The majority of conveyancing solicitors offer No Sale No Fee Conveyancing, but what does this actually mean and is there a sting in the tail?
What is No Sale no Fee Conveyancing?
'No Sale No Fee' conveyancing is when a conveyancer or solicitor undertakes the legal side of your home move on the contractual basis that if it does not complete, you won’t be charged any conveyancing fees.
The practice has been common place in the legal sector for nearly a decade and it aligns the Solicitors offering with that of the estate agents, who work almost exclusively on 'No Sale No Fee'.
Who picks up the tab for those that don’t complete on their sale or purchase?
As with anything there are winners and losers.
If you consider the unfortunate fact that around 30% of transactions in England and Wales fall through after acceptance of an offer, then at first glance 30% of movers will be winners (not withstanding the fact that they will have unfortunately lost their buyer or desired purchase property).
Of course that means that the 70% of transactions that complete must of course carry inflated conveyancing rates - essentially subsidising the cost of the 30% less fortunate souls.
Given that the luckier 70% will have successfully bought or sold a property, the cost of an approximate addition of 15% of someone else’s conveyancing fees doesn’t seem to worry many people.
Is No Sale No Fee Conveyancing a good thing for home movers?
The simple answer is ‘maybe’.
As already discussed, those that don’t complete will not incur any fees and those that do will. But there is another dimension to all of this.
It should be the case that a Conveyancing Solicitor working on No Completion, No Fee should be more motivated to push your home move through to a successful conclusion.
He or she should be more proactive thus reducing the chance of an abortive transaction and the consequential lack of earnings for the Solicitor.
Indeed many Solicitors do 'pull their fingers' out accordingly, knowing that they will only be paid on success. Many do not however and they continue to plod along irrespective of their firm’s 'No Sale No Fee' offering.
Will I be charged literally nothing if my move does not go ahead?
Irrespective of which Solicitor you instruct, if working on a 'No Sale No Fee' basis you will still be expected to pay for any disbursements or costs that the Solicitor has incurred on your behalf such as local authority searches.
These costs are known as disbursements.
Fridaysmove are committed to fair and transparent No Completion No Fee Conveyancing for home movers
Sadly the conveyancing sector has become tarnished by the increasingly common practice of hiding fees.
These fees are usually hidden in the small print by certain less than scrupulous firms as they seek to recover lost earnings from 'No Sale No Fee' clients who didn’t complete.
Fridaysmove work harder to ensure that our abort rates are lower (currently under half the national average) and we achieve this by 'going the extra mile' and being pro-active at every stage of the transaction.
As a result, Fridaysmove offer not only a cheap Conveyancing Quote, but a genuine 'No Completion No Fee' deal to boot.