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Using a conveyancer vs using a lawyer for your property exchange

homeimprovementssy
Feb 20, 2017
2 min read

Up until 1992 conveyancing in Sydney was non-existent. Property exchange was dealt with by solicitors, who generally charged their work as a percentage of the property’s value. But in 1992 legislation was passed to allow specialist conveyancers to ply their trade in the state of New South Wales. From that point on the people of NSW were faced with a choice – do I use a solicitor or a conveyancer for my property exchange?

Let’s first look at what the two options have in common. Both solicitors and conveyancers must comply with a professional code of conduct. Both must hold professional indemnity insurance. Both must also be aligned with an industry organisation in order to practice their trade; the Institute of Conveyancers for conveyancers, and the Law Society of New South Wales for solicitors.

At this point their paths begin to diverge. Here are some differences between working with solicitors and conveyancers:

Up until 1992, this percentage cut of the property value made property exchange incredibly expensive. Since specialist conveyancers have been given the right to practice in NSW the costs involved have dropped markedly.
Conveyancers have spent 2 years studying ‘real property’ law, while solicitors only do 6 months of ‘real property’ as part of a more expansive education.
Conveyancers must accrue 2 years’ worth of supervised experience in conveyancing before being allowed to apply for a conveyancing licence. Solicitors do not.
The majority of conveyancers are self-employed, so you’ll be dealing directly with the business owner rather than a cog in a corporate machine.
Conveyancers are traditionally more flexible when it comes to availability and mobile service. They’re also more likely to work from the suburbs, rather than the CBD.
The ‘fixed fee’ nature of conveyancer costs are usually far clearer cut than those charged by a solicitor, who traditionally charge hourly.
If the transaction hits a snag and becomes more litigious, a solicitor will be well placed to deal with the ongoing dispute, while a conveyancer may have to consult a solicitor.