the surface, both options generally offer the same service, so knowing which is best for you isn’t always easy.

A good starting point for making your decision is to understand just what the conveyancing process involves.

What is conveyancing?

Conveyancing is the legal process of transferring property ownership from one person (or entity) to another. It covers all aspects of the handover, including the contract exchange, title updates, preparation and revision of legal documents, etc.
For most aspects of this process, either a solicitor or conveyancer can help you. So, where does the difference come in?

Solicitor v.s. Conveyancer, what’s the difference?

The primary difference between a solicitor and a conveyancer is the extent of their legal knowledge. A solicitor is, for all intents and purposes, a lawyer. As such, the depth of their understanding and the advice they can offer goes beyond that of a professional who is just a conveyancer.

Understandably solicitors tend to be more expensive to hire, but the extra price you pay guarantees a smoother transaction and less chance anything will be missed in the process.

Which should I choose?

There are two key factors you should consider when making your decision:

• Complexity
  If the purchase of your new home contains any degree of complexity, you will likely be better off choosing a solicitor. A complex scenario could include anything from subdivisions and off the plan purchase to purchases involving a trust or an SMSF. A solicitor is more likely to be able to protect you from anything going wrong simply due to the fact that they have a much broader knowledge of the industry.
  If the conditions of your purchase are typical and straightforward, you can usually get away with hiring a conveyancer and saving some money. It is worth noting, though,  that if anything outside of your conveyancers’ scope does arise, you may end up needing to consult a solicitor regardless, meaning double the fees and much more hassle than if you had just consulted a solicitor in the first place.

• Cost
  Naturally, cost will play a large part in your decision making. As mentioned earlier, solicitors tend to be more expensive than conveyancers due to their qualifications and the increased amount of time they will spend reviewing your documents.
  If you’re dealing with a relatively straightforward purchase scenario or comfortable with the conveyancing process, there is little point in paying more for extra service that you don’t need.
  However, if you’re considering hiring a conveyancer just to save a few dollars, you should probably think again.  Less money spent today could mean a much bigger bill down the track if anything were to go wrong.

How do I find the right conveyancer/solicitor?

If you’re working with a broker, they will usually be able to recommend you to a conveyancer or solicitor that they have worked alongside before and know to provide a good service.

Online reviews, forums, and word-of-mouth referrals are also reliable sources of recommendations – reading about the experiences of others who have already gone through the process will give you the most accurate idea of what you can expect.

In summary, whether you choose a conveyancer or a solicitor can make a big difference if your purchase is anything but simple and straightforward. While cost can and should factor into your decision making, it is much more important to get the most appropriate service for your situation to avoid any complications or legal troubles in the future.