Home fees to fall?

After almost nine years' gestation, the New Zealand Parliament voted the Lawyers and Conveyancing Act into law, creating a new profession of licensed conveyancer. The law is an attempt to break the monopoly which lawyers have had thereby bringing down the costs of transferring property because licensed conveyancers will enhance competition. The new act is also supposed to strengthen protections for consumers and give the public greater confidence in the legal services industry.

A disciplinary tribunal will be established to deal with more serious cases of misconduct by lawyers and conveyancers. Despite the fact that the New Zealand Law Society played a big part in developing the act, lawyers say it is unnecessary because conveyancing costs cannot go any lower without services and consumers suffering.

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