Not sure what this means? Worried you may spend hundreds if not thousands of pounds on legal fees with no protection if your case falls through? You’re not alone.
What is No Sale No Fee Conveyancing?
No Sale No Fee Conveyancing is offered by conveyancers so that legal fees are limited in the event your transaction falls through.
Every Conveyancer offers their own tailored service, when getting a quote ask whether they offer No Sale No Fee Conveyancing, they will be able to advise you of their No Sale No Fee conditions and how they deal with this. If your sale/purchase falls through.
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No Sale No Fee Conveyancing will protect you from paying legal fees again and again.
What’s the catch to No Sale no Fee Conveyancing
There isn’t a catch, but it doesn’t mean there will be no fees payable at all with No Sale No Fee Conveyancing.
Some Conveyancers will not charge you any costs for their legal fees, some will charge you a set amount depending on how far your matter has progressed, what conveyancers may ask that you pay for is any disbursements for the work completed on your file.
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Disbursements are payments to third parties that your Conveyancer has paid out for on your behalf in order to progress your file. No Sale No Fee Conveyancing is not offered automatically, remember to ask whether this service is offered, and if so, choose it and make it clear you wish to benefit from this service.
So note that No Sale No Fee Conveyancing limits the legal fees charged to you should you not reach completion.
What is Conveyancing?
Conveyancing is the transfer of the legal title in a property as well as the registration of mortgages. So this is the legal work that is carried out when you are purchasing or selling a property.
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Conveyancing also therefore affects other areas of the property market such as estate agencies and mortgage brokers/lenders, removals etc.
The legal work needs to be completed before any of the practicalities like a completion date can be agreed and the move happens. Therefore choosing a conveyancing solicitor is very important to do the legal work and ensure everything runs smoothly to allow you to move house.