Anyone buying or selling in WA can now have their conveyancing performed by the Commonwealth Bank via a joint venture with Clayton Utz. Effectively the CBA is offering the home loan and the conveyancing together. At the moment the service is limited to WA.
Putting aside the potential conflict of interest that others will raise, in fact the interests of the mortgagee and the buyer are closely aligned. If the buyer's vested interest as the registered proprietor is flawed the mortgagee's interest as mortgagee would also be flawed. The mortgagee's interest is dependent on the buyer / borrower securing good clear title.
My question is how good is the service? I personally would not rate the service provided by any of the Big 4 financial institutions's mortgage & loan settlements' service as any higher than average and quite often below par. I would argue they will have to do better than that.
Conveyancing is often percieved as an under-rated service. Quite the opposite, clients value their lawyers input and advice in assisting managing and structuring their affairs from the family and business perspective. The routine part of conveyancing maybe just that, but it is part of the whole service the legal industry provides every day which clients value.
One point the FinReview article raised was the CommBank conveyancing service had slashed conveyancing fees in the west by 50%. No doubt many will be attracted by the price and the convenience factor.
The CommBank's website is eCommLegal
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