If you are planning on buying or selling a property, you will need a conveyancing solicitor or a licensed conveyancer to handle the legal aspects of your purchase or sale. It is advisable to look for a solicitor or conveyancer who works based on the no-sale-no-fee service. What does this mean and why should you prefer the no-sale-no-fee service?
The no-sale-no-fee service simply means that the solicitor or conveyancer you hire will not get paid if the sale of the property is not complete. The solicitor is aware in advance that if the deal is has not been completed, he or she will not be paid for the services offered. Many house deals do not go through and in such cases, many people will be happy when they realize that they do not have to pay the solicitor.
Please note that no solicitor or conveyancer is required to work based on the no-sale-no-fee service. Specialist conveyancers and solicitors are free to decide whether or not they will accept your case based on the no-sale-no-fee service. Those who do decide to accept it may ask you to pay a small up front amount to cover any risks while others may not require any up front payment.
The sale of a property may not go through for a number of reasons. The main reason however is that the seller may decide to accept a better offer especially in markets where the price for houses are constantly fluctuating. Very often, sellers accepts offers from more than one buyers and provide them all with contracts. The buyer who signs the contract first and pays the deposit gets the deal.
As one of the buyers whose offer was accepted, you will no longer be able to purchase the property but are left with all of the costs. However, if you have hired a solicitor or conveyancer based on the no-sale-no-fee service, you do not have to worry about paying the fees if this does happen to you. If you are looking for solicitors and conveyancers who work on a no-sale-no-fee basis, you should start looking online to compare conveyancing fees as solicitors and conveyancers who offer online services tend to offer them on a no-sale-no-fee basis.