Conveyancing fees are paid to a conveyancer for the legal services provided in the transfer of ownership of a property. Here is a breakdown of what you are paying for:
Legal expertise: conveyancers are legal experts in property transfers and have specialised knowledge of property law, including the transfer process and the laws and regulations governing it.
Administrative costs: conveyancers incur expenses during the transfer process, including the cost of obtaining and preparing documents, obtaining clearance certificates, and paying fees to the deeds office.
Professional indemnity insurance: conveyancers are required to carry professional indemnity insurance to protect clients against errors or omissions that may occur during the transfer process.
Disbursements: conveyancers may charge for additional expenses incurred during the transfer process, such as courier fees, postage, and telecommunication charges.
Overall, conveyancing fees cover the legal work, expenses, and risk management involved in the transfer process, ensuring a smooth and legally compliant transfer of ownership of the property.