How much time does a conveyancer need to settle a property

My conveyancer is going on a holiday until late May and let's say I have a property that needs to be settled by 1st June. She told me if my property settles on 1st June, she would be able to settle the property.

Can they do it in that short time-frame?

Another question, what if the property needs to be settled in 1st May? Do they need to be physically in the state to do it?

 

oh for f's sake... get another Conveyancer... what a ridiculous problem to give yourself.

 

They could settle the property while on holidays in Tibet if they had an internet connection

 

No, most settlements are now going through the new online PEXA system. Even if they need someone to physically attend they can hire an agent to go on their behalf.

 

The settlement itself is a piece of cake. I visited a solicitors office a few weeks ago, sat there watching a settlement take place. Everything happened online. It's rare that there's any meeting for a settlement these days, and when that does happen, the conveyancers hire a clerk to attend.

 

I think from 1 july it will all be electronic settlement.

 

Electronic settlements on 'stand alone' Transfers in NSW will be mandatory from 1 July 2018. These are transfers with no incoming mortgage or discharging mortgagee. On and from 1 July 2019, all settlements with or without incoming or discharging mortgagee are to be settled electronically.

 

I have heard the new PEXA system does not work that well, hopefully they iron out any bugs before it becomes mandatory. May be the financial institutions using the system rather than the system itself.

 

According to my friend who is a conveyancer, it had a lot of initial problems, but they're largely sorted now. It's not perfect but it does work quite well. She's overall happy with it. She did suggest that brokers also be given access to the system so last minute checks can be made from that angle as well.

 

I would be wary if the conveyancer isn't checking on things remotely while away.

How quickly something can settle depends on whether you are using finance to purchase. The lender needs time to get things ready. Equally the vendor's outgoing lender needs time to get things ready to discharge the mortgage. If your conveyancer is away and not monitoring things, it could get sticky.

 

Find another conveyancer - one that puts the needs of their client first

I had a client just settle on a property a week late because the other party's conveyencer went away on holidays unannounced and as a result they were not ready for settlement. Cost the vendor about $250 a day additional holding cost.

 

I see some of these issues for clients. No idea if its a conveyancer issue on a budget. Chasing cheap backyard services will get that. Pay peanuts...you get.......

Its like people who do tax for $80...Or a real cheap plastic surgeon. You can always buy tools at Bunnings for $30 or buy trade tools for $330.

 

Same thing is happening to me now.

Conveyancer went on leave without any announcement. I only found out after I sent her an email and got an auto reply and email said she can only settle 2 weeks after our settlement date.

What should I do? She reviewed a few section 32s for us and the deal is if we buy the property we would use her services.

Should I look for another convenyancer? Would there be any risk if I do that?​

 

This conveyancer is a bit expensive (even my mortgage broker asked me why so expensive?) and well-reviewed on Google. Plus, she was recommended by a few PropertyChat members hence I went with her.

 

In QLD almost no one uses PEXA. There are 2 other electronic settlement platforms coming, that may change things.

 

out of interest, what's "expensive" to you?

 

PEXA is well and alive in NSW.

 

$1300. After doing some shopping around, I think anything around the 900-1000 mark is the standard.

Good news is that she got back to me and said she can settle the property before our settlement date.

 

Is $1300 pure fees and no disbursements? There is really no such thing as standard fee. Some lawyers charge as low as $500 once disbursements are excluded. As long as you are happy with the fees and service, good deal.

 

Pexa hit its millionth transaction this week nationally. In NSW, 43% of all eligible transactions in the month of March 2018 were registered electronically at the Land Titles Office.