Practising on own account Guide For Prospective Applicants

What is practising on own account?

In order to set up your own conveyancing business you must first obtain authority from the New Zealand Society of Conveyancers. Once authorised to practice on your own account, you may establish a company, be a partner in a firm, or a sole practitioner.

Am I eligible to practice on own account?

You may apply to practice on your own account if:

• You have a Diploma of Conveyancing and 2 years of conveyancing experience and are registered as a conveyancing practitioner.
• You have an NZ legal executive qualification or law degree and you have at least 5 years of full-time conveyancing experience attained within NZ and have successfully completed our equivalency assessment to be registered as a conveyancing practitioner.

How do I demonstrate that I have sufficient conveyancing experience?

The NZSoC Registrations Authority requires you to submit an experience portfolio for assessment. This portfolio is a copy of redacted files on a prescribed selection of contracts that you have worked on in the past. The evidence that you submit is to show that you are the author, addressee of correspondence, and witness of documentation along with demonstrating that you have provided the appropriate advice to your client throughout the transaction. You will also need the appropriate reference from your workplace verifying your experience.

What other requirements must I comply with in order to practice on my own account?

• You must pay our application fee of $1500
• You must pass our Trust Account Supervisors course and exam to a pass rate of 80% or greater.
• Have successfully completed a Level 4 Business Management course. The Registration Authority will consider waiving the requirement to complete a small business management course if the applicant can provide;
• evidence that the applicant has owned or co-owned and operated his/her own business
• such business ownership and management to be for a duration of at least 5 years
• such ownership and management to be no longer than 3 years ago
• Interview with the Registration Authority.
• You must appoint a Power of Attorney.
• You must maintain professional indemnity insurance cover. The NZSoC has a master insurance policy which all members are encouraged to join.

I am concerned that if I apply to set up my own business then;

• My current employer and other local firms that offer conveyancing services will not accept my undertaking.

In accordance with the PLS Guidelines, a buyer's lawyer may seek the conveyancer to provide their undertakings by way of deed, which is in accordance with the PLS Guidelines 5.28.

I have heard that banks will not deal with conveyancers

All banks must provide conveyancers with their discharge of mortgage instructions. There are two mainstream banks who require a law firm to send their new mortgage instructions to in order to complete their solicitors certificate. This requires you to remotely work with a law firm when your client utilizes those banks. It involves setting up the mortgage as a multi-party in Landonline, with the law firm acting for the mortgagee. You meet with and witness client documentation as normal. Most conveyancing firms will pass on the additional legal fee to their purchasing clients.

Which law firm can I use for this service?

You may wish to establish a professional relationship with a local firm in your region.

If I encounter any problems, then who can I turn to for advice?

The NZSoC is more than happy to provide guidance to conveyancers who are experiencing any challenging situations.

I am concerned that once I leave my full time employment that my conveyancing business will take a long time to become financially viable.

This is a concern and a risk for any person setting up a new business, be it conveyancing or otherwise. Successful business operators are motivated, focused, and confident in their own abilities and professionalism. The NZSoC is pleased to report that the majority of new practitioners quickly establish their niche in their local market and rapidly expand in terms of workload and staff.

I have other questions, who can I talk to?

Please feel free to call us at the NZSoC as we are happy to assist. If you would prefer to meet with a local conveyancer to discuss the finer points of operating your own conveyancing practice, then please get in contact with us as we are happy to facilitate a meeting.