A question commonly asked by prospective home buyers and sellers is whether you still have to pay property solicitors fees even if the sale falls through. Many buyers and sellers hire solicitors without fully understanding the costs involved. When the sale does not take place, and they are presented with an invoice, they wonder why they have been charged and whether they should be charged in the first place. Although you should not have to fork out huge costs in the event of the sale not taking place, you may still need to pay for any hours that have been spent by your solicitor in trying to close the deal, however. Understanding how costs work will help you know exactly what to expect when being charged with solicitors fees.
Do You Pay Solicitors Fees Even When The Sale Falls Through?
There are many reasons that a sale may fall through – whether you are selling your property or purchasing a property. As a buyer, you may discover an issue with the property during the inspection phase, such as rot or damp. As a seller, you may receive a better offer or you may determine that the sale is not suitable. When the sale falls through, there may still be costs that have incurred during the solicitation process. For peace of mind in knowing whether you are being fairly charged by property solicitors consider the following:
How much time has been spent on your prospective sale or purchase up to the point of the sale falling through? Most solicitors will do a great deal of paperwork to reach this point, with various steps in the conveyancing process that require plenty of hours logged. A good solicitor will work with you throughout the process, acting on your behalf from the moment you first put in an offer on a property or first begin the lengthy sales process. Any hours that have been spent will be billed as this is work that has already been done.
Ideally, you should have a protection policy in place. This will help to prevent legal fees in the event of a sale falling through. Although you will still need to pay for hours logged to date, you will at least not have to worry about additional costs that may incur. Rather than paying new fees for a new property transaction, you will be able to use the previous fees instead, through a refund or part refund. Our Buyer Protection Policy offers peace of mind, protecting you against any major lost costs that may incur due to a sale falling through. Read more about this policy to find out how it works.
A big reason to choose your property conveyancer very carefully, hidden costs can sometimes be charged by conveyancers who are less than upfront about their costs. Always make sure that you know exactly what to expect before you sign any contracts and read through terms and conditions carefully. This will prevent unexpected costs and also help to ensure transparency at every stage of your buying or selling journey.
Here at Home Legal Direct, we offer a protection policy along with expert advice that helps you sell or purchase in a way that removes a great deal of stress. Contact us to learn more about working with our experienced property solicitors.