One of the most important decisions to make after you have decided to purchase or sell your home can be the choice between using Conveyancing Lawyer or a licensed conveyance. We have listed some of the positives and negatives in both options.
So what exactly is the difference between a Conveyancing Lawyer and a licensed conveyancer? Essentially its comes down to the background of the individual themselves with Conveyancing Lawyers being lawyers whose main area of practice and expertise is conveyancing, encompassing all the legal work associated with such a transaction, including any issues that may arise prior to, throughout or even after the conveyancing process.
This differs from a licensed conveyancer that will perform only conveyancing work and cannot advise on any legal matters as set out in the Conveyancers Act 2006.
This means that if the purchase or sale of your property has the potential to become complicated in legal matters then a Conveyancing Lawyer can provide comprehensive cover for the duration of the process.
It is often thought that a licensed conveyancer will offer less expensive fees for their services as compared to a Conveyancing Lawyer, however, the overall fee at the end of the entire purchase or sale process may be very different to what is initially quoted, especially if legal matters are involved and the licensed conveyance had to refer you to a Conveyancing Lawyer.
You should also consider professional indemnity (PI) insurance, which is insurance for a professional for any negligence in the performance of professional tasks. In terms of Conveyancing Lawyers and licensed conveyancers, Lawyers have greater insurance as it must cover every process that the lawyer will perform on the client’s behalf while conveyancers are only covered for strictly conveyancing work.
Overall, the decision between hiring a Conveyancing Lawyer or a licensed conveyance depends on the client, their needs and the property in question. It is always wise to do your home work and research the experience and history of the professional before hiring them.