Conveyancing no sale no fee agreement
A no win no fee agreement means your conveyancing solicitor will take on your claim knowing that if they don't win or complete the deal, you will not have to pay for their legal costs. All in all, a no win no fee is a legally binding deal that gives you peace of mind.
This same concept applies to the conveyancing process. Many reputable conveyancing solicitors will offer a ‘no sale, no legal fee’ service. This is particularly useful in the current climate where house moves and moving chains fall through on a more regular basis. If you never get a completion date and buying a house becomes more complicated than you'd like, a no win no fee legal process is perfect for you.
No-sale-no-fee conveyancing saves money by avoiding payment for a transaction with an unsatisfactory outcome. This is important because every penny matters. You may be asked to pay a small sum upfront to cover the risk of no-sale-no-fee.
The Conditional Fee Agreement (CFA) came into play in 1995. This was following the end of the Government’s legal aid system and particularly for Personal Injury cases. As a result, it is now the solicitor’s choice whether or not they take your case on a no win-no fee basis.
No win - no fee should not be confused with all-inclusive conveyancing packages. These tend to be a fixed sum that includes the legal fees, the expenses and dibursements.
Online conveyancing services are the best way to secure a no move-no fee arrangement. Their services are available in much the same way as traditional ‘bricks and mortar’ solicitors. But they can be significantly cheaper when combined with a no sale-no fee conveyancing guarantee. Online conveyancing correspondence is, unsurprisingly, conducted across the internet via email and often the solicitors' case management systems.
Reasons for a house move falling through
- Gazumping – For buyers, gazumping is one of the biggest potential reasons for a house move falling through. If the seller accepts a better offer with a better house price from another potential buyer, you could be left disappointed. This is particularly and issue with a fluctuating housing market. More buyers can be interested than sellers when purchase prices are attractive.
- Broken chain – The likelihood of completing your house sale or purchase is reduced if you are involved in a whole chain of buyers and sellers. You cannot complete your house purchase until your own house is sold. But the buyer of your current house can’t buy until they’ve sold their own house. If their house sale does fall through, when you start buying a property, it will likely be affected. That’s why sellers are much more inclined to accept your offer if you are not part of a chain.
- Contract signatures – In some instances, sellers may accept offers from two or more potential buyers. In this case, the seller may send contracts to more than one set of buyers. If this happens, the buyers who can sign the contract and get the deposit sent across via their conveyancing solicitor quickest will ultimately seal the deal.
You can get instant quotes from quality, reputable conveyancing solicitors here at reallymoving.
Updated November 2023