UPDATE - Due to the way in which the property market developed a pace, following the publication of this article, as a result of the Government's announcement regarding the Stamp Duty holiday, Holmes & Hills' No Sale, No Fee Promise will not be being applied to conveyancing services until further notice. Where a client was quoted with the No Sale, No Fee Promise applied and this is referenced in the terms of the quotation, this will be honoured.
There is one question you should always ask your potential choice of conveyancing solicitor… Does your service include a No Sale, No Fee Promise as standard?
A No Sale, No Fee Promise means that should your property transaction fall-through (go abortive) for whatever reason you will not pay any of the legal fees you were quoted. If your conveyancing solicitor does not provide a No Sale, No Fee Promise, you will be charged all or part of the legal fee you were originally quoted, regardless of the fact you have nothing to show for it.
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Here is an example of the costs you could face if your property transaction falls-through and your conveyancing solicitor does not protect you with a No Sale, No Fee Promise:
Solicitors fees = £600 +VAT (total £720)
Abortive costs at exchange of contracts = £480 + VAT (total £576)
New transaction = £600 +VAT (total £720)
TOTAL = £1080 +VAT (total £1,296)
As the figures above demonstrate, it is easy to find yourself substantially out of pocket due to conveyancing fees, mortgage costs, and surveys. Which? estimate that the average amount lost by individuals when a transaction falls-through is a staggering £2,899.
If you were protected by a No Sale, No Fee promise you would not pay the £576 cost associated with the abortive transaction in the example above. All you would be charged for is any disbursements that may have been paid out to third parties, such as search fees if you were purchasing a property.
Unfortunately, it might be more common than you think. According to Rightmove, 30% of properties listed as sold fall-through and are re-listed. In addition, a survey conducted by consumer group Which? in 2016, showed 28% of property transactions to fall-through.
What is frustrating is that if your transaction does fall-through, it is unlikely to even be your fault and is much more likely to be due to an issue with another transaction in the chain, of which yours is just one.
However, those using Holmes & Hills Solicitors’ conveyancing services will be pleased to hear that clients of the firm have a much lower risk of their transaction falling-through, less than 15%.
As you might expect, there are a wide range of reasons for property transactions falling-through and most causes will be beyond your control. However, in the experience of the conveyancing solicitors at Holmes & Hills, the most common reasons are:
Holmes & Hills Solicitors now protects all conveyancing clients with a No Sale, No Fee Promise* as standard. This makes us the only local firm to offer such a promise as standard, at no additional cost to you.
Not only are you protected with Holmes & Hills’ conveyancing services, but you also benefit from the fact that property transactions dealt with by Holmes & Hills Solicitors also have a lower likelihood of falling-through in the first place, over half the national average. That makes for double the protection against the risk of your property transaction not proceeding.
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"Everything was perfect. If I could go back and change something - I would use Holmes & Hills on my sale too."
Mr Makowski
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