‘No sale no fee’ conveyancing solicitors only charge for their services if and when a property transaction is completed successfully. This arrangement, also known as ‘no completion no fee’ conveyancing can be beneficial for sellers, as it means they only have to pay for solicitor’s fees if their property is sold. For buyers, it provides some peace of mind knowing that they won’t have to pay for the legal fees if the sale falls through.
However, this arrangement does not exempt buyers or sellers from paying other conveyancing costs, such as search and Land Registry fees. Nor does it cover the cost of any disbursements, such as stamp duty (if applicable) or VAT.
It’s also important to note that ‘no sale no fee conveyancing services are not always available in all cases. For example, if a property is being sold at auction or is subject to a chain, it’s unlikely that a ‘no sale no fee’ solicitor will be willing to take on the work.
If you’re considering using a ‘no sale no fee’ solicitor, it’s important to check the fine print of their contract carefully before signing. This is because some firms may charge an upfront fee, or ‘success fee’, in addition to their standard conveyancing fees if the sale completes. This means you could end up paying more in legal fees than if you’d used a traditional hourly-rate solicitor. Other solicitors may require you to pay a monthly retainer, regardless of whether or not the sale goes ahead. Be sure to ask about hidden fees before signing up for ‘no sale no fee’ conveyancing services.
Buying a home in Remortgage? Do You Need Conveyancing Solicitors To Remortgage?
What Are the Advantages of Using a No Sale No Fee Conveyancing Solicitor?
There are several advantages to using a ‘no sale no fee’ conveyancing lawyer. These include:
- You only pay for the service if your sale is successful: f your sale falls through, you won’t have to pay a penny. This is beneficial if you’re selling your home yourself, as you won’t have to fork out for solicitor’s fees unless you’re successful.
- It can provide peace of mind: If the property market is particularly slow, or if you’re worried about your sale falling through, a ‘no conveyancing no fee’ arrangement can provide peace of mind.
- It protects you from legal fees in case of issues such as gazumping: If your sale falls through due to factors beyond your control, such as the buyer being gazumped, you won’t have to pay for the solicitor’s fees. This type of protection can be beneficial, as it means you won’t be out of pocket if your sale falls through for reasons beyond your control.
Need immediate property buying help? Consult Reading Property Lawyers
What Are the Disadvantages of Using a No Completion No Fee Conveyancing Solicitor?
There are also some disadvantages to using ‘no completion no fee’ conveyancing solicitors, which include:
- You may have to pay an upfront fee: Some ‘no completion no fee’ conveyancing solicitors may charge an upfront fee. This is typically a percentage of the overall cost of the sale and is sometimes non-refundable.
- You may have to pay a higher fee if your sale is successful: As you’re only paying for the service if your sale is successful, you may end up paying a higher fee than if you’d used a traditional solicitor. This is because the solicitor will want to be compensated for the risk they’ve taken in taking on your case.
- There may be hidden costs: Always read the small print before agreeing to use a ‘no sale no fee’ conveyancing lawyer. Some firms may charge hidden costs, such as administration fees, that you weren’t aware of.
- You’ll still pay for disbursements: Even if your sale falls through, you’ll still have to pay for disbursements to third parties, such as Land Registry fees and property search fees. These are typically non-refundable as they’ve already been paid out to the relevant party.
Is a No Sale No Fee Conveyancing Lawyer Worth Considering?
Whether or not ‘no sale no fee’ conveyancing is worth considering will depend on your individual circumstances. If you’re worried about your sale falling through or if you’re selling your property yourself, it could provide peace of mind. However, it’s important to be aware of the potential disadvantages before you make a decision, such as a possibility of paying a higher fee if your sale is successful. If you’re unsure, it’s always best to speak to a conveyancing solicitor to get their expert opinion.