No sale no fee conveyancing gives you peace of mind in knowing that you will not have to pay legal fees to your conveyancer if your property transaction falls through. You will only have to pay for any additional disbursements that have been done by your solicitor on your behalf, such as searches. No sale no fee conveyancing is also sometimes known as no move no fee or no completion no fee. Keep reading to find out how it works.
Understanding No Sale No Fee Conveyancing
To help you better understand no sale no fee conveyancing, here are some commonly asked questions.
Why do transactions fail?
A fair number of property transactions could go abortive for any number of reasons. In many cases, transactions can fall through due to no fault on your part. Often, transactions can fail due to issues in the chain of transactions. Your purchase or sale is usually just one link within this chain that is comprised of buyers, sellers, estate agents, solicitors, and mortgage brokers. When the chain fails at any other point, the result is an aborted transaction. Some of the reasons that transactions could fail include:
- Disagreements between parties during the negotiation that do not have any chance of resolution.
- Change of mind by any party involved in the transaction.
- Problems resulting from valuation or surveys done on the property value or condition.
- Delays in the completion of the transaction that leads to any party withdrawing.
- Changes in circumstances, such as job loss, divorce, death or other life change.
- Buyers or sellers not being able to sell or purchase their current property in time for the transaction.
How much could an aborted transaction cost?
Without a no sale no fee promise in place, you could end up being charged for some or all of the legal fees that incur when hiring a conveyancer. This can very quickly add up, making it far more expensive and difficult to proceed with a new transaction. Many transactions occur just before final contracts are meant to be exchanged. Often, many costs have built up by this point. Without a no sale no fee clause, you would need to pay the fees, even if you have not sold or purchased your property. This can often end up costing thousands of Pounds – never ideal when you are trying to sell or purchase your home.
When this clause is in place, however, you will not be held liable for these legal fees. Instead, you would only be charged for any other costs that may incur during the process. These would include any conveyancing searches done on your behalf or costs of any documents downloaded from the Land Registry, for example. This helps you prevent big losses when transactions fail, in turn giving you peace of mind that you won't have to fork out huge amounts.
Online conveyancers are the ideal way to ensure a no move no fee agreement while saving you costs in many other ways as well. Although online conveyancing services work the same way as local solicitors, they are often more affordable. Here at Home Legal Direct, we offer cost-effective, professional conveyancing services with a no sale no fee conveyancing guarantee that you can always trust.