If you were looking to transfer the ownership of real estate property, then you would best enlist the services of a conveyancing lawyer. Getting conveyancing quotes can prove to be quite confusing especially to people who do not have a grasp of what they include. However, once you get to learn about them and what is involved they become less complicated. This will enable you to select a quote that is much better suited to the work at hand as well as your budget.
When you are being presented with the conveyancing fees from a solicitor, the quote will include two main parts. The first is the basic fee and the second is a list of the disbursements:
Basic conveyancing fees
So what goes into the basic fee? Generally, the basic fee will include the time the solicitor has spent on your case as well as their expertise. This basic fee will vary significantly depending on the solicitor that you hire. Solicitors will come up with their basic fee via three ways. The first would be a fixed rate however this is becoming a rare option.
This is because there are various variables that will typically be involved in the conveyancing process. Thus, a flat rate could possibly overcharge clients.
The second way would be through charging you for their services by the hour they spend on your legal issue. However, this payment method could become exorbitant if you experience any delays or hiccups during the conveyancing process.
Lastly, there is the sliding scale option. This payment method is based solely on the value of the property. Thus, the higher the price tag on the leasehold or freehold property, the higher the conveyancing fees.
Disbursement conveyancing fees
When it comes to disbursements, the solicitor will include the fixed costs that they incurred while working on your case. These are typically the processes of checks on the property as well as formalities that need to be paid for by you. The solicitor that you have hired will then tally up the costs and present them as part of the fee that you owe them.
There are common disbursements as well as additional ones that will depend on the property itself that you are contemplating either buying or selling. To be on the safe side, always ask for an itemized invoice of all the disbursement fees that will be included. This way you can account for all the money spent on conveyancing fees.Share
4 August 2015
No one gets married planning to get divorced, but by the time I see them it's pretty obvious why they are getting divorced. When a marriage is beyond repair I'm there to fight for my clients right's under family and property law and to get them the best deal I can possibly negotiate. Even if you feel like your case is messy or complicated, I can guarantee in my time as a lawyer I have seen and heard worse things! This site has a collection of useful articles and links on developments and case law in the Family Court of Australia.