The Pitfalls of Low Cost Conveyancing

The Pitfalls of Low Cost Conveyancing

Angela Smith

15 December 2020

You’ve invested the time in researching the property market, spent countless weekends driving around to open house inspections and finally found your dream home. You placed the auction day winning bid and now for the settlement phase – an exciting milestone. Congratulations! Now for low cost conveyancing.

You need a conveyancer to begin the settlement process. You resort to hiring a cheap conveyancing service. All seems swell until your conveyancer makes a detrimental error. This may lead to the delay of your settlement, or worse, declined – goodbye dream home. Or in some cases, you require an even greater financial outlay to consult a lawyer to resolve disputes over legal breaches. All this stress as a result of trying to save a few hundred dollars.

Don’t cut costs with budget conveyancing services

We’ve seen firsthand that purchasers and vendors undervalue the importance of sourcing industry trusted and experienced conveyancers. The phrase “You get what you pay for” rings true when it comes to the correlation between cost and quality. Quality conveyancers result in professional and on-time results. The Edmonds difference ensures this.

Many people fail to recognise the potential legal problems that may occur due to poorly drafted contracts. They often take for granted the extensive knowledge required to successfully pass through a property transaction. This leads to the perception of conveyancing being a simple process involving mere paperwork checks.

Why sacrifice saving a few hundred dollars when making one of your most important financial investments?

Far from the truth, there is much more involved than initially meets the eye. A lawful transaction needs extensive processes. Regrettably, the false notion of budget conveyancing has also led to some clients having warped views. They believe low-cost conveyancing fees will result in a thorough service carried out with due diligence. As a result, sometimes customers undervalue the importance of trusted conveyancers.  

Low cost conveyancing can be a trap

“Cheap conveyancing equals guaranteed high quality service.” Advertising within the conveyancing industry too often uses this common statement. Always be wary, here’s why:  

  • Low cost conveyancing often results in hidden costs – Some firms claim to allow unlimited contract amendments to be made with no additional fees. However, does that mean your conveyancer is readily available to speak with you to discuss pressing questions at your convenience? Or have a meeting to go through the contract in-depth? In most cases, the answer is simply no, at least without further payment.
  • Cheap conveyancing leads to less efficiency and personal service – In order to make money, low cost conveyancers often take on an abundance of cases at once. This means they become inundated and less responsive to your demands. Often clients will liaise with various conveyancers within the one agency, rather than one assigned to their case. This therefore produces inefficiencies and often, great confusion.
  • Paying less means less experience – Low cost conveyancing work usually results in dealing with less experienced conveyancers. They can steer you in a detour to get to important elements of your transaction. Usually, such conveyancers are newly graduated with little supervision from senior workers or management.

Often clients will liaise with various conveyancers within the one agency, rather than one assigned to their case.

Ultimately, why sacrifice saving a few hundred dollars when making one of the most important financial investments of your lifetime? Especially when you may find yourself wound-up in costly legal disputes or discovering challenges with your property many years later. 

Invest in a quality conveyancing service

Clients’ needs are a number one priority when investing in reliable and experienced conveyancers at Edmonds.  This means you will be assigned to one specific conveyancer. This conveyancer will ensure that they see your case through the entire process from pre-exchange, settlement, and post-settlement. We guarantee communication and transparency, including for any additional disbursements. These are our core values.

Also, in dealing with licenced conveyancers they are covered by a policy of professional indemnity insurance, this reduces the risk involved for clients. The Commissioner for Fair Trading must approve this policy. This ensures such conveyancers abide by the set legal protocol. The law is constantly changing, thus minor changes to property and tax law may affect your transaction. Experienced conveyancers are well informed and knowledgeable of such legal changes, thus mitigating any potential risk for you as a client.

Value, rather than low cost conveyancing

You should never rush into important decisions such as deciding on the right conveyancer for your needs. To make informed decisions, explore our Edmonds Conveyancing free conveyancing guide – 10 things to know when finding a conveyancer.

And, when you’re ready, we are too. We can convey your property online, which means you don’t have to attend our offices in order to complete your transaction. This gives you back time for the more important things in life. Conveyancing – Edmonds has you covered.